CATEGORY: SAVINGS

You can either give us a cheque or pay into any of our bank accounts.

Yes, you can open multiple accounts in the same name.

No. Deposits can be made at any time of the month.

Yes. A POA holder who can sign the deposit form or certificate can be nominated by the depositor.

 CATEGORY: POOL FUNDS

Through nomination facility, the depositor may nominate a person(s) to whom CoopEast should pay the deposit amount in case of death of the depositor.

Your deposit can be used as secondary security provided you are a CoopEast member.

Only CoopEast Associate and Ordinary Members.

Yes. This must be clearly stated in the application letter.

Interest rates will be fixed for the duration of each contract. Reviews will be made based on prevailing market circumstances, this will be communicated.

No. Your application in writing or e-mail and the completed nomination forms suffices.

Yes. An instruction has to be given to this effect.

CoopEast will charge you 20% of accrued interest as at date of termination as penalty for premature termination.

NB: Minimum Placement Duration is 30 days. You can view placement online at www.coopeastngr.com

Current Rates per annum:

                                                                                                                                                                       

Category

30 Days

60 Days

90 Days

180 Days

365 Days

N500,000 – N4,999,999

4.00%

4.50%

5.00%

5.50%

6.00%

N5,000,000 – N49,999,999

4.50%

5.00%

5.50%

6.00%

6.50%

N5,000,000 – N49,999,999

5.50%6.00%6.75%7.50%8.00%
N120,000,000 & Above

6.0%6.50%7.00%7.75%

8.50%


Our rates are the best and definitely present you the opportunity to give a positive testimony about your Cooperative of First Choice!


Kindly contact Mercy Edeogho – mercy.edeogho@coopeastngr.com

For further details on how to open your account and other terms and conditions.

 CATEGORY: PROPERTIES

CoopEast Estate Lekki Phase 1 is located in the second round about, immediately after the first toll gate going into the lekki corridor. It is within 5 minutes walking distance from Shoprite and 10 to 15mins driving distance from Freemanhouse. This makes it easy for all Shell employees working in Freemanhouse who are CoopEast members. Coming from VI via the toll gate, the site is on the right wing of the 2nd roundabout of Lekki Phase1; 300-350m from the round about making the location highly accessible and free from the usual Lagos traffic.

Lush Landscape and aesthetically pleasing scenery, Interlocked road network and walkways, Street light, Central water system, Underground cabling system (electrical, fiber Optics and telecommunication), Security surveillance system, Gym house with swimming pool, Well landscaped playground for children and many more…

Land size covers 3.9hecters and currently with C/O in the name of the Land owner. CoopEast intends to transfer title per house to the buyer directly without initial Coop east title. This eliminates cost of first transferring title to Coop East and then to the individual home buyers. If we do, then, price of house becomes higher than we intend to sell to buyers to ease burden of cost.

The Shell Coop East Estate consist of 25 blocks of 4 bedroom semi-detached duplexes (50units) standing on a land size of 700sq meters, and 35 blocks of detached 5 bedroom duplexes standing on 350 sq meters. All rooms are ensuite and with a maids room also ensuite in addition to the marked rooms mentioned above. There are dwarf walls demarcating each block from another. The truth is that the estate is designed to beat the Nicon town. The full design is now on the Coopeast web site for downloads.

Developer is Femab Properties Nigeria Limited. Femab are well experienced in the property industry and have a flagship of Diamond estate which is one of the best in class in the Lekki Corridor. Diamond estate currently boasts of housing some Shell staff and members of Coop East.

The estate is complete with well paved roads, drainages and street lights, central water system, with underground cabling. It is the first to have fiber optic cables for telephony within the Lekki Corridor. It also comes with CCTV, Electric fence, and access control device as found in most Shell locations. Others include, Swimming pool, club house (Note that Shoprite is five minutes’ walk).

The fifth milestone is 31st March 2021 and upon issuance of provisional letters of allocation to purchaser's subscribers. This has been achieved.

Yes, we are still on track to deliver at the end of 2021 provided that we are able to receive the Layout Approval this month as expected. The specific infrastructure items that will be delivered are as follows:

  • a. Roads and drains
  • b. Water supply
  • c. Sewage treatment and collection
  • d. Streetlights
  • e. 24-hour power for construction although the permanent power supply solution will not be completed till Q3 2022

Included in the payment receipt/statement sent to Shell COOP East secretariat on receiving any payment.

Survey fee: A copy of the Lagos State Cadastral Survey Practice Policy issued by the Nigerian Institute of Surveyors, which became operative from April 2017. The implication of this is as follows: 
As you may know, Orange Island is in Eti Osa Local Government and is covered by the schedule of fees specified for Zone A as contained in pages 3-4 of the attached Policy. The survey fee payable is the Minimum Fee in the schedule on page 4.
Please note that corporate entities are required to pay double the Minimum Fee as shown in item 2 on page 7. If the subscriber’s plot size is 1,000 square metres or less, the relevant fee is N1,000,000. However, we have been able to negotiate a group discount of 5%. Accordingly,the total fee due is N950,000 for individuals and N1,900,000 for corporates. The Lagos State Surveyor Generals’ office requires that the fees be paid before your stamped survey plan is released for inclusion in the Deed of Sublease.
This will fall due in the last quarter of 2021.

Perfection of Documents:
o   Deeds of sublease will be delivered on receipt of the full payment for land
o   Please find attached document named “Orange Island Perfection Process” which outlines the process to be followed.
o   The perfection process will be handled by our solicitors Jackson Etti & Edu at a cost of N150,000 (one hundred and fifty thousand Naira) per document.



The process for site visits has always been that OIDC office be informed of the date and time of visit and if required, arrangements will be made for a staff member to accompany the subscriber(s).

The draft document was sent to the Cooperative on 15 March 2021 after the usual back and forth process between lawyers. We apologise for the delay and look forward to receiving the go ahead to print. 

Yes, the infrastructure work in on-going. Updates are currently provided in our Newsletters and will now also be done via the App.


The final allocations will be made when the full land payment has been received.

Yes, the island is fully consolidated and ready for construction however, subscribers are advised to arrange a soil test before starting to build their homes. Landowners will also need to sandfill their plots to the required levels.

Several subscribers have submitted their plans to Lagos State Ministry of Physical Planning and Urban Development for town planning approval and permits, having received OIDC concept approval. We anticipate that approvals will be granted in early June and building will commence.

No change so far. We are still waiting for the layout approval from LASG which will show the exact site measurements. Typically, there may be slight changes to the size of plots for example 651 sq.m instead of 650sq.m., but nothing material.


I’m afraid I don’t understand the first half to the question. The Deed of Sublease and survey plan will be issued on completion of payment as stated above.

I’m afraid I don’t understand the first half to the question. The Deed of Sublease and survey plan will be issued on completion of payment as stated above.

A block of plots will be allocated to the Cooperative for onward allocation to its members.

There is no penalty for late handover of plots. However, as the land payments are based on milestones, subscribers are protected to a limited extent.

I believe this aspect will be covered by the revised Municipality Rules and Design Guidance Manual which is currently being finalized and will be ready for distribution in June 2021.  

Answer: CoopEast takes responsibility to ensure delivery

Answer: CoopEast normally will use her strength to ensure facility bill is kept at minimum annually.

Answer: Yes, internally only, and no extanal changes is allowed.

Answer: Subscribers has access to the project site anytime the want. 

Have any question?

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