₦airaland Forum

All other things being equal. 800k
Where is ur location.

What's the engine condition . I see the car is parked in mechanic workshop.
A/c condition.
Odometer reading
Location for inspection
Etc.

komek: Thank you so much, my aim also is to make a hundred naira from a bag after all expenses. Buh i really need to be in the field mysef to check things out, becos it seems thgis retailers are not really interested in giving out info. But why did you leave the business sir?

I change my dealer all in the name of cheaper price from Lafarge. The new dealer was actually sincere but the guy who happened to be one of their staff, who marketed me collected my money (N1m) and runaway with. Since 2007. Up till now nothing. I borrowed the money from the bank then. Have paid back sha. The hard way.

Location for inspection.

900k
Serious buyer
Your location for inspection.

komek: If they are selling at that price, then its still a good business. Just that Dangote has pegged the minimum truck at 5 and a truck has about 900 bags. Anyway, i appreciate your advice, thank you.

Wholesale price is between 1,600 - 1,700.

I used to be a sub dealer way back then. Then I used to collect it from my dealer at 1,450 per bag for a truck load. N10 per bag for loading and N10 per bag for off loading at delivery point.. I sell more to construction site at between 1,570 - 1,600 per bag for truck load. I always tried to maintain a minimum of N100 profit on each bag.

Next time do your research well before you dabble into things lest you will run into murky waters of unpaid loan.
You might not be able to sleep again o.

However visit any retailer shop pose as,if you want to buy.
Whatever the price they give you ( I think they sell to customers at around 1,850.00.) less your cost plus overhead. You can start from here.
Wish u good luck .

U didn't put ur phone number, email or website. How do u want to be contacted.

Cable is 5k.

Oga, the Toks is 1m. What's ur best price.

Lend it out.

Akdams: Good day everybody. My IPAD crashed. Will be back very soon. meanwhile all contributions are still welcome. Thank you.

Am back, fully on the net now.

integrityfood: Thank you all for your interest. Its now time to act. pls propose when we can have our first meeting. Its important to know your location. If you are in lagos, then Ikeja, Ikorodu, Apapa are nice location for the meeting but I await your response.

i suggest Ikeja because of its centralization.

Good day everybody. My IPAD crashed. Will be back very soon. meanwhile all contributions are still welcome. Thank you.

Don't just view. Let have your concur, questions, comments, advise and observations rolling in.

And if you are just joining us on this thread; read from the beginning.

thank you.

Lets go there......


OFFICERS OF A COOPERATIVE SOCIETY

Includes the following but not limited to;
1. President
2. Vice President
3. General Secretary.
4. Treasurer
5. Assistant General Secretary
6. Financial Secretary
7. 2 - 4 Ex-Officio members

this people represents the Management Committee members.
number 1, 3 and 4 represents the principal officers in the Management Committee.
and they operate with their various functions.
however the number of officer in the Management Committee should not be less than seven. however it is advised that it should not be more than eleven.

Various committee are also been set up to assist the management committee in carrying out its responsibilities.
committees like
> Supervisory committee
> Credit committee
> Land/Estate committee
> Investment committee
> Personnel/Education committee

Therefore a member can be assure of participation.

welcome........

Concerning interest charge on members loan as being reasonable when compared to what other financial institutions charges.
some cooperative outfit however don't charge interest on loan repayment.
This societies called it Zero interest on loans. This is legal and it is in accordance with their vision and mission. And also there religious and traditional belief. they thought when you collect interest on loan you making the borrower more miserable. rather they supported profit sharing.

But the argument is this and debatable even on this forum;

1. The operation of those that collect interest is 'as you pay back pay the agreed interest also'. Now just like in the Bank, whether you made profit or not, the loan and the interest accrued must be paid back on or before or as at when due. No story. Any story will be tantamount to violation of agreement and off course this attract more charges. All this is make known to the borrower from the beginning of the loan contract.

2. The zero interest loan repayment believes in profit sharing. what they do is that when you request for loan. you have a lot of question to answer.
> the amount required
> purpose
>your own commitment
>duration
> monthly Profit accurable
> collateral (for non members)
> relevant document supporting your claim profit, etc
After all these, your purpose for the loan must be workable to produce the expected profit before you can get the loan.
If they don't belief in it you don't get it. or if both parties disagrees on profit sharing mode you dont get it. They determine the profit sharing percentage. Now the problem is what happen if the business eventually failed. the borrower will still pay from his/her contributions or from collateral.

so somebody should tell me which is model is sincere.

