Nigeria is a country where many people have fallen in the painful and deceptive grips of fraudsters, hence; everyone is super security conscious and would verify whatever is going to bring money out of their pockets to the last details.
So if you have an unregistered cooperative society and some promising prospective members have declined to listen to you because of that, you’re reading a very vital piece of information.
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. A cooperative society in Nigeria operates based on mutual aid and conforms to cooperative principles.
To register a cooperative society in Nigeria some vital information should first be on ground. These incudes:
- Proposed name of the society.
- Proposed location of the society.
- Objectives of the society.
- Membership rules (terms of admission, entrance fees, etc).
- By-laws of the society.
Also, before heading to register, some documents that would be required to begin processing your request includes:
- A certificate of a copy of resolution passed at the first meeting of the group with the Province Cooperative Officer (PCO).
- Feasibility study report.
- Four copies of proposed by-laws of the society.
- Letter of intent (to join the society) from prospective members.
You would be required to pay a fee of N10,000 and after a two – three months would be given a letter of recognition to use as a license for three (3) years, after which you would be given a certificate of registration which can only be cancelled if your society wants to cease to exist or if the society acts contrary to any rule that has license cancellation as its penalty.
Before going to through the stress of the list above you need to know if the society you’re about registering is even eligible and according to Nigerian Civil Registration laws, the cooperative society seeking registration must have the following:
- At least twenty members.
- Board members should be eighteen (21) years and above.
- A member must be at least fifteen (18) years of age.
- Every board member must be in an occupation relevant to the primary society.
- A member must be capable of paying fees and buying shares.
Asides from the above listed points, other tips that could aid in the registration of cooperative societies includes:
- No society can be registered with a name that is identical or resembles a name which a person or an association already registered.
- “Bank” cannot form part of the name except in a case that the principal objective of the society is to give out grants/loans to other registered societies. This society would be referred to as “Central Financing Society”.
- The society to seeking registration must have the word “Cooperative” as part of its name.
- The society must have a meeting to select its executive before applying for registration.
- The society must appoint a District Cooperative Officer (DCO) and a Provincial Cooperative Officer (PCO).
- The society must operate in the area where most (or if possible, all) of its members reside.
For more information, NCR Offices are located at:
– OFFICE OF THE NATIONAL CIVIL REGISTERATION
Sokode Crescent by Michael Okpara street, Zone 5, Wuse, Abuja.
– ABUJA HIGH COURT OF JUSTICE
Off Michael Okpara street, Zone 5, Wuse, Abuja.
– FEDERAL MINISTRY OF JUSTICE
New Federal Secretariat Complex, 10th Floor, Wing IB (1001-1009), Block 1, ShehuShagari Way, Abuja.