SUGIP COMMUNITY TERMS AND CONDITIONS:

SUPREME GENIUS INSUREFINANCE PROGRAMME COMMUNITY (SUGIP COMMUNITY) is a self-financed, self-insured and self-regulated community founded by Supreme Genius Nigeria Limited to promote education, health, economic and financial inclusion of its members.

It is a community committed to emancipation of its members from economic and financial dependency. SUGIP Community is the community of registered consumers of Supreme Genius Nigeria Limited’s Products and participants its Programme: Supreme Genius Insurefinance Programme (SUGIP) regardless of age, tribe, language and religious affiliation.

It is a Community of Supreme Genius Insurefinance Programme (SUGIP) who have come together to commit their time, energy and resources to work together to promote, manage and sustain SUGIP for the actualization of positive change in their economic and financial inclusion status. 

The programme is designed to support and empower the following categories of members:

1. Children (from Kindergarten, Nursery and Primary School Level)

2. Students (from Secondary School to Tertiary Institution level)

3. Apprentices, who are pursuing or desire to pursue Vocational Education in any of (but not limited to) these professions: crop farming, livestock farming, fashion design, carpentry, mechanical engineering, commercial printing, catering services, event management, beads making, hair dressing, barbing, cosmetology, computer engineering, telephone repairs, soap making, printing, textile making and distribution of recharge cards, mobile money/agency banking business, and so on.

4. Petty Traders: who want to acquire slots that will give them access to the robust regular returns that the programme has to offer.

*SUPREMACY OF SUGIP COMMUNITY CONSTITUTION*

1. All members of The Community nationwide (Known as Sugipeans) shall dignify and abide by all the rules and regulations of the Community as provided by this Constitution.

2. The SUGIP Community Constitution must be seen as a radiation of checks on the constituents of The Community to call for sound and balanced steps on the route that leads towards the actualisation of education, health, economic and financial inclusion for all Sugipeans.

*MEMBERSHIP AND MEMBERSHIP CRITERIA*:

Membership of SUGIP COMMUNITY is open to all participants of Supreme Genius Insurefinance Programme (SUGIP) regardless of age, gender, tribe, language, and religious affiliation.

To join SUGIP Community one must obtain an Application Form from SUGIP Community’s online; fill the form and submit the same as a non-refundable Membership Registration Fee. (Current Price is N5,000 only)

It is also mandatory, at the point of registration, that a member subscribe to, at least, one unit of SUGIP Community Share Slots. (Each Share Slot costs: N5,000 only)

It is also mandatory (based on SUGIP Community Resolution) for all registered members of SUGIP Community to personally introduce, refer or sponsor, at least, five (5) new members into the Community before the full benefits of the Community can be activated for and enjoyed by them.

*WITHDRAWAL OF SHARES:*

Shares shall not be withdrawn unconditionally, but if at the end of the financial year the Community’s financial situation is favourable, the Management Committee may repay to any member whose membership was terminated during the year a sum not exceeding the amount paid by him/her on account of shares, provided that not more than ten per cent (10%) of the total paid share capital shall be thus paid out in anyone year without the Conference Standing Committee’s permission.

*LIMIT ON SHARE HOLDING:*

No member of the Community shall hold more than 25 units of the Community shares slots at any point in time. If any member, by inheritance or otherwise, possesses more than the maximum holding permitted, the Management Committee may sell the excess or buy them for disposal by the Community.

*ENTRANCE FEES / RE-ENTRY FEES:*

Every member, on joining the Society shall pay a NON-REFUNDABLE entrance fee, as may be determined by the Management Committee from time to time. While any member who had earlier resigned/withdrawn his membership can only be re-admitted during the following financial year, after not less than 12 calendar months outside the membership of the society, and payment of ‘Re-entry Fee’, which shall also be decided by the Conference Standing Committee from time to time.

*SAVINGS WITH THE COMMUNITY*

Savings with the Community is VOLUNTARY. Any interested member who so desires may make regular savings towards equity contributions for loan or for specific targets. 

The amount to be saved is at the discretion of individual member.

Savings shall be governed by rules to be framed by the Conference Standing Committee subject to the approval of the National Coordinator.

Savings with the Community attracts no interest.

Members who are doing voluntary savings can withdraw part or whole of his/her savings subject to giving the Community at least 7 working days’ notice.

*PRIVATE INVESTMENT WITH THE COMMUNITY:*

One of the various sources of funds to running the Community is through members’ private investment with the Community. 

The purchase of Investment Slots is VOLUNTARY for general members but COMPULSORY for the Executive Officers of the Community from Zonal Level upward.

Members who so desire may buy investment slots of the Community. The cost of Investment Slots (for now) is N50,000 per Slot.

There is no limit to the number of investment slots a member can purchase.

Investment slots are not subject to termination or withdrawal. 

Every investment contract with members will only terminate upon the receipt by the investing member of a sum equal to three times of the invested capital through quarterly payment of investment dividends.

*ONE FOR ALL, ALL FOR ONE:*

The spirit of membership connotes that we are one another’s keeper. Hence, SUGIP Community shall have a common experience of every challenge and success.

If there are benefits or privileges to be extended to members of ‘SUGIP COMMUNITY’, each member of ‘SUGIP COMMUNITY’ shall be treated as an individual and shall enjoy such benefits or privileges as an individual. Under no circumstance(s) should a couple and/or children of the same parentage within ‘The Community’ be treated as one with regards to this provision.

