OVERVIEW
The NLNG Staff Co-operative Investment & Credit Society Limited (NLNG COOP) was registered on the 28th of August 2003 as an independent association of Nigeria LNG Limited (“the Company”) staff, to meet their common economic and social needs and aspirations through a jointly owned and democratically controlled enterprise. The cooperative is democratically run by its members, with the Management Committee elected by the members for a two-year tenure. The strength and commitment of the membership are vital in helping the cooperative achieve its goals.

MEMBERSHIP AND ASSETS
As of February 2025, NLNG COOP has a membership strength of 1315. The organization has a total asset base of more than N23 Billion as at year-end 2024 and reports in accordance with the International Financial Reporting Standards (IFRS).

ACTIVITIES AND LEGAL COMPLIANCE
The Co-operative is primarily engaged in thrift savings, the provision of loans, and other collective investments that benefit its members, in strict adherence to the Nigerian Co-operative Societies Act (2020) and the organization’s Byelaws. To further its business objectives, the cooperative has incorporated four special-purpose vehicles to carry out specific projects. In addition to its core activities, NLNG COOP is deeply committed to fostering a positive work environment that promotes staff retention. This commitment ensures that the Co-operative retains experienced and dedicated professionals who contribute to the overall success and stability of the organisation. The Co-operative’s lending activities are exclusively focused on its members, ensuring that loans remain within the Co-operative, thereby strengthening the financial well-being and solidarity among members. NLNG COOP has earned an excellent public image and reputation, which is a testament to its consistent delivery of value to its members and the community at large. The Co-operative also prioritises the security of its members' funds. A rigorous process is in place to examine the risk profile of every proposed project or transaction, ensuring that all activities undertaken are aligned with the Co-operative's risk tolerance and financial objectives. This prudent approach to risk management is central to safeguarding the financial interests of all members.

UNIQUE BUSINESS MODEL AND MEMBERSHIP COMMITMENT
The Co-operative is a unique business democratically run by its members. Members of the Management Committee are elected by the members, serving a two-year tenure with a maximum of two terms. The strength and commitment of the membership play a vital role in helping the Co-operative achieve its goals.

COLLECTIVE RESOURCE POOLING AND MEMBER-CENTRIC APPROACH
The Co-operative emphasises the importance of a larger membership base to pool resources and provide members with common interest needs. Furthermore, it liaises with external parties and brings products and services to members at competitive market rates. Rather than solely pursuing profits, the Co-operative prioritises the interests of its members before taking business actions.

FINANCIAL COMMITMENTS AND BENEFITS
Membership Requirements: Every member is required to pay a registration fee, subscribe to an equal number of shares as every other member, and commit to saving a monthly minimum sum. Financial Benefits: The Co-operative serves as a financial institution providing members with a means of saving, offering an annual dividend on shares, and providing an annual interest on cumulative monthly savings. Additionally, the COOP offers loans to members at a discounted rate compared to the market.

FINANCIAL YEAR GOVERNANCE
 The Co-operative Society's financial year ends on December 31st of every year. NLNG COOP’s governance structure involves the election of Management Committee members by the members, reflecting the organisation’s commitment to democratic processes and member representation.

SUMMARY
In summary, the Co-operative's unique business model emphasises democratic member control, collective resource pooling, and a member-centric approach, while also highlighting the financial commitments and benefits associated with membership.