BYE-LAW OF NIGERIAN AGRICULTURAL-HOUSING AND INDUSTRIAL LOAN FUND ASSOCIATION

2. AIMS AND OBJECTIVES:

(i) To improve the wellbeing of its members by encouraging them to obtain International Loans Funding for them to build or improve their own houses, Agricultural, Business, Commercial and Industrial Investment Project because in service of employment by self-reliance savings and loans scheme.
(ii) To promote and accelerate resource mobilization necessary to support a credible Housing Agricultural, Business, Commercial and Industrial Investment Projects delivery system that will enable all members to obtain a Loans from the Association’s Fund to a maximum of N10,000000 (Internal Loans) or from National Housing Fund of the Federal Government Housing Policy to a maximum of N15,000,000 and above (external loans) of the Financial Institution to a maximum of $200,000,000 to build their own houses and to finance their agricultural, Business, Commercial Investment Project with one to three year plan in any part of World.
(iii) To advise its members by organizing free seminars and workshop on issues affecting International Loans in any part of the world.
(iv) The National consultant company provides free professional advice to members on issues Affecting International Loans in any part of the world.

3. REGISTRATION WITH THE GOVERNMENT

The Association is registered with the Government.

4. OWNER OF THE FUND AND MEMBERSHIP

(a) The Fund is owned by the members contributors of the Association Loan Fund
(b) Membership shall be open to all Nigerian and Non-Nigerian within the age of 16 years and above.
Members are to collect free membership and Authorization Monthly Deductions Forms from the Consultants (Emomensco and Company of Nigeria) or the General Secretary of the Loans Fund Association, or print from our website.

5. AMOUNT OF LOANS OBTAIN

A minimum of N200,000.00 to maximum $200,000,000

6. DURATION OF REPAYMENT OF LOANS

Is from 1 year to 3 years for Association Normal Loans or 4 year to 15 years for Association National/ International Loans

7. MEMBERS ARE DIVIDED INTO GROUPS TO OBTAIN THEIR LOANS MONTHLY

The members of the Association will be divided into Group of 12 24, 36 persons or slots. And each member of the Group will be given NORMAL Loans monthly from a minimum of N200,000.00 to a maximum of N10,000,000

8. TO QUALIFY FOR THE LOANS

A member must be contributing to the fund a monthly contribution of a minimum of N10,000.00 for a loan of N200,000 to a maximum N333,350 for a loan of N10,800,000

9. LOAN ADMINISTRATION

It is the responsibility of National Consultants Company to administer all loans in line with the relevant laws, policies and procedure of the association.
(a) PURPOSE OF LOAN: Loans of the Association are to be extended to members upon such terms and conditions as the National Consultants Company and Association approve from time to time.
(b) APPLICATION FOR LOANS: A members desirous of obtaining loan shall fill the appropriate Services form and Loans forms and sent them to the National consultants company. Stating the Amount and the purpose for which the loan is required, the terms of repayment and security being offered for the loan.
(c) INTEREST ON LOAN: Rate of interest on loans shall be as recommended by National Consultants Company and Financial Institutions and approved at the Association General Meeting. In case of default in repayment, penalty may be an amount twice the normal rate. (d) REPAYMENT PERIOD AND GUARANTERSHIP: Loans shall be repayable within stipulated time. Every borrower shall execute a bond and also can be collagenized with landed property or Assets.
Borrower also furnish three guarantors who must be members of the society. It is the duty of the guarantors to repay the loans in full, if the borrower defaults such guarantors must have been members of the Association for not less than two (2) to three (3) year depending on the Amount of Loans obtain.
(e) RECALL OF LOANS: All loans shall be subject to the right of the Association to immediate recall if:-
i. The borrower indicates intention of resigning from the Association
ii. The borrower persistently defaults in repayment for a period not more than three months

9(B) TYPES OF LOANS:

(a) SHORT TERM LOANS:

