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Member Guidelines

COOPLAG Resources

Rules, Policies & Member Guidelines

These guidelines govern membership, savings, loans, and conduct within the COOPLAG cooperative. All members are expected to adhere to these policies.

Membership Rules

  • 1. Membership is open to:
    • Employees of Shell Companies in Nigeria (SCiN) and Renaissance Africa Energy Company
    • Retirees of SCiN and Renaissance Africa Energy Company
    • Other eligible staff as approved by the Board
  • 2. Every prospective member must complete and submit a Membership Application Form, along with all required supporting documentation.
  • 3. A one-time, non-refundable entrance fee of ₦5,000 is deducted at source upon joining. No share subscription is currently required.
  • 4. Members must maintain regular monthly savings contributions to remain in good financial standing and retain active membership status.
  • 5. Membership is personal to the individual and cannot be transferred to another person.
  • 6. All members are entitled to enjoy full membership rights and participate in the Cooperative's activities.
  • 7. Members who leave their employing organisation must notify COOPLAG within 30 days and settle any outstanding obligations to the Cooperative.
  • 8. An account becomes dormant after 6 months without a contribution. Dormant accounts lose access to certain membership benefits until the account is reactivated.
  • 9. Retired members are not entitled to membership benefits unless they elect to continue as associate members.

Savings & Contributions Policy

  • 1. Monthly savings contributions are deducted at source from salary through the employer's payroll application.
  • 2. The minimum monthly savings contribution is determined by the Board from time to time and is currently ₦20,000.00.
  • 3. Members may make voluntary additional deposits at any time through approved channels.
  • 4. There is no restriction on the number of times a member may change or vary their monthly savings contribution amount.
  • 5. Members' savings earn interest/dividends, which are declared and approved at the Annual General Meeting (AGM).
  • 6. Interest on savings/dividend is calculated on the member's daily cumulative savings balance and credited annually following the AGM.
  • 7. Withdrawal of savings is limited to 4 times per year and is subject to 85% of the member's unencumbered savings balance.

Loan Administration Rules

  • 1. Members must have been active for a minimum of 6 months with consistent savings contributions to qualify for a standard loan.
  • 2. The maximum loan amount available to a member is determined by their savings balance and the type of loan applied for.
  • 3. A member is entitled to borrow up to 2 times or 5 times their savings balance, depending on loan type, subject to headroom availability.
  • 4. All loans must be backed by:
    • A signed Employee Consent to Deduct form, and
    • A witness/guarantor who is an active COOPLAG member in good financial standing
  • 5. Loan repayment is made via payroll deduction. Members must notify COOPLAG promptly if their employment status changes.
  • 6. Default or delayed repayment attracts a penalty charge as specified in the loan's terms and conditions.
  • 7. Early repayment of a loan is permitted at any time without penalty.

Code of Conduct

COOPLAG is committed to maintaining a culture of trust, accountability, and mutual respect. All members are expected to uphold the highest standards of conduct in their interactions with the cooperative and fellow members.

  • 1. Members are expected to act honestly, responsibly, and with integrity in all dealings with the cooperative.
  • 2. All information provided in applications, declarations, and other cooperative-related documents must be accurate and truthful. Providing false, misleading, or fraudulent information may result in disciplinary action, including suspension or expulsion from the cooperative.
  • 3. Members must refrain from any activity, conduct, or behaviour that may harm the reputation, operations, or financial stability of COOPLAG.
  • 4. Any dispute between members, or between a member and COOPLAG, should be addressed through the Cooperative's established dispute resolution process and referred to the Dispute Resolution Committee for review and resolution.
  • 5. Members are required to comply with all cooperative policies, rules, and guidelines. Failure to do so may result in disciplinary measures, including the suspension of membership privileges, denial of services, or expulsion from the cooperative where appropriate.

Meetings & Governance

  • 1. The Annual General Meeting is held once a year. All members are encouraged to attend and participate.
  • 2. The Management Committee serves a defined tenure and is elected by members every two years. Elected members are formally sworn in at the General Meeting.
  • 3. Each member has one vote, regardless of their savings balance. Elections are conducted using the Cooperative's electronic voting system.
  • 4. In addition to the AGM, the Cooperative also holds:
    • Ordinary General Meetings (OGM)
    • Extraordinary General Meetings (EGM), convened as required to address urgent or specific matters

Data Protection & Use of Members' Data

  • 1. Our Commitment
    COOPLAG is committed to protecting the privacy and personal data of its members in line with the Nigeria Data Protection Act (NDPA) 2023 and other applicable regulations.
  • 2. Information We Collect
    In the course of membership, COOPLAG may collect and hold personal information including, but not limited to:
    • Full name, contact details, and employment information
    • Bank Verification Number (BVN), bank account, and payroll details
    • Savings, loan, and transaction history
    • Next-of-kin and guarantor information
    • Identification documents submitted with the Membership Application Form
  • 3. Purpose of Data Use
    Members' data is collected and used solely for purposes connected to their membership, including:
    • Processing membership applications
    • Administering savings, contributions, and loan accounts
    • Facilitating payroll deductions through the employer
    • Communicating with members regarding their account, meetings, or Cooperative activities
    • Meeting regulatory, statutory, and audit requirements
  • 4. Data Sharing
    COOPLAG does not sell or rent members' personal data. Information may only be shared with:
    • The member's employer, strictly for payroll deduction purposes
    • Regulatory bodies, where required by law
    • Guarantors/witnesses, limited to information necessary to confirm loan obligations
    • Third-party service providers (e.g., auditors, IT systems providers) engaged by COOPLAG, subject to confidentiality obligations
  • 5. Data Security
    COOPLAG maintains reasonable administrative, technical, and physical safeguards to protect members' data against unauthorised access, loss, or misuse.
  • 6. Data Retention
    Members' data is retained for as long as the individual remains a member, and for a reasonable period thereafter as required for legal, regulatory, or audit purposes.
  • 7. Member Rights
    Members have the right to:
    • Access the personal data COOPLAG holds about them
    • Request correction of inaccurate or outdated information
    • Be informed of how their data is used
    • Lodge a complaint regarding the handling of their data
  • 8. Updates to This Policy
    This policy may be reviewed and updated from time to time. Members will be notified of material changes.

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Comprehensive guidelines, bye-laws and policies in PDF format.

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