Encrops Multi-purpose Cooperative society, a reputable, leading, and reliable Bayelsa-based business organisation duly registered with the Bayelsa cooperative bureau, has successfully paid the sum of 30, N30,445,000, to not less than 85 persons who are its members.
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The company also resolved to suspend the simple interest category payment which it considers to be for the interest of the cooperative as well as to its members.
This resolution was informed after an intensive General Meeting held via zoom on the 4th of June,2021, made available to newsmen.
During the deliberation, the Board resolved that sequel to the unfavorable fluctuations that continue to affect the Online-Forex Market, Encrops Multi-purpose Cooperative society, (Volatility-75), has struggled to meet up with regular payment of dividends to members.
“After the last effort, it has become clear that for now, until things improve, we can no longer continue with the simple interest category which earned members a monthly dividend.
“However, the compound interest category which spans through one year is still running. We, therefore, encourage all members on the simple interest category to switch over to the compound interest category which will run on a 10% take-off dividend. This we believe will benefit everyone in the long run.
“However, we are also aware that there are members who may want to terminate their running contracts with the cooperative instead.
“To this end, we have also worked out a capital refund schedule for everyone that may fall within this category.
Encrops Multi-purpose Cooperative society, also provided procedure to follow to secure a termination from the cooperative and these steps are below:
PROCESS FOR TERMINATION OF CONTRACT
1) Visit our website @ www.encrops.com
- click on member login
- use your registration phone number as username
- use encrops (all small letters) as password
- change the default password (encrops) to any six letters of your choice
- access your personal office and click terminate
Those who may not be conversant or comfortable with this method, you can visit the office and fill out a termination form.
SCHEDULE FOR CAPITAL REFUND OR REVERSAL
Giving the limitation of available funds, we may not be able to do a refund to the much that would expectedly apply for termination. For this reason, there was an understanding that refunds will be done in batches; and that what determines who gets first will be based on the strength of dividend drawn from the system. In the table below, is the proposed payment schedule for refunds.
TABLE SHOWING ENCROPS SCHEDULE FOR CAPITAL REFUND OR REVERSAL
The CEO, Encrops Multi-purpose Cooperative society, Bright Peres, In an interview with MC Blast, debunked the rumor that he absconded because the organsiation could not meet up with the 40 percent interest and there is likelihood that the company might shutdown.
He said that Encrops Multi-purpose is the first cooperative to give 40% to its members, which is done in full and the company has never reneged in paying as at when due.
However, he lamented at the declined rate of forex, crypto and bitcoin currencies, which has also brought some challenges to the company, hence, the Board resolution to suspend payment of Monthly interest rate.
He also assures the general public that Encrops Multi-purpose Cooperative Society, is very much in operation and calls for more investors.
Encrops Multi-purpose Cooperative society, sincerely regret all the inconveniences it’s members may have suffered following the recent development.
“We also like to thank you for your patience and understanding. We shall continue to do our part to thrive as a cooperative,” Peres, said.
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