The idea of forming a cooperative society was muted in 1987 by the then Chief Internal Auditor of Honeywell Enterprises, Mr. N. K. Omole. Mr. Omole had been a cooperative officer prior to his joining the Honeywell Enterprises. The idea was accepted by 13 members of Honeywell Enterprises Limited and 12 members of Poly ventures and Ace polymer Limited, all in Ibadan (both companies now closed down). All members who signified their interest then started the society with deductions made from their salaries.
The news of the birth of the cooperative society spread quickly within these companies and among other Honeywell companies, such Coral Products Limited, Honeywell Construction Limited, the Chairman’s office, Metropolitan Trust Limited and Pivot Engineering Company Limited. Many staff members of these companies then indicated their interest and joined the society. With the spread of membership of the Cooperative Society across Honeywell Companies, the name ‘Honeywell Enterprises Staff Cooperative Society’ was changed to Honeywell Group Staff Cooperative Society to encompass all the member staff of Honeywell Group of Companies. After a year of successful operation, the society applied for Certificate of Registration from the Ministry of Commerce and Cooperative, Oyo State which was the supervising Ministry. The application for registration was approved in 1989.
The society continues to grow, despite incessant membership turnover, which do emanates from voluntary withdrawal, resignation of employment with the Group, retrenchment of staff, and occasionally, closure of some Unit Companies within the Honeywell Group. Membership of the society is voluntary for all staff of the Honeywell Group of Companies. With less than 60 members at inception, the society presently, as at December 2005, boasts of well over 650 members.
After the fourth month of starting the society, members started enjoying loan facilities with no stringent collateral; three members stand as sureties or guarantors. The first loan granted was in the sum of N300. The purposes of granting loan have being among others, payment of children school fees, rents, purchase of landed property, motor vehicle, and other productive purposes. Members can secure loan sums of twice their savings. Loan repayment period was 12 months, which still stands till date. A conservative 10% interest per annum is charged on all loans granted.
The society is administered by elected members forming the Executive Committee. The President heads the Committee. The Committee renders a report of their stewardship to the whole house at an Annual General Meeting.