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L-R: Paul Sulaimon, head of account; Chiamaka Ubani, HR; Peace Ukamaka, MD; Emmanuel Ossai, vice president, and Dumbiri Cletus, business development manager, all of Klassic Multipurpose Cooperative Society, during the recent high flyer business meeting held in Lagos to appreciate partners and associates.
Peace Ukamaka, the managing director (MD) of Klassic Multipurpose Cooperative Society, has disclosed that the society aims to be among top three real estate co-operative in Lagos.
“We have expanded our investment scope. With TrustedChoice Assets, our investment in that area is growing because we have a lot of properties at the development stage,” she said during the recent high flyer business meeting held in Lagos to appreciate partners and associates.
According to Ukamaka, the cooperative started with 15 members in 2018, and has now grown to about 1,800 active members and other associates.
She disclosed that the vision of Klassic Multipurpose Cooperative Society is to help 10,000 people become self-made millionaires. “And in the next five years, we should have done at least 30 percent of that.”
According to her, the cooperative started business with market women contributing on a daily basis, before it transitioned into monthly contributions. “So we had to start investing it into real estate. And that’s what birthed the real estate company, which is now the partner company to the co-operative.”
According to her, the cooperative now has real estate investment through TrustedChoice Assets in Lagos, Enugu, and Delta state. She said co-operators now have more investment options to plug into with the cooperative.
She disclosed that the cooperative has three investment schemes to help co-operators and other contributors grow their investment in real estate like the ongoing Legacy Villa, Obosima, over a period of time.
“We give them the opportunity that they are plugging in for this duration; either within a 12-month frame, an 18-month frame, or 24-month frame. So we give them the opportunity,” Ukamaka said.
Emmanuel Ossai, vice president, Klassic Multipurpose Cooperative Society, said the cooperative is currently at the development phase of its projects across Lagos, Enugu and Delta states. According to him, the actual driving force of the cooperative is tremendous growth based on the return on investment available to co-operators when the projects are completed
“Now, the phase we are looking at is the phase of developing, putting actual buildings on the ground. And we have a market for them already,” Ossai said.
Ikenna Madu, a businessman and beneficiary, said he stopped struggling to pay for rent since he joined the cooperative about four years ago. According to him, the dividend he gets from the cooperative society has been helpful in keeping his business running in the last four years.
“So, I’m not struggling to pay my house rent at all. And my money invested in the cooperative stay complete. Since I started with the cooperative, I don’t get any loss,” Madu said.
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