2 Dec 2017

HOW TO REGISTER A COOPERATIVE SOCIETY IN NIGERIA



What is A Cooperative Society? 
 
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. Cooperative Societies are governed by the Nigerian Cooperative Societies Act which provide for the registration of Cooperative Societies. The registration of Cooperative Societies is affected at the Office of National Civil Registration.

 
Eligibility 
  1. Different Societies have different requirements as listed below: 
  2. An agricultural Society must have no less than fifty (10) members; 
  3. A saving and credit Cooperative Society must have at least 10 members; 
  4. People with specialized skills must have at least ten (10) members; 
  5. Other types of Cooperative Societies must have at least ten (10) members. 
In order for a group to be registered as Cooperative Society, members must satisfy the following conditions;
  1. A Member must be at least fifteen (15) years of age and above;
  2. The Board members should be at least eighteen (18) years of age;
  3. Every member must have a common need with other members of the society;
  4. Every member must be in an occupation relevant to the primary Society;
  5. A member must be capable of paying fees and buying shares.
Required Information for the Registration

A Society intending to be registered should have the following; 
  1. Proposed name of the Society 
  2. Proposed location 
  3. Objectives of the Society 
  4. Purposes, to which funds may be applied, may be held, disposed of or invested. 
  5. Membership rules (terms of admission, entrance fees, etc) 
  6. By-Laws of the Society 
Documents needed to register a cooperative society in Nigeria 

 
The following documents are to be filed during registration 
  1. A certified copy of the Resolution passed at the first meeting of the group with the Province Cooperative Officer (PCO).
  2. Feasibility study report on how the Society operates.
  3. Four copies of proposed by-laws of the Society.
  4. Letter of intent (to join the society) from prospective members. 
How much does it cost to register a cooperative society Nigeria? 

The amount of money it will cost in registering a cooperative society as of writing this post is N10, 000. It might increase on the long run considering the current economic situation of the country but be aware that after 2 to 3 months, a letter of recognition would be given to you to use as license for three years before you can be given a certificate of registration as a legal entity.

If your society decides that it wants to exist or go against the Act guarding the Cooperative society, the license given earlier could be cancelled. 

Procedure for Registration 

1.  Make an application for registration to the Director of Cooperatives and payment of registration fee to register a Cooperative Society;

2.  The application shall be signed and in the case of: 
  • A primary society, by at least 10 individuals qualified for membership of the Society, 
  • A secondary Society which has a registered Society as member, by a duly authorized member on behalf of every such registered Society, and where all members of the Society are not registered Societies, by 10 other members and when they are less than 10 members, by all the members.

3.  The submitted documents shall be assessed;

4.  After assessment, if the Director is satisfied, a letter of recognition will be issued which will enable the group to operate as a Cooperative Society for 3 years;

5.  After 3 years, a Certificate of Registration will be issued, with a Certified Copy of the by-laws.


 
Best Regards,

IKE DECK Team,

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