This article will enlighten you on how cooperative societies in Nigeria started.

According to the International Cooperative Alliance (ICA), it’s an autonomous association of persons united voluntarily to meet their economic, social and cultural needs and aspirations, through jointly owned and democratically controlled enterprise.

Cooperative in spirit and practices has been in Nigeria before the advent of modern cooperatives.

Modern Cooperative

Modern co-operative movement began in England in 1844 in the days of industrial revolution.

It was borne out of human suffering and degradation at a time when workers all over Europe lived in great misery.

It was in this year that the first recognized cooperative society (Rochdale Equitable Pioneers) was registered.

It was in the year 1884 by a group of 28 factory workers in Manchester, United Kingdom.

Traditional Cooperative

Traditional society institutions commonly known in English as the “contribution society” but variously termed “Adashi” by the Hausas, “Dashi” by the Nupes, “Asun” by the Ishans, “Osusu” by the Ogojas, “Ajo” by the Yorubas, and “Isusu” or “Etoto” by the Ibos and Ibiobios are ageless institutions which are our own versions of the cooperative thrift and credit societies.

Origin Of Modern Cooperative Societies In Nigeria 

Mr C.F. Strickland was appointed by the British Government in 1933 to head a panel which was given terms of reference thus: “To study in details the culture of the people, and the geographical and economic conditions of the country with a view to recommending the types of cooperatives most suited to Nigerians.”

The findings of the panel and its recommendations had resulted in the cooperative society’s ordinance of 1935 resulting in subsequent establishment of cooperative societies of all types.

Introduction of Prime Asset Housing Cooperative Multi-purpose Society Limited

For better understanding of how it can benefit you, as a case study, I am introducing you to Prime Asset Housing Cooperative Multi-purpose Society Limited (www.primecooperative.org).

It’s a project initiated by Realty Point Limited and registered with the Ministry of Agric and Cooperative, Lagos State and runs independently of the company.

The objective is to help members buy land, own a house, invest profitably in real estate and other opportunities.

The society offer entrepreneurial and other life enhancing training to members at their monthly meetings.

Also providing landed properties for members at affordable price and opportunities to borrow for growth of their individual business operation.

Finally, also investing members’ monthly contributions regularly and sharing 50% of surplus annually as dividend.

Partners
For optimal delivery of services to their members, they partner with reputable individuals & organizations particularly:

• Banks & other Finance outfits.
• Developers
• Mortgage Institutions
• Building material manufacturers and supplier
• Professionals in the building industry
• Related government establishments and agencies.

Cooperative Membership Fee
Each intending member of the cooperative is expected to pay a one –time non-refundable as membership fee.

This is to be used to fund the administrative activities of the co-operative society.

Annual accounts are subject to external audit of both Government Supervisory Authorities and Private Self-appointed External Auditors.

Currently, the co-operative is involved in housing provision, credit issuance (for business or personal uses), savings and other investments for the benefits of members and pre-qualified non-members.