Mrs Halima Garba, president
Retired civil servant, member since 1996.
Governance
Owned by members, run in the open.
Members elect a committee of nine every two years, vote on rates and the surplus at the AGM, and receive audited accounts every year. Here is how it works and what the numbers were.
Chapter 01
The committee.
Nine volunteers elected by members. Names are examples.
Mr Chidi Okeke, treasurer
Chartered accountant, member since 2004.
Mrs Bisi Adamu, secretary
Teacher, member since 2009.
Mr Yusuf Danladi, loans chair
Engineer, member since 2002.
Chapter 02
The accounts.
Summary of the 2025 audited accounts. Example figures for this demo.
| Item | 2025 | 2024 |
|---|---|---|
| Member savings | ₦3.21bn | ₦2.86bn |
| Share capital | ₦412m | ₦371m |
| Loans to members | ₦2.43bn | ₦2.12bn |
| Loans repaid on time | 98.1 percent | 97.6 percent |
| Surplus for the year | ₦286m | ₦241m |
| To welfare fund | ₦48m | ₦40m |
| Dividend voted on savings | 6.5 percent | 6.0 percent |
Example rates for this demo. Loan rates are set by members at the AGM. Any dividend is decided each year from the surplus and past dividends do not promise future ones. Savings are not a deposit with a bank.
Chapter 03
The AGM.
Usually the third Saturday in March, at the Asokoro community hall.
- Jan
Accounts audited
An independent audit firm reviews the year.
- Feb
Notice to members
Accounts and motions sent to every member three weeks ahead.
- Mar
The meeting
Members vote on rates, the surplus, the welfare fund and any bylaw changes.
- Apr
Decisions applied
New rates apply to loans approved from 1 April.
Bylaws, in summary
The rules members wrote.
Who can be a member?
Anyone 18 or over who lives or works in the FCT and saves at least ₦5,000 a month.
How are rates set?
The committee proposes; members vote at the AGM. Rates apply to new loans only.
How is the surplus shared?
At least 20 percent to reserves, at least 10 percent to the welfare fund, and the rest as members vote.
How can a committee member be removed?
By a vote of two thirds of members present at a general meeting.
Your vote counts the same as anyone’s.
Members vote at every AGM.