A Cooperative is an autonomous association of individuals who unite to meet their common needs and operate for the benefit of its members. Cooperatives are governed by a board of Trustees, which are responsible for ensuring the cooperative’s overall well-being. Trustees are fiduciaries, meaning they must act in the best interest of the cooperatives and its members. Understanding the principles, governance structures, and your responsibilities, will guide your actions and decisions as a Trustee. There are however 3 principal offices in the Trusteeship which include: 
The President
The Treasurer
The Secretary


The major or key significance of the Cooperative is that, it is not a partnership initiative but rather an investment opportunity, with the cooperative as a Special Purpose Vehicle (SPV) to invest in Parallex Bank. 


There are several reasons why one should invest with the cooperative. Some of these basic reasons are;
To have an alternate saving culture,
Saving in absolute terms can bring about a loss of money because you may have your figures in absolute terms but in value, it is eroded, if you are saving as an investment, even while saving, it is growing in value commensurate to the exchange.
Developing secured multiple streams of income.
Building wealth: By investing, your money has the potential to earn returns, helping you increase your wealth over time.
Creating financial legacy for generations to come. Proverbs 13:12 “A good man leaves an inheritance to his children”.
Financial Discipline: It encourages financial discipline, such that you know that not everything is to go in for spending.

In a world of diverse investment opportunities, the financial industry stands out as a particular compelling choice for several reasons. While farming, real estate, and other sectors can offer profitable returns, they usually come with high capital requirements and slower long-term growth. 
ADVANTAGES
1. The financial industry is one of the most profitable industries to invest in today, despite the economic downturn.
2. It has strong cooperate governance in the industry.
3. It is one of the most regulated sectors of the economy.
4. It is an industry in which players have lasted the longest in the economy anywhere in the world.
5. It enjoys a legacy of strength and continuity.
It is easy anywhere in the world to find banks that have been in operation for decades because it is a strong industry. E.g. Bank of America, Union bank, first bank etc.
6. It is one of the fastest-growing sectors.


Parallex Bank Limited was incorporated as a limited liability company on the 22nd of May 2020, having successfully converted from Parallex Microfinance Bank (a National Microfinance Bank incorporated in 2008 as a Unit MFB) to a commercial bank duly licensed by the Central Bank of Nigeria to carry out commercial banking services. This is a first-of-its-kind achievement in the Nigerian banking industry.


The Bank has grown in all relevant indices over the years - Deposit, Risk Asset, profitability etc.
The first MFB and only (till date) in Nigeria to successfully transform into a commercial Bank.
Has continually been in profitability since commencement, post-start-up cost.
Associated with a stable, disciplined, and dependable Board & Management.
Buying into Parallex Bank Limited will be buying into a stable, safe and most profitable investment vehicle.
A bank that would never be liquidated or distressed as you can trust the support base.
Guaranteed returns, as the Bank is already into profitability.
An investment vehicle guaranteed to grow your wealth.


Creates room for everyone to invest in the Bank without constraints of amount.
Helps ensure that our brethren are primarily targeted for the opportunity.
This helps ensure we operate within acceptable rules.
Helps the brethren know this is purely an investment opportunity.
This is an opportunity for them to play in the financial landscape of the nation, on the platform of a reliable and variable player.

Every cooperative stage is created with a goal in mind. These include:
To raise 20 billion as capital. 
To give the brethren the opportunity to invest first in this project through the bank (Parallex Bank). Hence our first mandate is to get the brethren involved.
To foster the quality of collaboration, accountability and responsibility.

There is a codified and recognized structure to the cooperative. We however have 3 principal offices in the Trusteeship which include: The President, The Treasurer, The Secretary
1. The President 
Head of the cooperative and visioneer of the project.
Implements all the by-laws and upholds the procedures.  
Delegates tasks and responsibilities on the smooth operations of the cooperative. 
Ensure effective communication scheme.
Cannot impugn shareholders, trustees, and stakeholders’ rights.
Cannot decide on what happens on an investor dividend.


In Ensuring a smooth structure that also meets legal requirements, Cooperatives have been started in selected geo-zonal locations to cover those areas (3-Lagos, 6- outside Lagos, 1-Disapora).
Some of the cooperatives are made up of a single Zone while some are made up of multiple Zones.
The exco-members of each Cooperative consist of selected brethren from the Zones being covered.
The Cooperative functions as a Special Purpose Vehicle (SPV), investing in Parallex Bank. This makes it much easier, as having over 1 million of our brethren all over the world invest individually would be difficult.

Brethren would have the opportunity to invest in the cooperatives, whose primary objective would be to reinvest in Parallex Bank Limited on behalf of the members.
Like any other investment, the returns on the investment (dividend) at the end of the year would be paid in bulk to the cooperatives which will then be shared with all its members that invested according to their quota of investment. 
1 unit of investment is N100,000 for those in Nigeria. One can choose to have multiple, there is no limit. For example, you might want to have 10 units, that means you are investing N1million or 20 units which means you are investing N2million. You can only invest in multiple units.
Every member has the opportunity to pay up their total investment over a period of 4 months.