₦airaland Forum

Are you looking for an expert who can help to prepare your cooperative's accounts from Monthly Analysis Book (MAB) to Annual Account and Statistics with compliance to Cooperative Laws?

We specialize in cooperative account and management, ensuring your records are accurate, transparent, and meet all regulatory standards to focus on other cooperative activities like meeting, recovering of loans and others.

Our dedicated accounting services for cooperatives are:

Accurate record-keeping

Transparent financial reporting

Compliance with cooperative laws

Expert guidance for robust income and surplus management

Let us bring our specialized knowledge to your cooperative society, freeing you to focus on other activities of Cooperative

Contact us today for a tailored solution.

Critical Tasks for Cooperative Leaders, Committee Members as December Approaches

With December approaching, Cooperative Leaders and Committee Members must prioritize key tasks to ensure a strong finish to the year and a seamless start to the next. Here are some key things to focus

Loan Statistics Evaluation: To assess the health of your loan statistics by checking your January opening balance (which is last year closing balance) with this year's loan repayment figures. If this year's opening balance exceeds the loan repayment figures, consider implementing a recovery strategy to ensure that loan repayments exceed the opening balance; failure to do so may result in overdue loans within your cooperative, except for newly formed cooperatives without previous loan records.

Shares/Savings Growth: Evaluate member savings and shares trends, comparing growth rates with last year and previous years to provide insights which would help to beautify our management report.

Expense Optimization: We should also look into the areas where expenses can be optimized without compromising service quality. When expenses are excessively high, your surplus will be reduced, and a reduction our surplus will have a corresponding impact on your dividends and patronage bonus.

Members Education: consider providing resources or organizing a workshop on financial literacy, prudent spending during holidays unnecessary parties, or benefits of ongoing cooperative participation. Remind members about the importance of timely loan repayments, especially during holiday expenses.

Feedback Collection: Develop internal mechanisms for members to provide feedback on the cooperative's services and operations as the year draws to a close. This can help to perfect or identify any gaps or areas needing improvement in the cooperative new year resolution or policy.

By pro-actively addressing these areas, cooperative leaders and committee members can guarantee a strong close to the current year and create a solid foundation for continued success and member value in the year to come.

Coop! Coop!! Coop!!!

Critical Tasks for Cooperative Leaders, Committee Members as December Approaches

With December approaching, Cooperative Leaders and Committee Members must prioritize key tasks to ensure a strong finish to the year and a seamless start to the next. Here are some key things to focus

Loan Statistics Evaluation: To assess the health of your loan statistics by checking your January opening balance (which is last year closing balance) with this year's loan repayment figures. If this year's opening balance exceeds the loan repayment figures, consider implementing a recovery strategy to ensure that loan repayments exceed the opening balance; failure to do so may result in overdue loans within your cooperative, except for newly formed cooperatives without previous loan records.

Shares/Savings Growth: Evaluate member savings and shares trends, comparing growth rates with last year and previous years to provide insights which would help to beautify our management report.

Expense Optimization: We should also look into the areas where expenses can be optimized without compromising service quality. When expenses are excessively high, your surplus will be reduced, and a reduction our surplus will have a corresponding impact on your dividends and patronage bonus.

Members Education: consider providing resources or organizing a workshop on financial literacy, prudent spending during holidays unnecessary parties, or benefits of ongoing cooperative participation. Remind members about the importance of timely loan repayments, especially during holiday expenses.

Feedback Collection: Develop internal mechanisms for members to provide feedback on the cooperative's services and operations as the year draws to a close. This can help to perfect or identify any gaps or areas needing improvement in the cooperative new year resolution or policy.

By pro-actively addressing these areas, cooperative leaders and committee members can guarantee a strong close to the current year and create a solid foundation for continued success and member value in the year to come.

Coop! Coop!! Coop!!!