As a financial expert i tend to say that;
Interest charge model is
1. easy to access loan
2. interest accruable is lesser.1% compare to profit sharing.
3. formalities are lesser.

i have never been a part of a zero interest cooperative so am actually speaking from the research i did. if any body has a contrary opinion let us know.


CREATION OF COOPERATIVE FUNDS

cooperative sources their funds from
> entrance fees, re-entry fees, sale of forms,
> share capital, members savings
> surplus from business of society operations
>other miscellaneous sources
>loans from other financial institutions like banks, other cooperatives, cooperative union etc.
> dues and levies from members, grants, donation etc.


USES
. To the promotion of aims and objectives of the society
. To any other activities permitted in the Bye-Laws or by the appropriate statutory bodies/authorities


To be continued............

BECOMING A MEMBER OF A COOPERATIVE OUTFIT: HOW AND BENEFITS continues.........

Like i said earlier on,

1. Registration gives you the opportunity/right to participate in the society.

2. Savings gives you the opportunity to request for loan at a cooperative rate and smaller yearly interest gains.
A member qualifies for loan after 6 months of membership for an amount twice his/her SAVINGS contribution.

The loan availment is however not automatic. It is subject to the following;
> amount in the members' savings contribution.
> members' monthly consistency.
> Loan purpose.
> members' loan credibility.
> members' exposure limit as regards guarantor-ship.
> availability of fund.

The issue of collateral has been simplified and demystified by the operations of cooperative. However collateral administration of each cooperatives differs. Most follows some of these options;
> members to guarantee members.
> savings to guarantee a loan
> 2 savings to guarantee a loan
> share capital to guarantee a loan

the only issue is that a guarantor member will not have access to the amount he/she guarantees until the borrowing member pays back.


However the major benefit of being a cooperator is not just in the easy of getting loans but actually in the mode of repayment and interest rate being charged on those loan.
Loan duration can be spread as much 1 month to 12 or 15 months depending on the outfit as stated in the Bye-Laws.
Loan interest charged is not more than 15% per annum as stated by the the Regulations. That means no cooperative society can charge more 15% on loan granted to MEMBERS only. The amount to be charged therefore depend on the outfit concern. Most societies charges 1% per month (12% per annum)on loan granted to MEMBERS.

But the beauty of all this as a cooperator is that as member you can always eat your cake and still have it. How?
All interest paid on loan as a members for loan borrowed becomes an interest earned by the society at the end of an accounting year. of which out of this the Management Committee gives back to the members on pro rata bases on the year savings. As a member you lose nothing at the end of the day.

Now the question is whether a cooperative outfit gives out loan to non members or would-be prospectus? Yes or No. If yes, how and at what interest. This however is under request.


to be continued.......

pcnwamadi: Am realy enjoying dis, its an eye openner.. Do we also need to register the coperative society with CAC?

No,its only with the state Dept. of Cooperative services under the Ministry of Agriculture and cooperative in the state you you plan to locate the Secretariat of the cooperative.

Nairaplus: Please @akadams, explain the bolded section (Share Capital) of your last comment. Does this mean investment in the Stock Exchange Market or does mean Investment in Capital Projects (Assets)?

Thanks so far for your eye-openers.

3. Share Capital - As a member you must be involve in share capital investment. This is what the cooperative use for short, medium and long term investment on behalf of the cooperative in many sector of the economy. The benefits and packages from share investment cannot be quantified. As a member the bigger you participate here the better for you.


Share Capital gives you the opportunity to gain loans, bigger yearly interest gain,investment opportunities and welfare packages.

however both savings and share capital cannot be done in isolation, except in some outfit, they compensate each other.

@Nairaplus........In the banking sector, they say the life of a bank is in its deposit. The more the deposit the healthier the bank.
such may be said concerning a cooperative outfit too. the more the money the better for the cooperative society and its members.
One of the two major ways a cooperative outfit raise funds is Share capital investment of members.
the same way a company goes to the public to raise funds through new share issues, bonus share and right issue. that same way the cooperative approaches its own members too for more participation.
Depending on the cooperative outfit, share capital can be raise as Ordinary shares and/or Preference share.
Also, depending on the outfit, in some members participation in share capital is voluntarily. In some participation is compulsory but limited to ordinary shares alone and voluntarily for Preference shares. And in some participation in both shares are compulsory but limited in ratio.

There are rules and regulation that has to be abide to as detailed in the Bye-Laws of the society concerned.

The funds raised from share capital investment is put in a separate account of the society. And its utilization also depend on the cooperative outfit as detailed in its Bye-Laws under its aims and objectives, which also came as a result of the vision and mission of the people that came together to form it. But by and large, the utilization is majorly in properties, money and capital markets, daily income businesses, syndicated loans, business like transportation, etc

Welcome back..

