Tuesday, 27 February 2018

How To Register A Cooperative Society In Nigeria

This post contains vital information on how you can easily register a 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. 

In Nigeria Cooperative Societies are governed by the Nigerian Cooperative Societies Act which provide for the registration of Cooperative Societies. 

Registration of Cooperative Societies is done at the Office of National Civil Registration.

How To Register A Cooperative Society In Nigeria

Before you register a Coperative society in Nigeria,there are some requirements and eligibility status that must be attained. 

Listed below are the requirements for registration of a Coperative Society in Nigeria. 

(a) Information Needed 

  • 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.
(b) Documents Needed

  • 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.
  • Payable fee of N10,000.
Read Also: How To Register A Partnership Business In Nigeria 

(c) Requirements 

  • An agricultural Society must have no less than fifty (50) members.
  • A saving and credit Cooperative Society must have at least 20 members.
  • People with specialized skills must have at least ten (10) members.
  • Other types of Cooperative Societies must have at least ten (10) members.
  • Board members should be eighteen (21) years and above.
  • A member must be at least fifteen (18) years of age.
  • Every member must have a common need with other members of the 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.

(d) Steps On How To Register A Cooperative Society In Nigeria

  • An application for registration to the Director of Cooperatives and payment of registration fee to register a Cooperative Society should be made. 
  • The application shall be signed, in the case of primary society,it should be signed by at least 10 qualified members of of the Society.
  • The submitted documents shall be assessed.
  • After satisfactory assessment, the Director will issue a letter of recognition which will enable the group to operate as a Cooperative Society for 3 years. 
  • After 3 years, a Certificate of Registration will be issued, with a Certified Copy of the by-laws.

A Certificate of Registration be be revoked if the society cease to exist or has license cancellation as its penalty.

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