We have given you full details about the types of cooperative societies in Nigeria and other facts that you need to know about them. Udokpoh has restituted the N5million to the victim. The Economic and Financial Crimes Commission (EFCC), on Tuesday, secured the conviction of Edidiong Udokpoh. Many would want to join to know about the benefits and what they can achieve while they are there. Types Of Cooperative Societies In Nigeria The way cooperatives are done is on a whole different level. Nigerian Navy Multi-purpose Cooperative Society Limited (NNMCSL) was established and incorporated in order to serve as a vehicle for the approval of the Nigerian Navy Micro-Finance Bank Limited which is a mandatory requirement by the CBN. when coco farmers were organized into miniature cooperative society in western Nigeria ( Okonkwo, 1993). 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. In Nigeria, the history of cooperative movement dates back to the 1930s. Sometimes cooperative societies find it difficult to survive due to certain factors and this has hampered growth in Nigeria’s economy. It took a couple of years for the real birth of cooperatives, but from the very beginning, such strategy appeared to be very effective. 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. and needs of members of the Nigeria Police Force and their families. This cooperative society is almost the same as the marketing cooperative society, their aim is to eliminate the middlemen and groups from industrial production. Lagos. 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. Find list of best Cooperative Society in Nigeria with their name, address, contact phone number and other information on VConnect. This is one major benefit of joining a cooperative as you will not be left stranded in times of trouble or needs. Prosecution counsel, Adebayo Soares tendered as exhibits: a copy of the petition, the defendant’s statement, and Corporate Affairs Commission’s (CAC) response indicating that the cooperative society was not a registered business. 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. 3. 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 … 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. Strickland was appointed to study and report on the desirability of establishing cooperative society in Nigeria. 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. ... 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. 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. Search more about Cooperative Society at VConnect. As it is the sole federal government agency that is saddled with such responsibility. About NNMCSL. Umana said the idea looked good to him, so he transferred N5million to Udokpoh cooperative’s First Bank account. (adsbygoogle = window.adsbygoogle || []).push({}); Types Of Cooperative Societies In Nigeria. The way cooperatives are done is on a whole different level. 130, to cater to the welfare needs of the Nigeria Police and their families. Saving and Credit Cooperative Society (Also known as Microfinance Cooperative) – Meant for members that contribute fund together and lend to members for personal or business purpose. In this cooperative society, their main goal is to eliminate the wholesalers and the retailers so that things will be cheaper for its members. 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. 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. This definition will give you an insight into why you are joining cooperative societies, it will tell you the main reason for joining that group where you contribute money to. They influence the demand-supply forces; they provide storage facilities’ to members where they can keep their goods at safer places. Justice Archibong convicted Udokpoh and sentenced him to three months imprisonment with an option of N50,000 fine. The Nigeria Police Cooperative Society Ltd was established by Force Order No. 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’. Cooperative society promoter convicted for N5m scam. Visit www.polcoop.org.ng the … TYPES OF COOPERATIVE SOCIETY IN NIGERIA: There are three major types of cooperative society in Nigeria. 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. As it is the sole federal government agency that is 10 - Nigeria Police Cooperative Society - Victoria Island. Other forms of cooperative may fall under those categories. The society produces goods for the requirements of its members and the members get the dividends according to what they have invested. A cooperative society in Nigeria operates based on mutual aid and conforms to cooperative principles. 2. Ltd - Abuja. Redistribution of land, new organizational forms of its use and funding of individual households is expected to be carried out mainly through cooperatives. Cooperative society in Nigeria is an important part of agrarian reforms in the country. Cooperatives started in Nigeria in the early 1930s. According to […] They run it in circles, till all members collect their money round, payment continues every month. You are free from Landlord exploitation and harassment. Cooperative societies are groups formed by people who have come together to help themselves by contributing their resources and achieving one goal. In 1933 a cooperative expert Mr. C.F. Legacy Cooperative Society is duly registered, certified and regulated by the Lagos State Government. The main aim of this group is to eliminate middlemen. 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. Cooperative Societies are governed by the Nigerian Cooperative Societies Act and are registered by the Director of Cooperatives in each state. 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. Legacy Cooperative Society is a multipurpose cooperative society founded with the objective of bringing together like-minded individuals to create a pool of funding which members can tap into for credit and for investment purposes. Before joining a cooperative society, you need to know the types which are involved. Members usually have access to Personal, Car, Housing, School Fees or even Christmas Loans form the Cooperative society. 