BECOMING A MEMBER OF A COOPERATIVE OUTFIT: HOW AND BENEFITS.



Becoming a cooperative member is very simple. just join one.
How? by signifying your intention and abide with all the rules and regulations and the Bye-Laws of that Society.

join a cooperative outfit is very easy and simple. in most cases it invovles the following;

1. Registration - the individual signifies his intention by obtaining a Registration form. you fill and submit it to the cooperative secretariat for processing. in most cases there is always a fee attached to admission for membership. the fee will be dependent on the cooperative concern. this is usually a one time payment as a member. however another fee called Re-Entry fee is collected if you withdraw your membership and seeking re-admission

2. Savings - This is an important part of your membership. As a cooperator you will have to be making regular and consistent monthly contributions. for the sake of your membership and for the sake of you (yourself). Your history and adherence to this will determine your qualification for the benefits and welfare packages offers by the individual cooperatives. There is always a minimum amount for contribution. The amount for savings monthly would be determined by each member but subject to minimum limit. Any amount being save can be increased or reduced as members deem it fit. however the more your savings the more the benefit. Members are always been warn that small savings but consistent speaks volume more than big savings but inconsistent. Members are also allow to make bullet savings.

3. Share Capital - As a member you must be involve in share capital investment. This is what the cooperative use for short, medium and long term investment on behalf of the cooperative in many sector of the economy. The benefits and packages from share investment cannot be quantified. As a member the bigger you participate here the better for you.

In conclusion

Registration give you the opportunity to participate in the society.

Savings gives you the opportunity to request for loan at a cooperative rate and smaller yearly interest gains.

Share Capital gives you the opportunity to gain loans, bigger yearly interest gain,investment opportunities and welfare packages.

however both savings and share capital are cannot be done in isolation, except in some outfit, they compensation each other.


to be continued.......

You may wish to follow this thread

https://www.nairaland.com/1263267/need-investment-capital

Building the capital base of a cooperative society is by far the easiest of all factors. Just put the structure and it will start growing in an auto pilot mode. And thats what I will be talking about very soon. For free. I didn't intend making it for free before but I guess am taking up the challenge too. Just like @integrityfood.

And if you think many are not viewing seriously, well let me tell you that they are waiting to see how, when and where the bubble will burst out the dividends. Many are viewing even more than you that is commenting. It's a waiting game.

645 views already.

famousdude: Thanks 4 all d contributions and advices.But do u know how much is fidelity bank salary 4 marketing and any benefits attached to d monthly salary? attached to

It is now you are talking.

All these your "how long can one work in a bank before he or she can be confirmed" are all preambles.

Congratulations.

integrityfood: I appreciate everyone who is following this thread. Pls do nt be carried away that any thing good comes easy. I will not also deceive you that making the most impact of financial freedom is a thing that comes with such ease. One thing remains sure, if you are focus, prayerful and persistent, you struggle to raise capital will be meet with an open opportunity soonest only let us accept that the tasks towards that destination must be borne by us all. In my view, let us set aside one day for a first virtual meeting for all interested members. Thereafter, we will decide on when and where we shall have our first meeting which is very essential requirement for cooperative set up. We appreciate our friend for all his enlightenment and hope he will be willing to do even more for the collective of all. i await your proposal on when we can have our first virtual meeting here online where all member may meet each other and agree on a central location for our first meeting. I have made contact with few financial institutions who are very willing to partner with us.

@integrity is already putting something on the table. Who else is taking up a challenge.

If you are having a current account, check your cheque book those 3 set of numbers under the code line actually represent as thus

First one is the check leaf number

The second and middle one - contain the sort code

The third is your account number

Or you confirm from your branch.

famousdude: Hello house,please how long can one work in a bank before he or she can be confirmed as a staff.

Confirmation in the bank is minimum of 6 month and actually dependent on how quickly your referees and bond members response to their letters. Also dependent on your conduct and good report from your immediate boss.

You will not be able to enjoy the benefit of your employment especially loans, leave, and lump up fronts until after confirmation.

koyuid: what the person is asking for is your bank sort code. The sort code is needed when you need to do inter bank transfer. dont be afraid .

Very simple, all others are just raising unnecessary alarm. All these information are on your cheque book.

Thomas muller, wearing jersey no. 25 scored for Bayern Munich in the 25th minute in their 4 - 0 dubbing of Barcelona in their UCL clash.

An amazing coincidence.

You may wish to follow this thread

https://www.nairaland.com/1263267/need-investment-capital

How do some one attach pictures on threads. Especially from IPAD

Pls help out.