Critical Tasks for Cooperative Leaders, Committee Members as December Approaches

With December approaching, Cooperative Leaders and Committee Members must prioritize key tasks to ensure a strong finish to the year and a seamless start to the next. Here are some key things to focus

Loan Statistics Evaluation: To assess the health of your loan statistics by checking your January opening balance (which is last year closing balance) with this year's loan repayment figures. If this year's opening balance exceeds the loan repayment figures, consider implementing a recovery strategy to ensure that loan repayments exceed the opening balance; failure to do so may result in overdue loans within your cooperative, except for newly formed cooperatives without previous loan records.

Shares/Savings Growth: Evaluate member savings and shares trends, comparing growth rates with last year and previous years to provide insights which would help to beautify our management report.

Expense Optimization: We should also look into the areas where expenses can be optimized without compromising service quality. When expenses are excessively high, your surplus will be reduced, and a reduction our surplus will have a corresponding impact on your dividends and patronage bonus.

Members Education: consider providing resources or organizing a workshop on financial literacy, prudent spending during holidays unnecessary parties, or benefits of ongoing cooperative participation. Remind members about the importance of timely loan repayments, especially during holiday expenses.

Feedback Collection: Develop internal mechanisms for members to provide feedback on the cooperative's services and operations as the year draws to a close. This can help to perfect or identify any gaps or areas needing improvement in the cooperative new year resolution or policy.

By pro-actively addressing these areas, cooperative leaders and committee members can guarantee a strong close to the current year and create a solid foundation for continued success and member value in the year to come.

Coop! Coop!! Coop!!!

Critical Tasks for Cooperative Leaders and Committee Members as December Approaches

With December approaching, Cooperative Leaders and Committee Members must prioritize key tasks to ensure a strong finish to the year and a seamless start to the next. Here are some key things to focus

Loan Statistics Evaluation: To assess the health of your loan statistics by checking your January opening balance (which is last year closing balance) with this year's loan repayment figures. If this year's opening balance exceeds the loan repayment figures, consider implementing a recovery strategy to ensure that loan repayments exceed the opening balance; failure to do so may result in overdue loans within your cooperative, except for newly formed cooperatives without previous loan records.

Shares/Savings Growth: Evaluate member savings and shares trends, comparing growth rates with last year and previous years to provide insights which would help to beautify our management report.

Expense Optimization: We should also look into the areas where expenses can be optimized without compromising service quality. When expenses are excessively high, your surplus will be reduced, and a reduction our surplus will have a corresponding impact on your dividends and patronage bonus.

Members Education: consider providing resources or organizing a workshop on financial literacy, prudent spending during holidays unnecessary parties, or benefits of ongoing cooperative participation. Remind members about the importance of timely loan repayments, especially during holiday expenses.

Feedback Collection: Develop internal mechanisms for members to provide feedback on the cooperative's services and operations as the year draws to a close. This can help to perfect or identify any gaps or areas needing improvement in the cooperative new year resolution or policy.

By pro-actively addressing these areas, cooperative leaders and committee members can guarantee a strong close to the current year and create a solid foundation for continued success and member value in the year to come.

Coop! Coop!! Coop!!!

What about Cooperative Society or Cooperative Union

BewareOf419:
Many people think Cooperative society is like Owo Lapo, Gurumi, Sharp-Sharp that are not been controlled by government.

Corporative society is a global recognized institution that aim to make life meaningful to every members that will abide by the lay down rules, regulations and principles guiding its affairs. Paying back loan and interest at the appropriate and stipulated time of minimum 10 months and maximum of 12 months but if anyone think he or she can get loan and run away with it is playing with prison nearest to his or her destination!

Exactly. You get the point and I can see you are indeed an active member of a Registered Cooperative Society. Coop Coop Coop 👏

Toktee:
We Are you a bank?


Scam
You are confused.

Permit me to inform you. The fact that people don't give the needed attention doesn't mean it's not genuine. Perhaps you are here to chase cloud. People may be unsure of the information due to a lack of awareness. Did I ask you to pay me or select a cooperative to join by force? I advise you Google it online, and you will understand you are indeed the definition of what Late Muhammad Buhari meant by Lazy Youth 😀😁😀

Davemaxwell001:
I recently stumbled upon a company located around the VGC–Ajah area called RespectedSolutions. Their business model seems pretty unique. From what I gathered, they seem to operate a system where people can access quick financial assistance without selling off their belongings.

