Questions people ask

No. You become a part-owner of real businesses. When they make a profit, members share it after the yearly audit and AGM approval. Nothing is guaranteed, and profits depend on how the businesses perform.

Anyone aged 18 or over, of good character, who passes our identity checks and has a link to Edo State or Abuja FCT: you live there, or you or your family own or hold land or a home there.

Yes, if you or your family have land or a home in Edo or the FCT, wherever you live. If not, join the Supporter list for your state or country and be first in when it opens.

A one-off joining fee of £10 for members abroad or ₦10,000 for members in Nigeria, paid once you are approved. It goes to VEKAT Group Ltd, the cooperative’s appointed manager, for registration, identity checks and your member pack. It is not a share and is not refundable.

Every share costs ₦1,000, whether you live in Benin City, Abuja or Birmingham. Members abroad pay in £, $ or €, converted at the bank rate on the day received.

Your shares go only into the cooperative’s own bank accounts. VEKAT, chapters and individuals never hold share money, and every outgoing payment needs two signatures. The only payment that goes to VEKAT is the one-off joining fee.

Shares can be withdrawn after 3 years, with 6 months’ written notice, at the value in the last audited accounts. This protects the businesses from too many people leaving at once.

No. One member, one vote. More shares mean a bigger share of profit, never more control. No one may own more than a fifth of all shares.

You name one or more nominees when you join. The value of your shares passes to them.

After 12 months without a contribution we remind you. After 3 more months you may become dormant, with no vote, until you start again.

Joining fee by card, Apple Pay or Google Pay. Shares by bank transfer into the cooperative’s US dollar or pound sterling account. Your member number is always your payment reference.

Membership opens after the cooperative is registered in Edo State and the FCT and a lawyer has signed off. Register your interest now and we will tell you first.