To register a cooperative society in Nigeria, you need to visit the National Civil Registration Office. As it is the sole federal government agency that is saddled with such responsibility.
Registering your cooperative society is important to legalize and authenticate the association. Not only that, but it also helps to gain credibility in the eyes of prospective members, gained access to grants and so many other advantages.
Today, we will be showing you the steps required to register a cooperative society in Nigeria. The article also includes other information including the rules and regulations of the agency, documents, and requirements to get registered.
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What is a Cooperative Society?
A Cooperative Society is a group of individuals or association of people with common goals, who came together with the hope to benefit from the same course. Most cooperative society either falls under Agricultural or Savings and credit or even a group of individuals with specialized skills.
According to the Nigerian Cooperative society acts, the following are the minimum number of members for different cooperative societies in Nigeria.
- Agricultural – Minimum of 50 members or more
- Savings and Credits – Minimum of 20 members or more
- Specialized groups and others – Minimum of 10 members or more.
Information Needed to Register a Cooperative Society in Nigeria
To register a Cooperative society in Nigeria, the members of the society must have concluded on the following;
- Preferred Cooperative Society Name
- The preferred physical location of the cooperative society
- Aims and objectives of the group
- Membership rules and regulations including entrance fees, membership terms and conditions, and so on
- Detailed Laws of society
After gathering all the above facts, then the association may proceed to register the cooperative society with the following documents.
Document Needed To Register a Cooperative Society
When going to the National Civil Registration office, the society is expected to bring along the following;
- The certified copy of the resolution passed at the first meeting of the Province Cooperative Officer (PCO) with the group.
- Feasibility study statement of how Cooperative Society works
- Four copies of the proposed rules laws of the group.
- Letter of intent from prospective members to join the society.
- A one-time fee of N10,000
With the above-presented at the office, it will take about 2 to 3 months to get the letter of recognition from the agency. After which the Cooperative society is allowed to operates for 3 years. If after 3 years, the group remains and obeys all the agency rules, the said society will be issued the certificate of registration. But if not, the letter of recognition will be canceled.
Below are some of the rules of National Civil Registration you must be familiar with to register a cooperative society successfully.
- The society should have a minimum number of 20 members depending on the society type
- Society Board members should be at least more than 18 years
- Society members should be at least be 15 years
- Board members should relevant to society i.e same goals or occupation is necessary.
- Group members must be capable of playing society roles, paying fees, buying shares, and so on.
- No society is allowed to use an already registered or identical name again
- Cooperative Society is exempted from adding or using “Bank” as part of the name.
- Society is expected to add the word “Cooperative” to part of their proposed registration before seeking any.
- The society must have at least their first meeting to select its Board members before applying for registration
- A District Cooperative Officer (DCO) and a Provincial Cooperative Officer (PCO) must be appointed before registration
- The physical location of the society must all be agreed upon by all members and should be near each.
With all the above rules followed, be rest assured your cooperative society would soon be registered.
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National Civil Registration Offices in Abuja
You can visit any of the below offices to get started with the registration of your cooperative society.
1. Physical address: Sokode Crescent by Michael Okpara Street, Zone 5, Wuse in Abuja
2. Abuja High Court Of Justice
Physical Address: Off Michael Okpara Street, Zone 5, Wuse in Abuja.
3. Federal Ministry Of Justice
Physical Address: New Secretariat Complex at the 10th Floor, Wing IB (1001-1009), Block 1, Shehu Shagari Way in Abuja.
We do hope you find the guide on how to register a cooperative society in Nigeria helpful.