Lashone Cooperative: membership terms and important information

Lashone Cooperative is the trading name of Lashone Links Housing Co-operative Multipurpose Society Limited, a registered cooperative society owned and controlled by its members. It exists to help members save, borrow fairly and reach shared goals such as housing.

• It is not a bank. It accepts savings from its members only.
• Savings are not insured by the Nigeria Deposit Insurance Corporation (NDIC).
• It is not an investment scheme and promises no fixed or guaranteed return.
• It is separate from Lashone Investment Club and every other Lashone business.

Membership is open to adults who meet the conditions in the bye-laws, complete the membership form (₦5,000), provide a valid photo ID (international passport, driver's licence, national ID card or voter's card) and pay any share capital the bye-laws require. Each member has a voice at the annual general meeting.

Members save regularly, from ₦5,000 a month, into the cooperative's official account only. Every payment is recorded, and members can ask for a statement of their contributions. Withdrawals and the return of savings when a member leaves follow the notice periods and conditions in the bye-laws.

Any surplus the cooperative makes is dealt with by the members at the annual general meeting, as the bye-laws and the law allow. No member is promised a return.

Loans are made to members only, under the conditions, limits and charges set by the bye-laws and agreed in writing before any money is paid out. Every loan needs a guarantor: a fellow member who agrees in writing to be responsible for the loan if the borrower does not repay. A guarantor should only agree after reading the loan terms.

Borrowers repay in the instalments agreed. If repayments are missed, the cooperative may take the steps the bye-laws allow, which can include recovering the balance from the borrower's savings or from the guarantor.

Pay only into the cooperative's official account, never into a staff member's or committee member's personal account, and keep every receipt. See Pay Lashone safely.

We use members' details to run their membership, savings and loans, keep the records the law requires and contact them about the cooperative, as explained in our Privacy policy.

Raise any concern with the committee first, at cooperative@lashone.com or +234 806 217 6383. If it is not resolved, you may raise it at a general meeting or with the state's Director of Cooperatives.