Registering a co-operative society in Nigeria involves several steps and requires compliance with the relevant laws and regulations. Co-operative societies are governed by the Nigerian cooperative societies Act that provides for the registration of co-operative societies. The registration of co-operative societies in Nigeria is effected at the designated co-operative society ministry in various states.
A co-operative society is a voluntary association of individuals united by their common interest, who have come together to pursue their common goals for their own benefits. It is an autonomous association of persons united voluntarily to meet their common economic, social needs and aspiration through a jointly owned organization.
It is also important to note that a co-operative society can be registered with Corporate Affairs Commission (CAC). This is pursuant to Sec 19 of Company and Allied Matters Act 2020, But it is always advisable to register it with the Ministry of Commerce in your State.
PROCEDURE FOR REGISTERING A CO-OPERATIVE SOCIETY
Choose a Cooperative Society Type: Decide on the type of co-operative society you want to register. Common types include:
- Agricultural co-operatives,
- Thrift and credit cooperatives,
- Housing cooperatives,
- Multi-purpose cooperative society (General cooperative). Etc
Membership Formation: You need a minimum number of members to form a co-operative. The exact number varies depending on the type of co-operative. Below is the specific membership for each of the Co-operatives.
- A saving credit co-operation society must have at least twenty (20) members.
- An agricultural co-operative society must have nothing less than fifty (50) members.
- Other types of co-operative societies must be composed of a minimum of ten (10) members.
Draft a Constitution and Bylaws: Draft a constitution and bylaws for your co-operative. These documents should outline the rules and regulations governing the co-operative, including its objectives, membership criteria, decision-making processes, and financial procedures.
It should also be noted that for a group to be registered as a co-operative 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 or goals 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.
The registration process for co-operatives in Nigeria is overseen by the Department of Co-operative Services, which operates under the Ministry of Agriculture and Rural Development or Director of Co-operatives at the Ministry of Commerce, Industry and Co-operatives.
It is advised that you visit the nearest office of the Department of Co-operative Services or the Co-operative Development Officer (CDO) in your state to obtain registration forms and guidance.
How To Register Company with Corporate Affairs Commission in Nigeria
Complete the Registration Form: A form is issued to the members to fill in their details and return. Fill out the registration form provided by the Department of Co-operative Services. Ensure that all required information is accurate and complete. Attach the constitution and bylaws and any other required documents. Submit the completed registration form and documents to the Department of Co-operative Services or the Co-operative Development Officer (CDO) in your state. Be prepared to pay the registration fee, which can vary depending on your location and the type of co-operative. A name search is made to ascertain the availability. Upon availability, a stamp bearing the co-operatives name and logo with the other documents shall be submitted for verification and approval.
Verification and Inspection: After submitting your application, the Department of Co-operative Services may conduct an inspection and verification of your co-operative’s activities and documents. After verification, if the Director of Co-operatives is satisfied, a letter of recognition is issued. This letter gives the co-operative approval to operate as a co-operative society for three years. A certificate of Registration with the certified copy of the by-laws governing the co-operative will be issued after three years. With the certificate of registration in hand, your co-operative society can start its operations and carry out its activities in accordance with the constitution and bylaws.
REQUIREMENTS FOR REGISTRATION OF CO-OPERATIVE SOCIETY:
- Proposed name of the co-operative society.
- Proposed address of the co-operative society.
- The objective of the co-operative society.
- Membership rules.
- Four copies of the proposed by-laws of the co-operative society.
- Letter of consent from all members of the co-operative society.
- Feasibility study on how the co-operative society intends to operate.
- Certified copy of the resolution passed at the first meeting of members with the co-operative officer.
- Official stamp duty of the co-operative society.
Read also: Annual Returns Filing with CAC in Nigeria
In conclusion, ensure strict compliance with co-operative laws and regulations, you may be required to submit annual reports and financial statements to the relevant authorities. Please note that the specific requirements and procedures for registering a co-operative may vary depending on your location in Nigeria and the type of co-operative you intend to establish. It’s advisable to consult with the Department of Co-operative Services or a legal professional.
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