Cooperative Societies are collaborative teams where members voluntarily band together to achieve common economic, social, and cultural objectives. They’re democratic and every member has a voice in decisions.
In Lagos, the Ministry of Commerce, Industry, and Cooperatives stands as the guardian of Cooperative Societies. They’re responsible for registration and supervision of Cooperatives, ensuring that they function under the Cooperative Societies Law.
Benefits of Cooperatives
- They offer a unique way to do business.
- Members can borrow money.
- They enjoy a more inclusive business model.
- They can partake in ownership.
Those Eligible to Establish Cooperatives
- Farmers
- Business owners
- Civil servants
- Teachers
- Others.
Types of Cooperatives
- Multipurpose
- Agricultural
- Consumer
- Thrift and Credit Societies.
Legal Framework
Every cooperative in Lagos must adhere to the Cooperative Societies Law, various regulations, and universally recognized cooperative principles.
Benefits of Registration
Government recognition and certification.
This recognition paves the way for access to essential resources, development insights, and periodic guidance.
Registration Requirements:
- Age above 18 or older
- A group of trustworthy members with a shared aim.
- A core team of at least 20 people.
Steps for Registration
- Submit a written application.
- Hold an introductory meeting.
- Pay required fees.
- Key members are to attend a specific course at the Lagos State Cooperative College.
Post Registration Duties
- Maintenance of financial records.
- Adherence to the laws and compliance.
- Preparation of annual financial reports.
- Holding of meetings.