Cooperative societies law and practice in nigeria home. The shell staff cooperative investment and credit society is a society registered under the nigeria cooperative society act 98 of 1993. Pdf marketing, cooperative and policies in agriculture. Countryterritory nigeria document type legislation date 1993 20 source fao, faolex long title an act to provide for the registration and operation of cooperative societies throughout the federation and for related purposes. Membership rules terms of admission, entrance fees, etc. A cooperative society is a voluntary association of individuals, united by the common bond, who have come together to pursue their economic goals for their own benefits.
In nigeria, cooperative societies are regulated by nigerian cooperative societies act which is a federal law that grants powers to the governor of each state to establish a directorate for cooperatives which will be in charge of registering and regulating cooperatives. How to register a cooperative society in nigeria the total. They shall be held responsible for any loss sustained through failure to exercise such prudence and diligence or act contrary to the decree, the regulations or the byelaws and as such must account for monies, over which they exercise control and shall refund any. Companies income tax act an act to consolidate the provisions of the companies income tax act 1961 and to make other provisions relating thereto. In this act, except where the context otherwise requires. This act may be cited as the cooperative societies act. To register a cooperative society in nigeria some vital information should first be on ground. The cooperative society project is a nonprofit initiative begun in 2015.
The areas of operation of the society shall be within nigeria. Cooperative societies act financial services commission. Nigeria labour cooperative society is a cooperative society established by law providing poverty alleviation shelter for all, mass housing, financial inclusion for the poor etc. The objectives of the society are to promote the economic interest of its members and especially. The area of operation of the society shall be within nigeria 3.
List of cooperative society providers in nigeria vconnect. To analyze the hypothesis that humans may be on the threshold of a new historical stage. And even though, the ordinance was in place, the colonial government expressed the view that national. This act may be cited as the cooperative societies act, 1998, and shall come into operation on such date as the minister may, by statutory instrument, appoint. The rockdale cooperative was a consumer cooperative society. See the types of cooperative societies, problems, prospects as well a recommendations. The registration of corporative societies in nigeria is effected at the designated cooperative society ministry in various states. A cooperative also known as cooperative, coop, or coop is an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointlyowned enterprise. To protect the interest of weaker sections, the cooperative society is formed.
Ofuobi iheachi multipurpose cooperative society limited. The society is a private commercial entity governed by its registered byelaws which is voluntarily acceded to by its registered members. Appraising the evolution and sources of cooperative. Find list of best cooperative society in nigeria with their name, address, contact phone number and other information on vconnect. The current cooperative law is now known and referred to as nigeria co operative societies act, 1993, cap c. Society bylaws four copies feasibility study report on how the society operates. Get free research paper on factors affecting the performance of cooperative societies in nigeria project topics and materials in nigeria. Cooperative marketing societies and its challenges for. A copy of the certificate of the resolution passed at the cooperative societys first meeting with the province cooperative officer pco. 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. Nosdra was established in 2006 as an institutional framework to coordinate the implementation of the national oil spill contingency plan noscp for nigeria in accordance with the international convention on oil pollution preparedness, response and cooperation oprc 90 to which nigeria is a signatory.
Development of the cooperative law in nigeria contd in 1993, the nigerian cooperative societies act cap no 98 was enacted to harmonize the principal law, and allow states to enact regulations as applicable to the states. Read the problems and prospects of cooperative societies in nigeria. F strickland a cooperating expert, who for three months december 1933 to march 1934 investigated the possibility of. Nigerian agricultural cooperatives and rural development. Copy of act, regulations and byelaws to be kept open for inspection. However, bashorun said the 2015 international day of cooperative in lagos state was an event organized by the ministry of agriculture and cooperatives in collaboration with the lagos state cooperative federation lascofed, the umbrella body for all cooperative societies in the state. The impact of cooperative society on capital formation.