In like manner, if there are financial or other obligations to be fulfilled by members, each member of ‘SUGIP COMMUNITY’ shall be treated as an individual and shall perform such obligations as an individual.

*MEMBERSHIP PRIVILEGES*

The rights and privileges of members of SUGIP COMMUNITY shall be as determined by the Conference Standing Committee from time to time. 

However, the following shall form the integral part of the rights and privileges of a financial member of SUPREME GENIUS INSUREFINANCE PROGRAMME COMMUNITY.

The right to participate in all SUGIP COMMUNITY meetings and conferences;

The right to enjoy any facility of SUGIP COMMUNITY open to other members;

The right to participate in any organized lectures, seminars and symposium of ‘SUGIP COMMUNITY’ in any parts of the Country;

The right to benefit from Insurefinance Reserve Account put in place by ‘SUGIP COMMUNITY’ for the benefit of all members.

*BENEFITS OF SUGIP COMMUNITY MEMBERS*

Participating in Supreme Genius Insurefinance Programme makes one a Sugipean: a member of SUGIP Community; and gives one automatic access to:

*DIRECT AND INDIRECT REFERRAL BONUSES:*

It is mandatory for every member of SUGIP Community to introduce, at least, five registered/paid members before the full benefits of the Community can be open to him/her. Thus, any Sugipean who introduce new paid members into the SUGIP Community is entitled to:

20% of the cost of Registration Fee, (Direct Referral)

6% of the cost of Registration Fee, (First Indirect Referral)

4% of the cost of Registration Fee (Second Indirect Referral),

10% of the total share slots paid for by direct referral.

10% of the total amount paid for investment slots by any private investors they introduce to the Community.

*INSUREFINANCE RESERVE ACCOUNTS:*

This is the unique benefit that guarantees the stability and sustainability of the Supreme Genius Insurefinance Programme. Every Sugipean is entitled to a unique 2-in-1 insurance and savings account funded and managed by Supreme Genius for the benefit of every member. As a matter of self-insurance policy, all financial assistance from the Programme shall be deposited in the Insurefinance Reserve Account that is opened for every member of the Community. Withdrawals from the Insurefinance Reserve Accounts are to be made in line with the rules and regulations set by the Conference Standing Committee of SUGIP Community.

*SUBSIDIZED FOODSTUFFS SUPPORT:*

Every registered participant has access to regular subsidized foodstuffs Sales Support available to SUGIP Community.

Supplies of foodstuffs are only activated for all Community Units with 30 registered members and above.

*MEDICAL BILLS SUPPORT:*

Every participant of the Supreme Genius Insurefinance Programme may be entitled to medical bills support provided by the Community. The level and amount of support are at the discretion of the Management Committee from time to time.

*MONTHLY UPKEEP ALLOWANCE:*

Upon reaching minimum membership strength of 20,000 participants, monthly upkeep allowance benefits shall be activated for members of the SUGIP Community. When activated all qualified members of SUGIP Community shall be entitled to monthly upkeep allowance proportionate to the grade level attained in the Community’s membership seniority arrangement.

Please Note that promotions to Grade Levels are determined by three factors:

1. Duration of membership

2. Number of Share Slots Acquired in the Community, and

3. Number of Investment Slots Acquired in the Community.

*NON-INTEREST STUDENTS/APPRENTICES LOANS SUPPORT:*

There shall be financial support in form of non-interest loans for every student/apprentice member of the Community in proportion to the numbers of share slots owned by the Sugipean. The amounts to be given out as loans are at the discretion of the Conference Standing Committee and may be reduced or increased subject to the availability of funds in the Community Insurefinance Reserve Accounts.

TERMS AND CONDITIONS OF SUGIP LOANS:

Every student Sugipean is entitled to a loan of N20,000 per unit of share slots per term to support them in payment of tuition fees.

Every apprentice Sugipean is entitled to a loan of N20,000 per unit of share slots once in every four months to support them in payment of skills acquisition expenses.

To qualify for this Students/Apprentice Loan, an applicant:

Must be a registered Member with, at least, one share slot subscription. 

Must be a student/apprentice who is up-to-date in his/her financial obligations to the Community.

Must be an active saver and must have saved 25% of the amount needed as loan.

Must have personally referred, at least, 5 registered members into the Community.

Must provide, at least, one guarantor who must also be a registered participant of the Insurefinance Programme.

Must have capacity to make a monthly repayment of any amount of the loan agreed upon.

*INTEREST-FREE BUSINESS LOANS*

Every participant who is a micro entrepreneur, trader or teacher is entitled to the non-interest loan facilities provided by Supreme Genius Insurefinance Programme Community.

To qualify for this Business Loan, an applicant: 

Must be a registered Member with, at least, one share slot subscription. 

Must be aged 18 years and above.

Must be a micro-entrepreneur, trader or teacher who is up-to-date in his/her financial obligations to the Community.

Must be an active saver and must have saved 50% of the amount needed as loan.

Must have personally referred, at least, 5 registered members into the Community.

Must provide, at least, one guarantor who must also be a registered participant of the Insurefinance Programme.

Must have capacity to make a monthly repayment of any amount of the loan agreed upon.

Must have capacity to make the mandatory savings that must be made after the loan disbursement.

PLEASE NOTE:

The non-interest loan benefits shall become accessible after a continuous saving period of 3 months provided that all other conditions have been fulfilled by the applicant.

No one who is on loan can have access to his/her earnings/dividends from the Programme until such person’s loans are fully paid up.

In event of default, the guarantor’s earnings/dividends in the system shall also be on PND (Post No Debit) status until the loan is fully settled.