The legislative council passed the cooperative bill before the … ... A cooperative society is … About NNMCSL. Being in this cooperative society guarantees you of having the liberty to get the best deals out of houses, building materials, and others. 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 … Umana said the idea looked good to him, so he transferred N5million to Udokpoh cooperative’s First Bank account. 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. Cooperative Societies are governed by the Nigerian Cooperative Societies Act which provide for the registration of Cooperative Societies. In Lagos State, the Ministry of Commerce, Industry and Cooperatives oversees the registration and regulation of Cooperative Societies. Caters for the welfare. The way cooperatives are done is on a whole different level. 2 Abejukolo Fadama Agric Co-Operative Society Ltd Beside First Bank Road, Apa Road, Abejukolo, Omala, Kogi State, Nigeria 07065116531 Food Defense Corps, Nigeria is a cooperative society established to empower youth to learn various agricultural pratices. 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 is a good way of helping out the members, as insurance fees can sometimes be a little too much for some persons. 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. In this cooperative society, their main goal is to eliminate the wholesalers and the retailers so that things will be cheaper for its members. Legacy Cooperative Society is duly registered, certified and regulated by the Lagos State Government. He operated ‘Youth Leading In Business Multipurpose Cooperative’. 130, to cater to the welfare needs of the Nigeria Police and their families. Origin Of Cooperative Society In Nigeria. 10 - Nigeria Police Cooperative Society - Victoria Island. 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 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. Cooperative societies are groups formed by people who have come together to help themselves by contributing their resources and achieving one goal. 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. 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. Ltd - Abuja. 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. 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. Your email address will not be published. Udokpoh has restituted the N5million to the victim. To register a cooperative society in Nigeria, you need to visit the National Civil Registration Office. 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. 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. There are three (3) Major categories of cooperative society in Nigeria namely; 1. A cooperative society in Nigeria operates based on mutual aid and conforms to cooperative principles. The idea of cooperative societies was first conceived in 1934 and in February 1936. and needs of members of the Nigeria Police Force and their families. 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. 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. Soares urged the court to convict the defendant as charged, while the defence counsel Dominic Okon prayed for mercy. Victoria Island. TYPES OF COOPERATIVE SOCIETY IN NIGERIA: There are three major types of cooperative society in Nigeria. 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. Cooperative Societies are governed by the Nigerian Cooperative Societies Act and are registered by the Director of Cooperatives in each state. 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. 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. To register a cooperative society in Nigeria, you need to visit the National Civil Registration Office. ... 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. According to […] Cooperative society promoter convicted for N5m scam. 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. 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. 20 Young Farmers Cooperative Society Limited Kuduyi Road, Garki, Abuja FCT Nigeria 0803 440 4376 It took a couple of years for the real birth of cooperatives, but from the very beginning, such strategy appeared to be very effective. He reported the matter to the EFCC in 2019 when nothing was heard about both his capital and purported interest. Your email address will not be published. You should know that the profits are divided into each member’s collective output. 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, … 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. Justice Archibong convicted Udokpoh and sentenced him to three months imprisonment with an option of N50,000 fine. 3. 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. Sometimes cooperative societies find it difficult to survive due to certain factors and this has hampered growth in Nigeria’s economy. Agricultural cooperative society (also known as farmers’ cooperative) Saving and credit cooperative society (also known as microfinance cooperative) Multi-purpose cooperative society (General cooperative) Search more about Cooperative Society at VConnect. 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 Is important to legalize and authenticate the association all members collect their money round, payment continues cooperative society in nigeria month youth. Below we will be giving you the types of cooperative Societies in Nigeria is usually.! 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