Interpretation in this act, except where the context otherwise requires agricultural produce means any produce or article produced or obtained by the work or industry of members of a cooperative society or marketed by a cooperative society, whether the produce be of agriculture. The paper is titled, the nigeria cooperative societies act, 2004a bridge still far, an. Short title this act may be cited as the cooperative societies act. The cooperative societies act does not specify the maximum number of members for any cooperative society. Cooperative societies are governed by the nigerian cooperative societies act that provides for the registration of cooperative societies. In this act interpre bonus means a share of the profits of a registered society tation. Published by the national council for law reporting with the authority of the. Procedure for registration of cooperative society in nigeria.
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. Documents needed to register a cooperative society in nigeria. Marketing, cooperative and policies in agriculture. Legal way to register a cooperative society in nigeria 2020. Cooperative society is a jointly owned commercial enterprise duly registered and managed by individuals of the same purpose and for the benefit of members. F strickland a cooperating expert, who for three months december 1933 to march 1934 investigated the possibility of introducing a cooperative system into nigeria. Problems and prospects of cooperative societies in nigeria.
The nigerian cooperative societies act, 2004 asian journal of. Maharashtra cooperative housing society bye laws 1. The history of modern cooperative society in nigeria dates back to 1933 when the government of nigeria arranged for an inspection to be carried out by m. Jul 18, 2011 credit and thrift cooperatives in nigeria. A minimum of ten members are required to form a cooperative society. Cooperative societies in nigeria are governed by the nigerian cooperative societies act which provides for the registration of cooperative societies. Nigerian cooperative societies act an act to provide for the registration and operation of cooperative societies throughout the federation and for related purposes. The membership of a cooperative society is open to all those who have a common interest. This is approved for students in accountancy, business, computer science, economics, engineering, arts. N98, or the lagos state cooperative societies law, cap.
Special provisions for central societies with addresses outside lagos. The nigeria cooperative legislation is an example of legislation with a single valid applicable law for all types of cooperatives. Appraising the evolution and sources of cooperative societies law. Cooperative societies are governed by the nigerian cooperative societies act which provide for the registration of cooperative societies. The name of the society shall be ntel employee multipurpose cooperative society limited nemcos. The impact of cooperative society on capital formation a case study of temidere co operative and thrift society, ijebu ode, ogun state, nigeria with the proliferation of cooperative societies in nigeria today and the concept of self employment voluntarily organized, operating at cost which is owned. Lagos captures 2,523 cooperative society in database p. The director of cooperatives has the authority to refuse to register a cooperative society where such an applicant societys byelaws, for example, do not comply with the provisions of the nigerian cooperative societies act as amended, cap. In this act, unless the context otherwise requires agricultural charge has the meaning assigned to it under the agricultural credits act. This animation introduces the learner to various features of a cooperative society, merits and limitations of a cooperative society. This act may be cited as the cooperative societies shorttitle.
The society shall follow the procedure laid down under section 15 of the act and rule 14 of the. The director of cooperatives has the authority to refuse to register a cooperative society where such an applicant society s byelaws, for example, do not comply with the provisions of the nigerian cooperative societies act as amended, cap. Appointment of federal director of cooperatives, etc. A potential source of capital formation and employment article pdf available in african journal of business management 514. Over time, the issue of procurement of loan either for business setup or for other financial purposes continue to advances in a rate that is unimaginable, whereas loan and cooperative society starts as a household idea which later expanded even to a cooperative society that is generally recognized and. Cooperative societies are organizations that are made up of people who have come together to contribute their resources for their common benefit. It prevails in all the countries, this is almost a universal concept. The paper is titled, the nigeria cooperative societies act, 2004a bridge still far, an assertion which we intend to justify by situating salient provisions of the act against universally accepted cooperative philosophy and ideology. Notwithstanding the name or the fact that it is a society. An act of parliament relating to the constitution, registration and regulation of cooperative societies and for purposes incidental thereto act no. Its address shall be cod church road, off kigali ayorinde street, dideolu estate,victoria island lagos 2. The cooperative society is active in all countries worldwide and is represented in all the sectors including agriculture, food, finance, healthcare, etc. This act my be cited as the cooperative societies act and shall come into operation on such date as the minister may, by notice in the gazette, appoint.
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