I. It shall have a repayment period of between six (6) months and twelve (12) months, subject to the available of funds.
II. Cumulative deductions shall be from monthly income/saving
(b) NORMAL LOANS:
i. It shall be collagenized with member’s savings which should constitute no less than monthly savings of the loans applied for.
ii. Subject to the date he/she have been given to obtain his/her loans.
iii. It shall have a repayment period as recommended by the National Consultant Company and approved by Association’s (Table of contribution and Amount of Loans obtains.
iv. To be eligible for a Normal Loan, the applicant or member must have been a member of the Association for as least Three (3) months to six(6) months subject to amount of loans apply for.
v. Every borrower must pay a yearly interest rate of ten (10) precent of the Amount of loan obtain. And of the ten (10) precent; five(5) precent is for administrative and professional expenses and five(5) precent for Emergency savings of the Association.
vi. Subject to the availability of funds.

(C) INTERNATIONAL LOANS

i) The International Loans Funding is for Housing Agricultural, Businesses; commercial, Industrial investment projects; financial Aid; and student loans programs, medium and small size businesses. Etc.
ii) The International Loans are from world’s largest, medium and small fincial institutions, banks and loans funding companies in developed countries = Europe, North America, Oceania , India, Caribbean, Asia, Middle East, Africa, Nigeria and any part of the world.
iii) The International Loans Funding Department is responsible for:
(a) Negotiating contract with financial institutions, Bank and Loans funding companies worldwide.
(b) Assessing prospective members, clients, customers and matching them with financial institutions; bank for their loans.
(c) Act as your guarantor for the International Loans Worldwide.
(d) Assist in the processing to obtain the International Loans and Repayment of the loans.
iv) It shall be collagenized and each borrower shall execute a bond and also be collagenized with landed property or any other assets.
v) Borrower must save from 10 to 30 percentage of the amount of the International Loans with the Financial Institution, Banks or loans fund company providing the loans to the borrower.
vi) To be eligible for a International Loans, the applicant must have been a member of the Association for at least three (3) to six(6) months and as recommend by the National Consultants Company and approved by the Association.
Vii) Pay back/Repayment period is to be recommended by the management of the financial institutions; banks and loans funding companies; and approved by National Consultants Company and the Association.
viii) The Principal amount of loan and interest will be serviced monthly and or make outright payments upfront. And as recommend by financial institutions bank; loans funding companies and approved by National Consultants Company and Association.
ix) Amount of International Loans obtain – A minimum of N1,000,000 to $200,000,000 to be recommended by the management of the financial institutions banks and loans funding companies and approved by National Consultants Company and the Association.

(D) MORTGAGE LOANS
i. Borrower must have a land with title documents
ii Equity contribution or personal stake of 30% (Precent) 20% (Precent) depending on the loan amount applied for.
iii. The mortgage loan are repaid on monthly installment from the income of the beneficiary
iv The landed property to be developed with the mortgage loans can be located anywhere in the world.
v. The only collateral is the landed property to secure the loan for development.
vi. Borrower is eligible to access a mortgage loan to build his/her house or buy a house in any part of the world
vii. The maximum mortgage loan amount is the cost to build or buy the house and is determined by the Financial Institutions, the National Consultants Company and approved by the Association. Also the borrowers affordability of repayment of the loans.
viii. The interest rate is from 6% (precent) for (National Housing Fund Contributors) of Nigeria Federal Mortgage Bank and for other borrowers is determined by the Financial Institutions granting the mortgage loans; the National Consultants Company and approved by the Association.
ix. The Repayment period is determined by the financial institutions granting the mortgage loans, the National Consultants Company and Approved by the Association.
x. Borrower is eligible for a mortgage loans must have be a member of the Association for at least six(6) months, as a financial member contributing to the Association Fund and must be up to date with his/her contributions.
F) CAR/ASSET LOANS
i The beneficiary will make an equity contribution of 30% (precent) of cost of property.
ii Pay back/Repayment period is to be recommended by the National Consultants Company and approved by Association.

11. THE METHOD THAT WILL BE USED TO SELECT THE CONTRIBUTOR THAT WILL BE GIVEN THE LOAN FIRST BEFORE OTHER

The 12.24 36, member of a Group will draw lots as to who should begin to take the loan as number one and also number two to the last on the first month of starting the contribution.

