How Cooperative Societies Started In Nigeria
Based on my experience of running cooperative societies successfully for many years till date, I wrote this series of articles to share information on it with you, my esteemed visitor.
This article will be enlightening you on how it actually started in Nigeria.
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 co-operatives.
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.
Origin Of Modern Co-operatives In Nigeria
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 Co-operative 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 Co-operative Multi-purpose Society Limited (www.primecooperative.org).
It’s a project initiated by Realty Point Limited and registered with the Ministry of Agric and Co-operative, 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.
• Banks & other Finance outfits.
Cooperative 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.
Debo Adejana, is the chief executive officer of Realty Point Limited. The company which is primarily involved on the supply side of the real estate industry, with a strong presence in Real Estate Development, Investment, Training/Consultancy.
If you are interested in more information on Prime Asset Housing Co-Operative Multi-Purpose Society Limited (PAHCMS LTD), you can put a call/text to me through 08059899701 or send me a mail by clicking here. To apply for membership, download application forms from www.primecooperative.org or www.realtypointltd.com
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