ST. THOMAS AQUINAS CHAPLAINCY ALUMNI ASSOCIATION
STAC ALUMNI BUILDING PROJECT
(May 27th, 2019)
STAC Alumni has advanced to the age of Eighteen years, we thank God for the height attained. We ventured into a building project last year, a hostel for students around Oke-odo area, Tanke, Ilorin Kwara State we are yet to complete because we are expecting more alumni members to key into this investment. The alumni body has purchased two plots of Land and is ready to commence the project.
The Architectural and Structural drawing of the hostel is shown below.
A committee was setup to plan the success of this project, members of the committee and their details is as shown below:
- Edward Alabi – Chairman 07034104433
- Edwina Bosah 08064451919
- Afolabi Emmanuel 07066012275
- Chris Onuche 08100120507
- Fadayomi Innocent 07069462762
- Peter Agbesinu 08186859422
- Livinus Thomas 08166556793
- Toluwase Oke 08063418131
- Afolabi Elizabeth 08037209309
- John Ondoma 07032748600
- Darlington Okoka 08039233787
- Francis Adedipe 07036238160
Feel free to contact any of them for clarification on any item you do not understand.
The building project has been carefully analysed by the national executives from the reports of the building committee and the following decision reached:
1. The estimated cost of the Building project is Thirty Million Naira (N30,000,000.00) as quoted by the Quantity Surveyor and agreed by the envisaged developer.
2. Number of rooms for both the ground and first floor is 20 rooms
3. Estimated cost of rooms around Tanke is N100,000.00
First Three Years N100,000 per room N2million = N6million
Three to Eight Years N125,000 per room N2.5million = N12.5million
Eight to Twelve Years N150,000 per room N3million = N12million
Total = N30.5million
Note: The cost for rentage might increase above the stipulated figure, hence more money and the return on investment time will decrease.
4. Yearly Maintenance Charge is estimated to be 2% of generated revenue. It is observed that for the first five years they might be no much maintenance, hence such money is saved in the building account for future exigencies.
5. It is noted that the agency fee and agreement is been collected by Landlords around the area which is usually 10%, we shall limit ours to 5% which will be collected by the estate agent/lawyer contracted to manage the property as his fee, its hopefully going to be a practicing alumni member. If the 5% is in excess or as agreed by the investors, or probably increased, such excess will be shared between the building account and the General STAC Alumni account, to be determined at AGM.
The Advantages of Investing in this Project
1. This project is owned by all investors for life, it is neither a turnkey project nor a BOT project (Build, Operate and Transfer). So once you have invested it becomes yours for life.
2. In case of death of any investor, his/her yearly dividend shall be transferred to his/her next of kin which shall be indicated in the form being filled.
3. The Investment is not transferred to the second generation; it is for alumni members and immediate family. i.e If a husband is an Investor and the next of Kin is wife, when wife dies the investment goes to any of the children as agreed by the immediate family, and will continue to rotate among the children and cannot be transferred to the Investors grandchild. When it comes to this stage, the quota of the dividend for this investor shall now be transferred to the Alumni.
4. For an investor without Wife/husband or Children, if he dies, such dividend shall be transferred to parents if still alive, if not the quota is transferred to the alumni body except otherwise stated by the investor before death.
5. For priest and Religious who partake in this investment, they shall continue to receive their quota until death, after death, their yearly dividend shall be sent to their congregation or diocese on the date of their remembrance as a charity to them to mark his/her remembrance.
6. Dividend shall be shared during Annual AGM
7. A new account shall be opened solely for the Building Investment purpose in which the Alumni President, Financial Secretary and Treasurer shall be a signatory.
8. The building committee shall give report to NEC, the tenure for this committee shall be 5years but is subject to renewal by NEC.
This building project has been tailored to involve a lot of members of the alumni body, and it is agreed that each unit of investment will cost: Two Hundred Thousand Naira (N200,000) only hence investors are free to purchase as many units as possible.
Instalment payments will be allowed according to the number of units purchased on a monthly basis.
One Unit – Maximum of Eight Instalments
Two Units – Maximum of Eight Instalments
Three Units – Maximum of Eight Instalments
Four Units – Maximum of Ten Instalments
Above Five Units – Maximum of Ten Instalments
The subscription and payment of Units is still on going.
Are you interested in this Investment? If yes kindly click below to register