AIICO STAFF CO-OPERATIVE MULTIPURPOSE SOCIETY LIMITED

WHAT IS A COOPERATIVE SOCIETY?

A co-operative society is a voluntary association of individuals (cooperators) having common needs who join hands for the achievement of common economic interest, through the principle of self-help and mutual help.

WHO IS AIICO COOPERATIVE

AIICO Cooperative Multipurpose Society Limited is body of cooperators duly registered with Lagos State Government since 2004 (LSCS 7989). Its membership, which is currently at about four hundred and thirty (430) is drawn from staff of AIICO Group (Insurance, Pensions, Multishield and Capital) as well as some retirees of the companies.

AIMS & OBJECTIVES OF THE SOCIETY

The objectives of the society are to promote the economic interests of its members and especially:

  • To encourage regular savings amongst members so that each member may cultivate the habit of making savings at least once in every month, with a view to build up funds for higher future use.
  • To encourage fixed deposits from members out of which a fund may be established for giving short-term loans to members.
  • To acquire acres of land for sale or development for housing or industrial purposes for the benefit of members.
  • To seek loans for industrial/housing development from banks, the cooperative circle and other financial institutions.
  • To undertake Real Estate operations for the benefit of members and the society..
  • To stock consumers and producers’ goods for distribution to members..
  • To operate warehouse and cold room facilities for the storage of these consumers and producers’ goods and let out these facilities to interested parties.
  • To set up small-scale industries to produce items that are economical and viable.
  • To acquire acres of land for sale or development for housing or industrial purposes for the benefit of members.
  • To manage financial portfolios carefully by entering the stock market to invest in stock and features market guided by the decision of members. In this way, the society shall become part owners in businesses that produce goods and services that members buy.
  • To engage in any other economic or social activity as may be approved by the general meeting of members.
  • To take measures designed to encourage the spirit and practice of cooperative and self-help among members.
  • To raise capital and do things as are necessary for the attainment of these objectives.