The society was founded by a small group of America International Insurance Company Limited (AIICO) staff coming together to form a thrift and credit society in the late 70’s. This group was chaired by Chief Kutemi and was later transformed in the year 1992. In 1996, Mrs Adejoke Afolabi became the first elected president of the society and the society became a Multipurpose under her leadership. The society was registered with the Lagos State government on 18 June 2004 with the registration number LSCS 7989. Currently the membership of the society is 428 made up of Aiico Insurance Staff Plc and her subsidiaries: AIICO Pension Managers Limited, AIICO Multishield Limited and some retirees of the companies.
This is a cash request from members to meet up with various financial needs. Members are entitled to twice his/her savings with society.
It is also granted based on a first come first serve basis and also on the availability of funds with the society at the particular period.
Monthly Contribution: The minimum monthly contribution is N5,000 for contract staff and N10,000 for Full staff. However, members can review upwards this amount at any point in time.
Target Savings: Ideal for members who aims to save to meet the certain financial targets.
Time Deposit: This is optional to the member but comes with a fixed interest rate as shown in the table below. It does not qualify for dividend; it does not qualify you for a loan
One of the priorities of this noble organisation is to make each and every member a landlord
One of the priorities of this noble organisation is to make each and every member a landlord through the joint acquisition of land and granting mortgage loans.
This effort has yielded a significant amount of success through the development of four different AIICO housing estates in two states (Ikorodu, Lagos and Mowe, Magboro Ogun) in Nigeria.
Currently, three of the housing estates are undergoing development with the cooperative supporting and encouraging its member to build as fast as they can.
Capital Items Sold
What are members saying?