THE CBN COOP

INTRODUCTION

The Central Bank of Nigeria Staff Thrift and Credit Society Limited commenced operations in 1982 with registration number 699 of 11th January 1989 under Section10 of Cooperatives Societies Laws, Cap. 29 Laws of Lagos State, 1973. The activities of the Society were members who are spread all over the states of the federations was coordinated through the Secretariat in Lagos. It was re-registered as the Central Bank of Nigeria Staff Multi-Purpose Cooperative Society Limited, by the Registrar of Co-operatives Abuja, on 29th October 1997 with registration number 1001. The Secretariat of the Society thus moved from Lagos to Abuja.

The Co-operative Society underwent the FCT Recertification/Revalidation exercise of all registered Cooperatives successfully with 0015 as its new Registration Number in 2019.

CBN COOP is not a subsidiary of the Central Bank of Nigeria, but it is a corporate body jointly owned by its members comprising serving CBN Staff, Pensioners, and Retirees. The Society as a corporate body is quite distinct from the owners; can sue and be sued and can own property in its name and as approved by the Co-operative Act/Regulations.

The Society currently has over 9,000 members spread across all the States of the federation. The CBN Cooperative has continued to promote the wealth and welfare of members through the spirit and practice of mutual help. ‘’All for each, Each for All’’

The Society has over the years assisted members in planning their resources through effective thrift, and credit schemes. Members have met several of their personal and financial goals such as Career development and training, housing needs and acquisition of assets through many of products and services of the COOP, and academic achievements of wards and dependents. The COOP has equally evolved a channel for investment planning and wealth management for its members.

The CBN COOP is currently exploring other areas of opportunities for its members and by this, the Management Committee has developed a strategic road map through which its members can harness available possibilities in various sectors of the Nigerian and global economy.

The general management of its affairs is entrusted in the “Management Committee” (MC) which is a body of democratically elected Executives. The Management Committee is made up of thorough bred professionals who have proven competence and trust in the management of the collective wealth of members.

OUR VISION

To become a world-class co-operative society that will be a reference point to others in co-operative activities.

OUR MISSION 

To provide unique and excellent co-operative functions and financial service to meet the requirements of our cooperators.

OBJECTIVES OF THE SOCIETY

The object of the Society shall be to promote welfare, wealth, and economic interest of its members and especially:

i.  To promote welfare, wealth, and economic interest of its members

ii. To encourage regular thrift and savings among members with a view to building up funds for their individual future use;

iii. To Provide Credit facilities to its members at fair and reasonable rates;

iv. To acquire, at affordable rate consumer goods, services, assets including real estate to meet the needs of its Members;

v. To engage in financial and investment activities and explore on behalf of members opportunities in economic sectors such as agriculture, aviation, hospitality, education, transportation, telecommunication, power, oil & gas in the overall interest of its members;

vi. To explore any other measure(s) designed on cooperative principles and procedures to encourage its Members to imbibe the spirit and practice of thrift and mutual help.

MEMBERSHIP

Qualification For Membership

The membership of the society shall be open to:

i.         I. CBN Staff;

ii.        II. Retired Staff of the CBN;

iii.       III. CBN Staff on Secondment to other Institutions.

 Admissions

i.      Application for Membership shall be by the completion and submission of the Co-operative Membership Application form in a manner that may be determined by the MC.

ii.        Every intending member shall submit, along with the Application Form:

a. a non-refundable application fee of N5,000.00 (Five thousand naira only) or as may be approved by the AGM from time to time and payable into the Society`s designated account;

b. 2 recent passport-sized photographs duly certified by the Cooperative Representative in the Branch/Department, and Pensioners Representatives and MC members.