Total E&P Nigeria Staff Multipurpose Co-operative Society Limited
| Private | |
| ISIN | 🆔 |
| Industry | Financial Services, Consumers' co-operative |
| Founded 📆 | 1984 |
| Founder 👔 | |
| Headquarters 🏙️ | , |
Area served 🗺️ | |
Key people | Olawale Olasoji President Ndubuisi Oti Vice President |
| Products 📟 | Loans, Checking, Savings, Investments, Debit Cards, Real Estate, Foreign exchange company, Insurance, Warehouse |
| Total assets | US$140+ million (NGN:45.03 billion) (2018) |
| Members | |
Number of employees | 42 |
| 🌐 Website | Homepage |
| 📇 Address | |
| 📞 telephone | |
Total E&P Nigeria Staff Multipurpose Co-operative Society Limited (Total E&P Co-op, also referred to As Total Coop) is a Nigerian Cooperative, that is a member of the African Confederation of Co-operative Savings and Credit Associations which commenced operations in 1984 as Total E & P (Nigeria) Thrift and Credit Society Limited. The Co-operative began with an initial capital of N20, 000,000 and has since grown to consist of 1,643 members today.
Membership is voluntary and open to all staff of Total E&P Nigeria Ltd.[1]across Nigeria. The co-operative recently achieved a $140M (N45.03bn) asset base (audited 2018) and is currently rated one of the most profitable Co-operatives in West Africa.[2] Total Coop is licensed and regulated by the Lagos State Ministry of Commerce, Industry and Cooperatives(MCIC)[3]
Overview[edit]
Total E&P Co-op is a multi-service co-operative and maintains a governing Board, separate from its Management. The Management team oversees the day to day operations and recruits all the qualified management staff required to grow the organization.
The Management Team consists of seven different departments; Treasury, Real Estate, Legal Compliance & Communications, Human Resources, Admin & Insurance, Business Development, Risk Management & Internal Control and Financial Services. This structured approach to running the Co-op[4] is said to have earned the organisation eleven (11) awards at the maiden edition of the Nigerian National Cooperative Rating Awards in 2018[5]
Subsidiaries and Commercial Ventures[edit]
- Total Living (Logistics Bay & La Definition)
- Coop Mart
- Coop Laundry
- Coop Travels
- Coop E-commerce
- Coop Guesthouse
- Coop Café
- Coop Event Management
- Coop Educational Service
- Coop Lube Bay[6]
- Le Petite Marche
- Coop supply
History[edit]
The cooperative began operations on June 6, 1984, but it did not begin the formal process of registration until June 28, 1987, when a formal application was made to the Lagos State Government. The body was eventually registered on March 24, 1988, as a credit and thrift society with the objective of mobilizing savings from its members and providing loans to members, using those resources. [7] In 2009, the Total E & P Nigeria Staff Multipurpose Co-operative Society Limited came to be, and members could now buy shares in the Society. The first set of shares from the authorized capital of 2billion units at a nominal value of 50kobo were sold at N2 per share. From this, the Cooperative was able to raise the capital for its business expansion.
By 2015, the loan portfolio of the co-operative had increased significantly with 79% of the loan books in mortgages and projects up from 70% in 2006. In addition, mortgage loans increased from 38% to 61%, while project loans dropped from 32% to 18%. The asset base of the co-operative increased to N32.8bn in 2017 and the profit base increased over N2bn mark in 2017.[8] This was credited primarily, to the first phase of the execution plan and the additional creation of about 17 new products from business development, financial services, insurance and real estate businesses.
Projects[edit]
Total Living, Total E& P Co-op's newest Business venture, recently embarked on the first real estate development project to be certified under EDGE sustainability in West Africa (a Green building standard and rating system for over 150 countries introduced by the IFC/World Bank).[9] La Definition, as the project is called, is projected as a smart, innovative mixed-use development that will sit on 22,000sqm of within Eko Atlantic City, in Lagos, Nigeria.[10]
References[edit]
- ↑ "About Total E&P Co-op". Total E&P Nigeria Staff Multipurpose Co-operative Society Limited (TEPC). 2018-08-02. Retrieved 10 October 2019.
- ↑ Odewunmi, Femi (2019-11-16). "Importance of co-operatives to grassroots development in Africa". TheCable.ng. Retrieved 16 November 2019.
- ↑ Lagos, State. "Mandates of Ministry of Commerce, Industry and Cooperatives". Lagos State Government. Retrieved 10 October 2019.
- ↑ Isreal-Ayide, Edward (5 November 2019). "How Co-operatives Aid Development in African Economies". AfricaNews.com. Retrieved 27 November 2019.
- ↑ "COOPAWARDS WINNERS LIST – LAGOS 2018". The Co-operative Rating & Award Society of Nigeria (CRASoN). Retrieved 27 November 2019.
- ↑ "TOTAL NIGERIA: Germaine, Total COOP Seal Deal". MarketScreener.com. Retrieved 27 November 2019.
- ↑ Total, Coop (2018-08-02). "The Cooperative Movement at the Beginning". Total E&P Nigeria Staff Multipurpose Co-operative Society Limited. Retrieved 10 October 2019.
- ↑ "EXCLUSIVE: Total E&P Co-op seeks govt's support to drive grass-root devt in Nigeria". National Accord. 2019-11-25. Retrieved 25 November 2019.
- ↑ "La Definition Lagos, Nigeria". Chapmanbdsp.com. Retrieved 18 November 2019.
- ↑ Ebosele, Moses (2019-11-05). "Total Nigeria Staff, Gtbank, Access, Zenith, Others Seal $170m Eko Atlantic Project Partnership". CityBusinessNews.com. Retrieved 10 November 2019.
External links[edit]
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