12. MEHTOD USED IN CONTRIBUTING OF THE FUND

The monthly contribution will come from the SOURCE of the contributor’s monthly salary or income after necessary arrangement with the contributor’s bank; employers, or business income

13. MONEY COLLECTED FROM CONTRIBUTIONS MONTHLY WILL BE KEPT AT THE BANK FIRST BEFORE BEEN GIVEN TO CONTRIBUTORS AS LOANS

The monthly contribution from each contributor will be kept at the Bank to be chosen by all contributors. Withdrawal from the Bank Account for loans and other expenses approved by all contributors; will be by cheque to be signed by three official contributors and National Consultant

14. MODE OF DISBURSEMENT OF LOANS TO EACH QUALIFY CONTRIBUTOR MONTHLY

The contributor will sign a Loans Agreement with the Loans Fund Association. The loans Fund Representative will give the cheque of the amount of the loans to the Qualify contributors.

15. WITHDRAWAL OF A CONTRIBUTOR’S MONEY FROM THE FUND, IF HE/SHE HAVE NOT OBTAIN HIS/HER LOANS FROM THE FUND.

The contributor will be given the amount of money that he/she contributed before he/she stopped; on the date that his/her number (drawing of lots) is to obtain his/her loans. Administrative charges or expenses must be taking as approved by Association.

16. WITHDRAWAL OF A CONTRIBUTOR THAT HAVE BEEN GIVEN LOAN FROM THE FUND BEFORE THE END OF THE CONTRIBUTION.

The contributor will be given 30-day notice to refund the amount of loans given to him/her, minus the amount he/she contributed to the Fund after subtracting Administrative/Professional Expenses. Failure to obey the notice of Refund of the Loans. A legal action to recover all monies due from the Beneficiary may be exercisable as stated in the Loans Agreement signed.

17 LOANS AGREEMENT MUST BE SIGNED BEFORE LOANS ARE GIVEN TO CONTRIBUTORS.

Any contributor obtaining his/her loan must sign a Loan Agreement with the Loan Fund Representatives, and also the National Consultant Company as witness.

18. WHAT WILL HAPPEN TO A CONTRIBUTOR THAT HAVE NOT BEEN GIVEN LOAN AND HE/SHE DIES BEFORE THE END OF THE CONTRIBUTION.

The money he/she contributed to the Fund before he/she died will be given to his/her nest of kin on the date his/her Number (drawing of lots) is to take the loans.

19. WHAT WILL HAPPEN TO A CONTRIBUTOR THAT HAVE BEEN GIVEN HIS/HER LOAN AND HE/SHE DIED PREMATURE DEATH/TERMINATION OF EMPLOYMENT BEFORE THE END OF THE CONTRIBUTION.

Ih the event of death or termination of Employment, all outing standing contribution or loans in respect of the Loans Fund Association shall be deducted unblock before the contributor’s (Beneficiary) terminal entitlements are paid to either his/her next-of-kin or contributor. Or the contributor guarantors are to repay the all outstanding loans in full. The guarantors must be members of Association for at least 3-years.

20. EMERGENCY SAVINGS

The National Consultants Company managing the disbursement and repayment of the loan will make provision for Emergency Savings by saving 5 percent of Loans given to contributors in Fund Association’s Account in the event of Emergency withdrawal because of death or termination of Employment. The Loan Fund will withdraw money from the Bank Account and continue from the date of withdrawal. The money in the Emergency Saving Accounts will be refunded to contributors on termination or final withdrawal of membership from the Association.

21. THE NATIONAL CONSULTANTS

Is to manage the disbursement of loans to contributors. Also the repayment of loans from contributors that may fail to pay by any legal means and give professional advice to members. The National Consultants must be a company registered with the Federal Government of Nigeria as Architectural Engineers, Estate Management Consultants Planners and Builders. As of now, EMOMENSCO AND COMPANY OF NIGERIA AND EMOMENCO AND COMPANY are the National Consultant.

22. AMENDMENT

This Bye-law is subject to amendment in a general meeting by simple majority of member present.