What are the top co-operative societies in Nigeria you should know about? A cooperative society is a private business organization that is run, controlled, owned, and managed by the people who use its products, supplies, or services.
It is nearly impossible in Nigeria to obtain a property or an asset with a cash wage of less than $1 (N360) per day. As a result, the society works hard to establish and organize cooperative movements to assist its members.
The primary goal of cooperative societies is to provide financial assistance and support to their members as well as the underprivileged. If such assistance is provided to the members, they will be able to obtain necessary items and will not be deprived of the basic needs that they are entitled to.
There are numerous cooperative societies in Lagos state, but the following is a list of the best.
RECOMMENDED: HOW TO START CUCUMBER FARMING IN NIGERIA
Top Cooperative Societies In Nigeria
1. Cowries Multipurpose Cooperative Society
They are a multipurpose cooperative society with limited liability that was formed to coordinate like-minded young professionals and entrepreneurs in organizing a pool of private funds.
This is to serve as a dependable source of credit and investment opportunities for members, allowing them to appear as an organized, dependable, and more affordable means of achieving both personal and socio-economic development.
They believe that people can achieve much more when they work together than when they work alone, and that entrepreneurs and SME owners can achieve their goals with or without the exorbitant traditional bank loans.
Minimum Ordinary Equity: N50,000
Maximum Ordinary Equity: N1,000,000
Minimum Preferential Equity: N250,000
Maximum Preferential Equity: N5,000,000
N10,000 non-refundable application fee and N5,000 annual subscription fee per member.
2. NNPC Staff Cooperative Multipurpose Society Limited
NNPC Staff Cooperative Multipurpose Society Limited is the second name for the NNPC Staff Cooperative Multipurpose Society Limited. NNPC Staff Cooperative Multipurpose Society Limited was founded in 1979 under the Cooperative Law of Lagos State with the sole purpose of providing quality and efficient services to its members, with an emphasis on improving their economic and social well-being.
The Society began operations with about 20 members and has since grown to over 6000 members spread across the federation.
The Nigerian National Petroleum Corporation (NNPC), its various subsidiaries, the Department of Petroleum Resources (DPR), and the Petroleum Technology Development Fund are all members of the cooperative (PTDF).
It began operations by mobilizing savings and granting loans of N50 to its members at its inception, but it now grants loans of up to and exceeding N20 million to its members.
Members’ remittances in the form of savings and various loan refunds have increased over the years. In addition, the Society offers the following services: Purchase of Electronics, Furniture, and Equipment, Purchase of New Automobiles, Car insurance and security, Houses are provided through home ownership schemes and mortgage loans., Petroleum and natural gas, Development of Real Estate and Investment from abroad
3. Lagos State Cooperative Federation Ltd
Lagos State Cooperative Federation Ltd. Is a company based in Lagos, Nigeria (LASCOFED). LASCOFED is an independent Non-Governmental Organization (NGO) established in accordance with international and national best practices as the umbrella body to unite, represent, and serve cooperative societies in Lagos State.
LASCOFED, like all other cooperative societies in the state, is governed by the laws governing cooperative societies in Lagos.
The Co-operative Movement in the State serves as a model for economic empowerment programs in Lagos State and throughout Nigeria, as member cooperative services provide start-up funds and low-interest loans to cooperators.
You can reach them via email at Info@lascofed.coop.
4. Tiny Seed Multipurpose Cooperative Society
Tiny Seed Cooperative Multipurpose Society is a community of like-minded men and women who share a vision of helping one another and looking after the general well-being of the members.
The company empowers and creates wealth for its members by utilizing a variety of concepts such as crowdfunding and network marketing.
Crowdfunding is a system in which ordinary men and women willfully agree to assist one another in raising the type of money that their bankers are unwilling and unable to lend to them without demanding impossible collateral.
5. The Nigerian Police Cooperative is number five.
The Nigeria Police Cooperative was founded in 1977 with the goal of improving the welfare of cooperators and members.
Their Mission is to be a leading Cooperative Movement that provides Distinctive and Innovative Welfare Services to our members and the Public by utilizing modern-day Internet Technology, Dedicated Professionals both within and outside the Force to deliver Qualitative Welfare Services to Members of the Society, and the general public.
6. Addax Staff Cooperative Multipurpose Society Ltd
Addax Staff Cooperative Multipurpose Society Ltd is a company based in Addax, England. The Addax Staff Thrift and Cooperative Society Limited was founded in 2004 and began operations in February of that year.
Due to the limited scope of the society’s activities as a Thrift and Credit Society, the name was changed to “Addax Staff Cooperative Multipurpose Society Limited.”
The purpose of which is to enable it to engage in any profitable activity that will benefit its members and is governed by the provisions of the Cooperatives Bye-Laws. Their official email address is email@example.com.
7. Nigeria Employers Consultative Association
The Nigeria Employers Consultative Association is a non-profit organization that represents employers in Nigeria (NECA). The Nigeria Employers’ Consultative Association (NECA), the umbrella organization of employers in Nigeria’s Organized Private Sector, observed a significant increase in the number of micro and small enterprises over the last five to seven years when compared to the medium and large businesses that comprised the majority of NECA membership.
It was also discovered that a significant number of the businesses were owned by women. Regrettably, the majority of these micro and small businesses were not members of the Association.
8. National Secretariat NNEW
NNEW’s mission is to encourage and empower women to embrace entrepreneurship and prosper in business for the benefit of society as a whole, thereby creating generations of successful female entrepreneurs.
When the executives met with Network members, they discovered that many of them face financial difficulties while running their businesses. The difficulties ranged from funding availability to affordability.
In some cases, where funds were made available through intervention schemes run by development finance organizations, etc., the eligibility criteria were far beyond the majority of women’s means. Other sources, such as commercial banks and the finance bureau, were notorious for charging exorbitant interest rates. Their e-mail is firstname.lastname@example.org, email@example.com