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. The convict pleaded “guilty” to a one count charge. The history of the cooperative society in Nigeria is that it started when people decided to come together to contribute money in order to meet their immediate and future needs. To register a cooperative society in Nigeria, you need to visit the National Civil Registration Office. Campbell Street. Being in this cooperative society guarantees you of having the liberty to get the best deals out of houses, building materials, and others. You should know that the profits are divided into each member’s collective output. Your email address will not be published. ... A cooperative society is … In conclusion, we believe this article has been helpful to you all, many of your questions have been answered with this article. A Cooperative Society is a voluntary association of individuals, united by common bond, who have come together to pursue their economic goals for their own benefits. 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. Cooperative Societies are governed by the Nigerian Cooperative Societies Act which provide for the registration of Cooperative Societies. Agricultural cooperative society (also known as farmers’ cooperative) Saving and credit cooperative society (also known as microfinance cooperative) Multi-purpose cooperative society (General cooperative) 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. 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 idea of cooperative societies was first conceived in 1934 and in February 1936. Agricultural Cooperative Society (Also known as Farmers Cooperative) – Meant for farmers. Soares urged the court to convict the defendant as charged, while the defence counsel Dominic Okon prayed for mercy. When you join a cooperative society, the contribution which you are asked to pay or make is not lost as in turn, you will get your money back in a stated time. 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, … Members usually have contributions which they either pay to the society or if a member is in salaried employment, such is deducted at source. 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. He reported the matter to the EFCC in 2019 when nothing was heard about both his capital and purported interest. Below we will be giving you the types of cooperative societies in Nigeria. There are three (3) Major categories of cooperative society in Nigeria namely; 1. Cooperative Societies are governed by the Nigerian Cooperative Societies Act which accommodates the enlistment of Cooperative Societies. Tag: Types Of Cooperative Society In Nigeria. It is the largest Cooperative Society in Nigeria and Africa. Caters for the welfare. 2. A (registered) cooperative society is one whose aims and objectives are promotion of economic and social interests of its members by means of common undertaking. This way is cheaper, especially the aspect of foodstuffs as this will help lots of families. Now, we will be giving you the types so you can make your choice on which is best for you. To be the premier cooperative society in Nigeria and the most transformed community of Africans around the globe. 2 Abejukolo Fadama Agric Co-Operative Society Ltd Beside First Bank Road, Apa Road, Abejukolo, Omala, Kogi State, Nigeria 07065116531 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. 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. The legislative council passed the cooperative bill before the … 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. 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. If you have been following through, we have been able to tell you the meaning of cooperative societies in Nigeria and how they function. Required fields are marked *. In Lagos State, the Ministry of Commerce, Industry and Cooperatives oversees the registration and regulation of Cooperative Societies. ... A society may be registered under this Act as an industrial society or as a primary or If the goods are in surplus, they are being sold to, and the profit is being shared among the members of the cooperative society according to their value of the purchase. Now, let’s the list of Co-operative societies in Abuja and their contact info. 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 Victoria Island. Multi-purpose Cooperative Society (General Cooperative) – Meant for general purpose. Your email address will not be published. Problems and Prospects of Cooperative Society in Nigeria - Free download as Word Doc (.doc), PDF File (.pdf), Text File (.txt) or read online for free. Origin Of Cooperative Society In Nigeria. NIGERIAN CO-OPERATIVE SOCIETIES ACT ARRANGEMENT OF SECTIONS PART I Registration of Co-operative Societies SECTION 1. 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. It helps increase production by the acre and they also help in improved techniques of cultivation. The main purpose of joining a cooperative society in Nigeria is usually economic. This is a good way of helping out the members, as insurance fees can sometimes be a little too much for some persons. 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. Many join this cooperative society because of the benefit they get from it, they get the cheapest housing deals and they provide financial assistance to members for building their houses. To register a cooperative society in Nigeria, you need to visit the National Civil Registration Office. These cooperative societies are formed by producers and they help members by storing their goods in warehouses and sell at a good price to consumers and they make good gains. Appointment of Federal Directors of Co-operatives, etc. 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. Food Security Multipurpose Cooperative Society Nig. Food Defense Corps, Nigeria is a cooperative society established to empower youth to learn various agricultural pratices. Save my name, email, and website in this browser for the next time I comment. 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. Registering your cooperative society is important to legalize and authenticate the association. In Nigeria, the formation of age group societies for team work and group financial assistance among members in respect of farm work, road construction, house erection and social festivities marked the beginning of cooperative society’s movement. 20 Young Farmers Cooperative Society Limited Kuduyi Road, Garki, Abuja FCT Nigeria 0803 440 4376 He operated ‘Youth Leading In Business Multipurpose Cooperative’. 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