Unique Unilag Staff Cooperative Multipurpose Society with registration number 1114 of 1992, consisting of members of staff of University of Lagos, registered by law under the cooperative act Chapter C 15 of the laws of Lagos State of Nigeria.

The multiple award winning multipurpose society is interested in improving the welfare and the net-worth of its members, hence, activities of the society that concern members (loans: normal, equipment loan, housing scheme loan, commodities, e.t.c. are given expedite action by the management team.

The benefits derivable include: access to loans; dividends from cooperative and shares, profit-sharing, democratic decision-making, and social support from fellow members.

Yes, members are registered under life insurance scheme.

Every member can access not more than their savings balance as loan after six months contribution and twice their savings balance as loan after 12 months contribution.

After the submission of duly completed forms, the loan will be attended to.

Yes, after the monthly deductions are made from your salary, you must have 1/3 of your salary to take home when applying for any kind of loan.

Upon submission of a written application for closure of account, an admin charge of 1% is charged on the savings balance while the net savings is paid to the members account within a week.

We are a Cooperative Society registered under the Lagos State Ministry of Commerce and Cooperatives to engage in cooperative activities such as granting of Loans to qualified members of the Society.

There are several benefits of joining the Society; which include obtaining a loan of up to twice the amount of savings a member has with the Society; affording members’ access to loan/credit without collateral; competitive low-interest rates; and helping members plan their finances and therefore meet their goals for the future.

A staff member of the University of Lagos, on permanent appointment or whose appointment has been regularised by the University’s Governing Council, can become a member of the Society.

Every member is given a Passbook Number and a copy of the Society’s Passbook upon completion of registration. All transactions are thereafter recorded inside the Passbook. However, in the not too far distance, members will be able to check their balances through this platform.

Yes, there's interest paid on loan. The Society charges 10% interest rate on all loans (Normal and Household Equipment Loan) and on commodity sales as well.

The repayment period for Normal Loan is a maximum of twenty-four (24) months, while that of Household Equipment Loan is nine (9) months. The deduction for all commodity sales is four (4) months.

Yes, members can deposit cash into their savings accounts for the purpose of increasing their savings.

No. Deposits into the savings account can only be used to assess loan after six months of payment. However, please note that loan applications are subject to applicant’s ability to pay-back within the stipulated maximum repayment period for the type of loan being applied, without taking into consideration overtime payment.

Members can get up to 200% of their savings balance as loan once they qualify for it i.e. if you have 50k, you can get 100k as a loan, provided applicant can pay-back within the stipulated maximum repayment period for the type of loan being applied, without taking into consideration overtime payment. However, every loan must be guaranteed by two (2) financial member(s) of the cooperative.

Your accounts will be credited through e-payment and you will be notified by your bank through SMS alert.

Yes, you are allowed to apply for a fresh loan as soon as you offset the former loan collected.

Please visit the secretariat directly; give them your data and amount you intend to increase to.

Dividend is dependent on the Surplus declared during the accounting period (January-December). However, dividend due to each member is based on the savings balance of the particular member and the amount of loan repaid during the year under review.

Yes. The management committee renders accounts of the affairs of the cooperative at every annual general meeting, with the representative of the Lagos State Ministry of Commerce, Industry and Cooperative in attendance.