What is a cooperative society in Nigeria?
A cooperative society is a voluntary association of individuals, united by the 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 that provides for the registration of cooperative societies.
How many cooperative societies are there in Nigeria?
The societies number nearly 300, with a member- ship exceeding 12,000 • though they were started in Lagos, and though more than half their total assets still belong to the fifty odd Lagos societies, they have now spread all over Nigeria and the British Cameroons.
Why do Nigeria allow cooperative society?
BENEFITS OF JOINING COOPERATIVE SOCIETIES IN NIGERIA They help the members in developing a savings culture. Cooperative societies enable members to get easy access to loans. Helping build local enterprises and profits. Creating decent jobs for individuals.
How can I join cooperative society in Nigeria?
In order for a group to be registered as Cooperative Society, members must satisfy the following conditions;
- A Member must be at least fifteen (15) years of age and above;
- The Board members should be at least eighteen (18)years of age;
- Every member must have a common need with other members of the society;
Do cooperative societies pay tax in Nigeria?
Taxes. Cooperative Societies are exempt from payment of company income tax on the profit or income generated from its activities including shares or interest held in other entities.
Do co operative societies pay tax in Nigeria?
Since cooperative societies in Nigeria are not registered under CAMA they are not required to pay the tax.
Does cooperative society pay tax in Nigeria?
What are the impact of cooperative in Nigeria?
Their impact is also felt from the rural to the urban areas. The cooperative societies in Nigeria has aided the accumulation of natural resources and the promotion of agricultural export crop and thereby helping to increase the volume of foreign exchange which is needed for economic development and transformation.
Is it good to join a cooperative?
Building local expertise and profits Because cooperatives are run by and for local people, they develop, and pass on, the business expertise. Profits generated stay local, and are invested in the cooperative, the local area or distributed to the local owners. Cooperatives are an effective tool for self-help.
How does a cooperative society work in Nigeria?
Cooperative societies are governed by the Nigerian cooperative societies Act that provides for the registration of cooperative societies. The registration of corporative societies in Nigeria is effected at the designated cooperative society ministry in various states. There are three major types of cooperative society in Nigeria
When was the Co-operative Bank established in Nigeria?
The Regionalization of Nigeria further enhanced the growth of the Cooperatives especially in Western Nigeria as in 1953, The Co-operative Bank Plc was established by the Co-op Movement to provide for financial needs of members of Co-operative Societies in Nigeria.
What are the rules of a cooperative society?
It is an autonomous association of persons united voluntarily to meet their common economic, social & cultural needs and aspiration through a jointly owned organization. Cooperative societies are governed by the Nigerian cooperative societies Act that provides for the registration of cooperative societies.
When did secondary cooperative societies start to form?
In late 1940, secondary cooperative societies such as Cooperative Produce and Marketing Union (CPMU) Cooperative thrift and credit union (CTCU)started to emerge, which were established by the primary cooperatives to give advice, loans, grants to them and keep their books and records.