The concept appears to work like this: you bring in valuable items like cars, jewelry, watches, or tech gadgets, and in exchange, they offer a short-term loan while securely holding onto the item. Once the loan is repaid, [b][/b]you get your property back in its original condition.

What caught my eye is h[i][/i]ow well-organized and discreet everything seems. It's not quite like a regular loan process; it's more of a collateral-based support system.

They also seem to run an "Awoof Marketplace," where verified items can be traded. In addition, they offer services like wristwatch repairs, jewelry cleaning, and some partnership deals.

Has anyone here had any personal experience with them? Are they as reliable and professional as they seem?

Following my experience in [i][/i]lending people's money through a legally operate cooperative society, it's clear that such organization will not provide loans for items lacking secondhand value.

Our community is dynamic, and individuals must have tired of waiting for interested buyers, leading them to offer items as collateral for loan from the organization.

However, if the loan is not repaid and the item's value is insufficient, where can the organization expect to recover its invested capital? This approach is unprofessional.

If there no buyer in time, the organization will incur losses, as most items depreciate over time, except for gold. They would come and learn from cooperative societies.

BewareOf419:
One woman just came back prison after serving 6yrs jail term for running away with loan she got from her cooperative society. The loan has been recovered with interest, no one can run away with cooperative money!

😀😀😀😀😀😀

I usually tells some people within the environment that cooperative society, being a legal entity closely monitored and audited by the state government officials. One would rarely go away with their funds.

Even the committee member can't mess up. There's a away they get away with any committee who made attempt to overdo for selfish interest. With the new tax law by the FG, many would start patronizing Cooperatives, being an organization of people exempted from paying Tax.

Defaulting On A Cooperative Society's Loan Is Not Possible

Often times, some criminal minded thought they can approach a cooperative society for a loan and run-away with the society's fund. It's very impossible except it is not original cooperative society registered and monitored by the government.

Years after years, the fund will be showing in their accounts, even in their AGM pamphlets and it will be retrieve when the committee ready because of the structure

Before a loan is granted, there is often a rigorous vetting process that relies on the shared knowledge and reputation of the members. Cooperative members know each other and have connections within, making it hard to disappear unnoticed.

Toktee:
You are not serious..


I want to start business now but I have to wait for six months to be able to do so?

Nawao for u o.

Apparently, you are looking for people to scam and runaway with their hard earned money. Can Bank borrow you money without you doing serious business with them or knowing you before giving you money as Loan?

Go and join any registered Cooperative Society around you. I am not asking you to join JDPC, Grooming or LAPO and come back here to rant.

I said Cooperative Society. Cooperative Society are everywhere and it is widely patronize by age women and men around us. Just find one to join and start subscribing to your shares and savings.

In the next six months. You will be eligible for times two of the amount you have in your Shares and Savings with little interest rates better than Bank Interest rates. The funniest part is: you will be given dividends at Year end during AGM and patronage bonus.

If you are looking forward to establish one with your friends and family. Don't hesitate to link me via my Facebook: Ibrahim Osho. I can also help to do process opening of bank account with the name of the Cooperative, Registration for the Certificate after Six Months and preparation of account

Standoutlink:
Good day Nairalanders,

Please how much will it cost to register a Cooperative Society Limited with CAC.
I will also be glad it get someone that can do it as well.
Thanks

You don't need a CAC for Cooperative Society. Hope isn't that you are planning to establish a saving scheme with the word "Co-operative"? Don't try it o.

If the State Government catch you. There is a Section of the State Cooperative Laws that prohibit the use of word " Co-operative" for personal business. If you want me to snap and upload section 57 for you. I won't hesitate to do that.

