Frequently Asked Questions

Social Housing Indemnity Platform ‘S.H.I.P’

Question: Who is LETCO?
Ans: Lagos Executive Credit & Thrift Cooperative Society Limited
Question: Registration details?
Ans: LSCS 8212 registered 2004 by Lagos State Government of Nigeria
Question: Past performance?
Ans: Pooling of over 600 professionals to raise N3bn for the funding of mortgage schemes for Exxonmobil, Coca Cola, Department of Petroleum Resources (DPR) for the acquisition and development of Ajiran Northern Foreshore Lekki, Lagos

Question: Explain SHIP
Ans: It’s an acronym for Social Housing Indemnity Program or Platform. The term ‘Indemnity’ is defining that this scheme is insurable by the licensed insurance company or guaranteed by a supporting finance institution.

Question: Why do registered persons drop funds voluntarily and treat them as gifting?
Ans: The program is identifying with philanthropy and/or persons who feel strongly that with the minimum drop of #10k a pool of premium can be built into a much bigger pool of local and international volunteers organization to help the low income masses in having access to some comfortable and affordable housing.

Question: How will SHIP provide the house units?
Ans: Through estate developers and quasi government organizations

Question: Which one is to commence first before the other, volunteer or development?
Ans: The program accepts the beneficiaries irrespective of their financial commitment since the program is a philanthropist scheme. Balloting shall be done to identify the beneficiaries for allocation depending on the size and capacity of coverage available. Intensive reach out campaign is mounted to draw the attention of the caring gifting organizations and individuals whose donations will grow with time. Therefore the provision of housing and the launch and marketing of the service are complementary and simultaneous.

Question: Can I know what amount of coverage I’m supposed to draw from the scheme?
Ans: So much will depend on the offer from the developer. SHIP will scrutinize the structure and the costing of every unit vis a vis the environment and the finishing of the structure – in the interest of the scheme. This approach is very important if the initiative must be affordable as well as comfortable. Experience shows that considerable margin of savings is attainable in dealing directly with builders instead of waiting to buy from developers. We prefer to work with builders and the funding financiers side by side with the Coop society. Eventually, the vision of completing at a modest cost is crystallized. From this point we shall have won the battle of allocating ???? free or partially subsidized, eg: 25, 30, 45 percent and so on.

Question: How are the beneficiaries captured for identification?
Ans: We have set up database that millions of intended beneficiaries should register. And a moderate processing fee of #10k only charged. The estate developers are expected to register at #250k and take a queue to connect with the buyers or beneficiaries.

Question: What is the maximum coverage?
Ans: #15,000,000 in line with the affordable index of FMBN. This is a deliberate decision to assist anyone who can qualify for the Federal Mortgage Bank loan.

Question: Can the program admit occupational or employee cooperative societies?
Ans: SHIP encourage whatever amounts to critical mass development in order to ensure immediate impact and the speed in reducing shelter deficit anywhere in Africa. When registering here we invite you to add qualified members and friends to facilitate a better chance of winning the ballot. Everyone is welcome: individuals or cooperative societies but balloting will pick up individuals only

Question: How does the program remit subsidy for the project?
Ans: Where the project/house is completed, disbursement of the going subsidy is made directly to the vendor. If it’s Enduser or work in progress, the scheme will pay at the point of mobilization, alongside the beneficiaries; but the beneficiaries will not contribute where the project is within the coverage of the scheme. #4m cost is within the free coverage.