Brief History
Hogg Robinson Staff Cooperative Multipurpose Society Limited was formed in 1986 and registered as Credit and Thrift Cooperative Society under Lagos State Ministry of Commerce, Industry and Cooperative in that same year with only Hogg Robinson Nigeria Ltd Staff but as the society progresses; Medexia Limited and HRN Travel joined thereby making it three companies that formed Hogg Robinson Staff Cooperative multipurpose Society Limited.
The pioneer boards of trustees were late Motunmori – President, Mr. J. Madukwe – Vice President, Mr. J.O. Omopariola, – Treasurer.
The membership of the society grew fast within one year of its existence in 1986 because of the dedicated and selfless effort of the founding members and executives who see to the welfare of members by ensuring they get credit and loan facility on time to meet their economic and social needs and aspirations and it held her first Annual General Meeting in April 1988.
In the space of 22 years of establishment members increased exponentially and their needs became diversified and they want more from their society which later transformed into a Cooperative Multipurpose Society in 22nd August 2008 to legally go into other ventures as required by its members whom their needs have become diversified.
Today, Hogg Robinson Staff Cooperative Multipurpose Society Ltd has over 170 members whom the leaders serve well and have led to them winning Award in Lagos State Ministry of Commerce, Industry and Cooperative.
Mission Statement
To provide co-operative multipurpose services of a superior quality to our members in order to improve their welfare through savings and investment tailored to meet members' needs.
Vision Statement
To leave a sustainable world for our members future and also be a leading example to other cooperatives in Nigeria.
Objectives of the Society
The primary objectives of the society are to promote the economic and social interests of its members and especially with the following;
- To provide credit facilities to its members at fair and reasonable rates of interest for provident and productive purposes.
- To encourage regular savings amongst members so that each member may cultivate the habit of making saving at least once monthly, with a view to building up funds for their individual future use.
- To stock consumer and producer goods for distribution to members and non-members; [with priority to members] at fair and reasonable price.
- To operate warehouses and cold room facilities for the storage of these consumer and producer goods and let out these facilities to interested parties;
- To acquire acres of land for sale or Estate development to meet the housing needs of members or for industrial purposes as a form of investment for the economic benefit of members;
- To undertake or invest in Real Estate and housing developments for the acquisition of its members and other interested parties.
- To undertake and invest in new ventures beneficial to its members and the societies as approved by the Management Committee. These include projects financing with good feasibility Studies etc.
- To undertake service businesses that will cater for the primary needs of members and other patrons, like block making industry, petrol station, warehousing, cottage industry, etc, managed in the overall interest of members and the societies.
- To encourage fixed deposits from members out of which a fund may be established for giving short-term loans to members, to acquire stock of shares and other rewarding ventures.
- To raise capital through share holdings by members in the society’s to undertake such other activities as are necessary for the attainment of these objects.
- To engage in any other economic or social activity as may be approved by the general meeting of members;
- To manage financial portfolios carefully by investing in stocks but guided by the decision of members. In this way, the society shall become part owners of in businesses that produce goods and services that members buy;
- To seek loans for industrial /housing development from banks, the cooperative circle and other financial institutions;
- To secure wholesale mortgage, either for on-lending to members or for housing development and let or sell such dwellings on mortgage basis.
- To do anything within the law and enter into any transaction which in the society’s opinion is necessary to ensure the proper performance of its functions or the attainment of the above listed objects.
- To take measures that would promote among the members, the spirit of thrift, mutual-help and self-help based on cooperative principles.
Products
We have a range of products our members can subscribe to according to their financial strength.
SAVINGS PLAN
This plan is compulsory for all members, it helps us become financially secure and provide a safety net in case of an emergency.
LOANS
Credit facility in form of loans are given to members at a very low interest rates. Types of Loan includes: Education Loan, Asset Loan, Investment Loan, Credit Loan.
CAPITAL ASSETS
A capital asset is property that is expected to generate value over a long period of time.