Constitutions

CONSTITUITON OF WEALTHLEAD SOLUTIONS* 

ARTICLE I: NAME, LOCATION, AND OBJECTIVES

1. Name: WealthLead  Solutions

2. Location: Online

3. Objectives:

    - To provide accessible financial services to members 

    - To promote a culture of savings and investments 

    - To enhance members' economic well-being and social status through innovative financial principles.

ARTICLE II: MEMBERSHIP

1. Eligibility: Open to individuals above 18 and groups

2. Requirements:

-Membership fee: ₦5,000

- Minimum share capital: N2,000

- Adherence to bylaws and policies by every member

3. Rights and Responsibilities:

    - Participate in decision-making

    - Access to services and benefits

    - Maintain confidentiality and loyalty

ARTICLE III: GOVERNANCE 

1. Board of Directors: Supreme decision-making body that determine the strategic direction of the society.

2. Management Team (Executive Officers): 8 professionals running the daily operations and digital platform. 

Positions:

a. President

b. Vice President

       c. General Secretary

      d.  Financial Secretary

e. Treasurer

f. Welfare

g. PRO

      Committees:

- Audit/ Constitution Committee: 3 members

- Credit/ Loans Committee: 3 members

- Investment Committee: 3 members

- Asset and Sales Committee: 3 members

ARTICLE IV: FINANCIAL MANAGEMENT

1. Share capital: ₦2,000 minimum, monthly per member

2. Savings: Members contribute a minimum of ₦10,000 monthly

3. Loans: Provided to members at 10% interest rate per annum to pay back at Maximum of 12 months. Maximum loan is 150% of your savings. (Subject to change)

4. Sales/Commodity: Provided to members at 3 instalment payback.

5. Eligibility: Save consistently for 6 months before you are eligible for loans and commodity.

ARTICLE V: MEETINGS

1. Annual General Meeting: Held once a year

2. Special Meetings: Called by Board or 1/3 of members

3. Quorum: 1/2 of members

ARTICLE VI: ELECTIONS AND TENURE

1. Board of Directors: Fixed

2. Executive Positions: Rotates

-Term limits: 2 terms (1 year - 1 term)

-Election process: Secret ballot

ARTICLE VII: DISSOLUTION

- Dissolution: By 2/3 vote of members

- Asset distribution: Assets distributed to members in proportion to their shares

ARTICLE VIII: AMENDMENTS

- Proposal: By Board or Executive management team

- Approval: 2/3 of members

ARTICLE IX: DISPUTE RESOLUTION

- Disputes: Resolved through mediation or arbitration

- Process: Appointment of mediator by Board

ARTICLE X: MEMBER WELFARE 

- A portion of profits will be allocated to support members in need (e.g emergencies, hardships etc)

- Support for members and immediate family in case of death 

- Other benefits as determined by the Board of Directors/Executive Management Team 

ARTICLE X: MISCELLANEOUS

- Fiscal year: January 1 - December 31

- Accounting: International Financial Reporting Standards (IFRS)

PROFITS AND DIVIDENDS

​Reserve: At least 25% (suggestion) of the annual net surplus shall be moved to a Reserve Fund.

Dividends: Remaining profits shall be distributed to members as dividends based on their Share Capital and Savings volume.

Welfare Fund: A portion of the profit (5% suggestion) shall be set aside for member welfare and community social responsibility.

MEMBERSHIP

​A. Eligibility: Membership is open to any person aged 18 or above, of sound mind, and who shares the common bond of the Society.

Admission: Applicants must complete the registration form, provide valid KYC (ID, BVN), and pay the prescribed non-refundable registration fee.

Cessation of Membership: Membership shall cease upon:

​Voluntary resignation (giving 30 days' notice).

​Death or permanent insanity.

​Expulsion by the management team for financial crimes or actions detrimental to the Society’s reputation.