Types Of Cooperative Societies In Nigeria The way cooperatives are done is on a whole different level. Many cooperative societies are formed to help the members in time of needs, they assist members when they are in urgent need of assistance be it cash or any other thing, members are being taught how to love and care for one another while joining the cooperative society, they are being taught values and how to respect each other in the group. In this cooperative society, members are been given goods which they buy in bulk from the producers and they make it available to their members to help meet their needs. 2 Abejukolo Fadama Agric Co-Operative Society Ltd Beside First Bank Road, Apa Road, Abejukolo, Omala, Kogi State, Nigeria 07065116531 ALSO READ: How To Register & Begin A Cooperative Society In Nigeria As a result of the great human suffering, degradation and misery workers all over Europe experienced, a group of 28 artisans working in the cotton mills in the town of Rochdale decided to pool their scarce resources together due to these economic conditions just so they could afford basic goods at lower prices. The benefit of registering a cooperative society is to be recognized as an entity under the law in Nigeria, so that your dealings will be seen as authentic as no one would love to deal directly with an unregistered company let alone a cooperative society that is unregistered. The Nigeria Police Cooperative Society Ltd was established by Force Order No. You are free from Landlord exploitation and harassment. Cooperative societies are autonomous associations of persons united voluntarily to meet their common economic, social, and cultural needs by forming an enterprise owned and controlled by a group of people. ... A society may be registered under this Act as an industrial society or as a primary or The petitioner, Idorenyin Umana, recalled that the convict introduced a business plan to him, with a lifespan of 12 months, and an accrual interest of 5 percent every 60 days. Today we would be looking at how to start a cooperative community in Nigeria, you might have been seeing a lot co-operative society and wondering how it is being formed, this write up will address the issue on how to start up a co-operative business here in Nigeria. They run it in circles, till all members collect their money round, payment continues every month. Your email address will not be published. To register a cooperative society in Nigeria, you need to visit the National Civil Registration Office. The convict pleaded “guilty” to a one count charge. Justice Archibong convicted Udokpoh and sentenced him to three months imprisonment with an option of N50,000 fine. Now, we will be giving you the types so you can make your choice on which is best for you. As it is the sole federal government agency that is saddled with such responsibility. 2. As it is the sole federal government agency that is In 1933 a cooperative expert Mr. C.F. Required fields are marked *. To register a cooperative society in Nigeria, you need to visit the National Civil Registration Office. Nairaland E-cooperative society / Covenant Fadama Multipurpose Cooperative Society Of Nigeria-the Sage Continues / Entrepreneur Youth (ogun State) Cooperative (1) ( Reply ) ( Go Down ) All You Need To Know About Cooperative by jethro2 : 10:32pm On Sep 08 , 2013 Food Security Multipurpose Cooperative Society Nig. Strickland was appointed to study and report on the desirability of establishing cooperative society in Nigeria. The offence violates the provisions of Section 392(1) of the Criminal Code CAP 38 volume 11 Laws of Akwa Ibom State of Nigeria 2000 and punishable under section 399 of the same law. Knowing the types of cooperative societies that are available will help you know the best one which is fit for you to join, that is why this article has been written to help you out to get to know the types of cooperative societies in Nigeria. NIGERIAN CO-OPERATIVE SOCIETIES ACT ARRANGEMENT OF SECTIONS PART I Registration of Co-operative Societies SECTION 1. You should know that the profits are divided into each member’s collective output. This society provides short-term financial support or aid to its members when they need it and they have been termed to be very helpful at all times. FBI, EFCC nail Nigerian scammer for $166,000 fraud, Lawyer raises alarm over disappearance of community leader from EFCC custody, Mutilated currency scam: Your investigator collected N6m from us – Ex-bankers tell EFCC, Doctor sentenced to 14 years in prison for N5m fraud, Internet fraudster bags 12 months in prison over US$1.750 scam, Ilorin high court convicts 25-year-old internet fraudster, EFCC arraigns alleged notorious ponzi scheme operator, UNILORIN student to clear kilometers of drainage for romance scam, Three to die by hanging in Akwa Ibom for kidnapping. There are three (3) Major categories of cooperative society in Nigeria namely; 1. TPL Co-operative Insurance Society Limited (TPLCIS) is an insurance focused co-operative society registered under the laws of Nigeria and working to reduce poverty and risks faced by members. We are a limited liability and multipurpose co-operative society established with the aim of coordinating likeminded young professionals and entrepreneurs in organizing a pool of private funds to serve as a reliable source of credit and investment opportunities... Every ordinary member is an equity owner in … Some of the cooperatives engage in business and their members share the profits, others come together and contribute an amount of money monthly and a member collects the whole money for that month. He reported the matter to the EFCC in 2019 when nothing was heard about both his capital and purported interest. In conclusion, we believe this article has been helpful to you all, many of your questions have been answered with this article. Many people who join cooperative today are said to be businessmen and women, they make sure they lift each other up financially or in any other way a member might need help. Visit www.polcoop.org.ng the … Cooperative Societies are governed by the Nigerian Cooperative Societies Act which provide for the registration of Cooperative