About – INEC CMS

About

Our history

The idea that culminates into what is known as present INEC, Lagos State Staff Multi-Purpose Cooperative Society was initiated by Late Chief Mrs Kemi Odebiyi in a management meeting at which she instructed Mr. Lukeman Olabimpe (Internal Auditor) to work on how to form a Staff Cooperative Society.

After contacts and advice, an inaugural meeting which was supervised by Mrs O. O. Odulaja (representative of Lagos State Ministry of Agriculture and Cooperative), was held in October, 1999 which produced the following officers;
1. Alhaji T.I Saliu (President)
2. Mrs M. Ogunlaja (Vice President)
3. Mr Lanre Oyewole (Treasurer)
4. Lukeman Olabimpe (Secretary)
5. Gbenga Yakub (Asst. Secretary)
6. A.W.O. Azeez (Ex-Officio)

The first deductions(savings) were made in November, 1999, while first set of loans were granted in April, 2000.

Formation

The Multipurpose Co-operative Society was established in 2008 and registered under the Ministry of Cooperative services of the Lagos State Government.

To encourage co-operative investment in order to improve on the social, economic and living standard of Members.

To create funds to be lent to its members at fair and reasonable interest rates; approved by the general body.

To invest its funds not immediately required for business in commercial, ventures, household equipments and real estate concern.

To raise capital within and from outside bodies in the legitimate pursuance of its objectives as proposed by the General body and approved by the Director of Cooperatives.

To provide facilities for regular thrift savings by Members.

To encourage members to plan for their retirement through participation in a contributory Pension Saving Scheme.

To borrow money from any source proposed by the Executive Committee and approved by the Director of Co-operative Services for the productive purpose and benefit of Members.

Any other measure designed on co-operative principle for the benefit of Members.