- Kendee Cooperative offers structured savings for land and home ownership in Abuja
- Members can save as little as ₦20,000 with annual returns of 20 per cent
- Over 400 active savers benefited from a pilot program with returns up to 28 per cent
As housing costs continue to rise across Nigeria, a cooperative society in Abuja is offering a structured savings model aimed at helping individuals work toward owning land or homes in the Federal Capital Territory (FCT).
Kendee Multipurpose Cooperative Society Ltd. says its flexible savings plan is designed for Nigerians who may not have large sums available upfront for property purchases but want to gradually build toward ownership.
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The cooperative allows members to start saving with a minimum contribution of ₦20,000 and offers annual returns of at least 20 per cent, depending on the duration and structure of the savings plan.
Flexible contributions for aspiring property owners
Speaking with journalists in Abuja over the weekend, the Founder and Chief Executive Officer of the cooperative, Andrew Ogaga, said the initiative was created to address the challenge many Nigerians face in accessing real estate opportunities due to limited capital.
According to him, the platform enables members to save toward specific goals such as buying land, building a home, or making future property investments.
He explained that contributors are not required to pay the full value of a property at once, but can save gradually while earning returns on their contributions.
“For example, if someone wants to buy land worth ₦10 million but does not have the full amount, they can begin saving with us and work toward that goal over time,” he said.
Ogaga added that there is no fixed timeline for achieving individual savings goals, allowing members to contribute at their own pace.
Licensing and fund security
The cooperative says it is registered and licensed to operate in Abuja, with contributions backed by signed member agreements outlining returns, exit conditions, and disbursement terms.
Ogaga stated that the organisation also obtained certification from the Special Control Unit Against Money Laundering (SCUML), a department under the Economic and Financial Crimes Commission (EFCC), as part of its compliance measures.
He said the cooperative currently has more than 400 active savers and maintains property holdings valued at about ₦700 million, which he said provides an additional layer of financial backing for members’ funds.
From pilot phase to full operations
Kendee officially launched on February 14, 2026, following a pilot phase that ran from January 2025 to January 2026.
According to Ogaga, the pilot involved pooling funds from members, investing in properties, selling those assets at improved value, and redistributing profits to participants.
He said some participants chose to withdraw their profits while others reinvested their capital into new opportunities.
During that pilot cycle, returns reportedly reached up to 28 per cent for some participants.
How the savings process works
Prospective members can begin by selecting a property on the cooperative’s platform and choosing a savings cycle of either 12 or 18 months.
After selecting a contribution amount starting from ₦20,000, members are required to sign a legal agreement documenting their expected returns and payout terms.
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At the end of the investment cycle, proceeds from property sales are distributed proportionally among contributors, with options to withdraw funds or reinvest in another project.
Nigeria to support SMEs with N60bn facility
Legit.ng earlier reported that the Arab Bank for Economic Development in Africa (BADEA) has entered into a €40 million (about N60 billion) line of credit agreement with the Development Bank of Nigeria (DBN) to expand access to long-term financing for micro, small, and medium-sized enterprises (MSMEs) nationwide.
The deal was concluded on the sidelines of the International Monetary Fund (IMF) and World Bank Spring Meetings in Washington, D.C., and is aimed at addressing the persistent shortage of affordable, long-term funding—often described as “patient capital”—that continues to limit business growth in Nigeria.
Under the arrangement, the funds will be disbursed through DBN’s network of participating financial institutions, targeting critical sectors such as agriculture, manufacturing, healthcare, and information technology, Punch reported.
Source: Legit.ng