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.

TYPES OF COOPERATIVE SOCIETY IN NIGERIA:

There are three major types of cooperative society in Nigeria

�Agricultural cooperative society (also known as farmers’ cooperative).
�Saving and credit cooperative society (also known as microfinance cooperative)
�Multi-purpose cooperative society (General cooperative)

CONDITIONS FOR FORMATION OF A COOPERATIVE SOCIETY:

�A saving credit cooperation society must have at least twenty (20) members.
�An agricultural cooperative society must have nothing less than fifty (50) members.
�Other types of cooperative societies must be composed of a minimum of ten (10) members.

It should also be noted that for a group to be registered as a cooperative society, members must satisfy the following:

�A member must be at least fifteen (15) years of age and above
�The board members should be at least eighteen years
�Every member must have a common need with other members of society.
�Every member must be in an occupation relevant to the primary society
�A member must be capable of paying fees and buying shares.

PROCEDURE FOR REGISTERING A COOPERATIVE SOCIETY IN LAGOS:

�An application for registration shall be made to the Director of Cooperatives at the Ministry of Commerce, Industry and Cooperatives requesting to be registered as a cooperative society.
�The officials from the Ministry of Commerce, Industry and Cooperative shall carry out an inspection of the cooperative society’s premises.
�The applicant shall pay the prescribed fees.
�The minimum required members, depending on the category of the cooperative society must duly sign the application.
�A form is issued to the members to fill in their details and return while a name search is made to ascertain the availability.
�Upon availability, a stamp bearing the cooperatives name and logo with the other documents shall be submitted for verification and approval.
�After verification, if the Director of Cooperatives is satisfied, a letter of recognition is issued. This letter gives the cooperative approval to operate as a cooperative society for three years.
�A certificate of Registration with the certified copy of the by-laws governing the cooperative will be issued after three years.

REQUIREMENTS FOR REGISTRATION OF COOPERATIVE SOCIETY:

�Proposed name of the cooperative society.
Proposed address of the cooperative society.
�The objective of the cooperative society.
�Membership rules.
�Four copies of the proposed by-laws of the cooperative society.
�Letter of consent from all members of the cooperative society.
�Feasibility study on how the cooperative society intends to operate.
�Certified copy of the resolution passed at the first meeting of members with the cooperative officer.
�Official stamp duty of the cooperative society.

Take note that the process of registering a cooperative society differs from state to state, and this should be considered when registering a cooperative society in Nigeria.

Barr Adeolu Ayo Aderinto
08068088866
ay4u888@gmail.com

Credit: Resolution Law.