If you have a cooperative society that has been existing. You need to have a book of account consisting MAB, Cash Receipt, Payment Voucher, Cash Book, Ledger and Annual Account and present for auditing before registration will be approved by the Zonal Office of the Area

You can check my Facebook via Ibrahim Osho where I shared knowledge about Cooperatives with my followers almost everyday. Thank you.

pastorigwe:
CO-OPERATIVE NOW REQUIRES TO BE REGISTERED WITH CAC EVEN AFTER IT HAS BEEN REGISTERED WITH THE STATE MINISTRY OF TRADE.
REASONS ARE:
1. TO OPEN BANK ACCOUNT, IT IS REQUIRED TO SUBMIT SCUML CERTIFICATE (SPECIAL CONTROL UNIT AGAINST MONEY LAUNDERING) OBTAIN FROM EFCC .
2. TO OBTAIN SCRUML, IT IS REQUIRED TO HAVE CAC CERTIFICATE
THEREFORE, THE BANK WILL REQUEST FOR BOTH CERTIFICATE- CAC AND SCRUML.

Stop misleading the general public with unrealistic information. Cooperative Society has nothing to do with CAC in Nigeria, according to Cooperative Societies Law. If you established a cooperative society today. Assuming in Ogun State, located a Cooperative Zonal Office of the Ministry of Community Development and Cooperatives for Introduction Letter to open a Bank Account with any Bank in Nigeria.

This acclaimed (SPECIAL CONTROL UNIT AGAINST MONEY LAUNDERING) certificate isn't for Cooperative Society at all. Cooperative Society and Cooperative Unions are issued by the State Ministry and it won't be issued until allocated officer is satisfied with the operation after Six Month. I can see you don't have the knowledge.

As a Small Business in Nigeria, approaching a Bank for Loan is no longer advisable. Better still, find a Cooperative Society around you and become a Member.

Whatever you contributed within Six Month, would give you the opportunity to borrow times two. Assuming you are able to contribute 100k within first six month you become a member. They will borrow you times two which is 200k with interest of N15 on N1,000 monthly.

Let's me do the break for the interest. Assuming you borrowed 200k in October 2025, by November 2025. The loan is a month old. You multiply N15 × 200 = N3000 for a month. If you know you will be using the fund up to 10months.

You don't have to withhold the fund till 10months before you start paying back. You can payback 20k every month and the interest will keep reducing. Assuming you payback 20k this month and pay N3000 for a month. By next month end, the interest will be calculated on 180k you withhold for a month which is N15×180 = N2700

I don't have a cooperative I can ask you or anyone to join. The advise is: go and find it yourself and join for the benefit of all. Mind you, I am not asking you to go and join JDPC, Grooming, LAPO and other Foundation disgusting as Original Cooperative and come back to challenge me o. I am talking about Real and Original Cooperative Established and Registered by the State Ministry. If you have a cooperative and needs someone to help in preparing the account. Just signify

Good day Nairalanders,

Please how much will it cost to register a Cooperative Society Limited with CAC.
I will also be glad it get someone that can do it as well.

For a Legit Certificate of Registration for Cooperative Society. It's not the work of the CAC but the work of State Government of the Location where the Society located.

If you are in Ogun State, and willing to Form or Register a Cooperative Society or a Union. We can guide from the point of forming a fresh one to the point of registration, to the point approval would be given to conduct an Annual General Meeting where Member's Credit, popularly known as dividend would be share among the Members.

If you have form one, and looking for an Expert who can help to prepare your Book of account from MAB to Trial Balance before supervision by the Auditor. We can also help to do that. Just send us a mail via ibromexico@gmail.com

[quote author=mycolleague post=131235057]Our cooperative society was inaugurated over a year ago, but we have not yet received our license due to policy guidelines. The members are finding it challenging to make contributions into a personal account. They are a group of intellectuals. We visited the state cooperative society representative office, where we were given a form to present to the bank to open an account for our cooperative. Unfortunately, the bank refused to open the account and requested either a CAC registration certificate or a form from the local government.

Questions:

Does a cooperative society need to register with the CAC apart from obtaining a license?

Good day, Cooperative Society has nothing to do with CAC for Registration. It's the State Ministry of Community Development and Cooperatives, Department of Cooperative Services that were in charge of the registration, and must be through the Zonal Officer of the Location where the Society located

I don't trust this pretender.