Societies. Origin Of Cooperative Society In Nigeria. These kinds of cooperative societies are very common in Nigeria, you find them in every state and lots of people join because of the benefits. Being in this cooperative society guarantees you of having the liberty to get the best deals out of houses, building materials, and others. when coco farmers were organized into miniature cooperative society in western Nigeria ( Okonkwo, 1993). Cooperative society in Nigeria is an important part of agrarian reforms in the country. Other forms of cooperative may fall under those categories. Now, let’s the list of Co-operative societies in Abuja and their contact info. Virtually every ethnolinguistic group in Nigeria has its own traditional cooperative institutions under names (Adashi, in Hausa, Isusu, in Ibo, Osusu by the Ogoja, Dashi by the Nupe and so on) these traditional cooperatives had even been exported as far as the Caribbean, West Africa, and Central African countries and it covers all human societies from marketing, credit, consumer, building, group farming, … The idea of cooperative societies was first conceived in 1934 and in February 1936. 10 - Nigeria Police Cooperative Society - Victoria Island. Some of the cooperatives engage in business and their members share the profits, others come together and contribute an amount of money monthly and a member collects the whole money for that month. Victoria Island. This is another type of cooperative society that involves farming, they are aimed at maximizing the benefits of large scale farming and helping the farmers to get good acres of land. Redistribution of land, new organizational forms of its use and funding of individual households is expected to be carried out mainly through cooperatives. Many would want to join to know about the benefits and what they can achieve while they are there. 2. He was arraigned before Justice Achibong O. Achibong of the State High Court in Uyo, Akwa Ibom State, for stealing and converting the sum of N5million cooperative funds to personal use. The main goal of this cooperative society is to help members with insurance company payment fees, they help members to help reduce the insurance fees to a minimum. Your email address will not be published. Before rushing down to give you the type of cooperative societies, you should know the meaning as this will help you make your decision or even give you a reason why joining a cooperative society. About NNMCSL. There are also other kinds of cooperatives that involve local governments or usually found in large commissions, this type of cooperative where members join and they deduct a certain sum from their salaries monthly, this money is usually kept and the cooperative invest it in a business and at the end of the year they share the dividend to each member, in this same cooperative a member can ask for a loan and you will be able to receive more than what they have taken from your account in total but you are expected to pay back at the speculated time. Members usually have access to Personal, Car, Housing, School Fees or even Christmas Loans form the Cooperative society. (adsbygoogle = window.adsbygoogle || []).push({}); Types Of Cooperative Societies In Nigeria. The main purpose of joining a cooperative society in Nigeria is usually economic. According to […] The most prevalent of such institution is the credit organization known in English as the ‘Contribution Society’’ but which, according to variations in language, has diverse terms such as ‘Adashi’ ‘Esusu’ or ‘Ajo’ and ‘Isusu’. A cooperative society in Nigeria operates based on mutual aid and conforms to cooperative principles. ... A cooperative society is … Save my name, email, and website in this browser for the next time I comment. The story of a cooperative society in Nigeria started in the 30’s of the previous century after the legislative unit passed the bill about the creation of this movement. The society produces goods for the requirements of its members and the members get the dividends according to what they have invested. It helps increase production by the acre and they also help in improved techniques of cultivation. They influence the demand-supply forces; they provide storage facilities’ to members where they can keep their goods at safer places. Problems Of Land Tenure System In Nigeria, Types & Solutions, Can I Renew My Nigerian Passport Before It Expires, Ethnic Groups In Nigeria, Their Languages And States. In Lagos State, the Ministry of Commerce, Industry and Cooperatives oversees the registration and regulation of Cooperative Societies. Cooperatives started in Nigeria in the early 1930s. Registering your cooperative society is important to legalize and authenticate the association. Umana said the idea looked good to him, so he transferred N5million to Udokpoh cooperative’s First Bank account. Address: 3c, Aswani Market Road, Isolo, Lagos, Nigeria Tel 1: +234-8103483022 Tel 2: +234-1773601 Tel 3: +234-8025659116 Manufactures pharmaceutical products and medical consumables. This cooperative society is almost the same as the marketing cooperative society, their aim is to eliminate the middlemen and groups from industrial production. Find list of best Cooperative Society in Nigeria with their name, address, contact phone number and other information on VConnect. Soares urged the court to convict the defendant as charged, while the defence counsel Dominic Okon prayed for mercy. Agricultural cooperative society (also known as farmers’ cooperative) Saving and credit cooperative society (also known as microfinance cooperative) Multi-purpose cooperative society (General cooperative) In this society members come together to help make sound contracts with good insurance companies that are ready to cover expenses and cost when things happen, after doing this, then they make sure that members under the cooperative society pay less than others who go there directly. TYPES OF COOPERATIVE SOCIETY IN NIGERIA: There are three major types of cooperative society in Nigeria. This is one major benefit of joining a cooperative as you will not be left stranded in times of trouble or needs. 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