History of cooperative society in West Africa and Nigeria. The head of department was the registrar of co-operatives of societies with his headquarters in Kano State. University Cooperative Society, Ota, Ogun State and Lead City University Cooperative Societ y Ibadan, Oyo State, as a means of data collection. In the area of acquisition of properties, cooperatives come in handy to assist such process in ease of payments and other benefits attached to being a member. What is however, new is the reawakening among citizens to use the model for home ownership and wealth creation.
This way, cooperative societies would be better managed and even more profitable. C1, exempts from taxation all the profits and gains of a registered Co-operative Society, from all trade or business that such a Co-operative Society engages in, on behalf of its members. They are formed mainly to tackle a particular need and of course, to make a profit. The system of owning a house through a housing cooperative society in Nigeria has its own perks and advantages on a good day, but it also has its disadvantages. According to Amana (1978) in Nigeria, the co-operative society department was included in the port-folio of the ministry social welfare and co-operative. Robert Owen (1771–1858), a Welshman who made his fortune in the cotton trade, is considered as the father of the cooperative movement. It is an autonomous association of persons united voluntarily to meet their common economic, social & cultural needs and aspiration through a jointly owned organization. It is therefore safe and recommended to procure a land, building or the like through a cooperative society. Investment Partnership The Legacy Cooperative Society also provides investment partnership for entrepreneurs who require financial support. Benefits of Cooperative Societies Similar to an LLC, Cooperative Societies are of limited liability and have a legal personality separate from that of its members. In the last five decades or so, the unbridled increase in housing deficiency across the country has led to the emergence of housing cooperative societies in Nigeria, although they still represent a low percentage from the point of view of the cooperative movement. Worried by the huge housing deficit in the country, which is about 17 million, few cooperative societies are now taking the lead in mobilising resources to tackle accommodation challenges while creating wealth through real estate investment. Posted by: NREH
So what a cooperative does is regardless of where you work or what tribe you are from, as long as you have identified yourself as someone who wants to actually not feed with his ten fingers alone, being able to have something that will help you in the future, a cooperative is the right place.”, “It is also one of the most primitive tools of saving. Right now, one of the surest routes to owning a home in Nigeria is to go the cooperative society way. Along these, every one of the individuals from the cooperative society is profited. Cooperatives gives you the platform to network. 1 Comment, “Cooperative Society is an institution where two or three people from different walks of life come together basically for a purpose of meeting each others needs. Availability of loans at low rate of interest to either purchase a land, house or possibly develop a land or make renovations to procured buildings. They also have the powers to hold movable and immovable property, enter into contracts, and perform such functions or actions as stated in their constitution. The following are some of the important advantages of co-operative societies. Sanwo-Olu flags off reconstruction of Ibeju Lekki-Epe highway, Street urchins and louts almost frustrated my building project – Man laments, Developers lament stalled housing projects in Abuja, COVID-19 Presents Investment Opportunities In Real Estate, REDAN hails FG’s private sector economic sustainability plan, Urhobo group urges Buhari to intervene in illegal sales of lands by military, Developers embrace unitisation to fund real estate, Property owners, valuers extol Sanwo-Olu on review of Land Use Charge Act, NIOB Demands Professionalism in Building Construction, Induct Fellows, Risks to Avoid When Using Leverage in Real Estate, Experts seek increased investment in real estate, Enugu State housing corporation set to unveil Zik Museum, REDAN pushes for development of property data, 7 Tips On Finding the Best Tenants For Your Property. However, since a strict check & balance method is being employed, this occurrences rarely happen. In accordance with the Lagos State cooperative society laws and regulations, the following are the steps for registering a cooperative society in Lagos State: 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. This society provides short-term financial support or aid to its members when they need it and they have been termed to be very helpful at all times. on loan repayment to promote cohesion in upcoming co-operative societies. Like the ATM cards enables you to make payments online, purchases and the likes through that savings account. Everyone wants to survive as regards basic needs – food, shelter and clothing. Required fields are marked *, Pros and Cons of Joining a Housing Cooperative Society In Nigeria, Housing Cooperative Society In Nigeria – The Breakdown. For example, agrarian cooperative society in the city of Ibadan (1904), the cooperation of growers Agege (1907), and the Association of farmers, EGBA (1910). TYPES OF COOPERATIVE SOCIETIES IN NIGERIA In closing, i would like to say that many shy away from procuring properties because they lack the right knowledge or connection needed to get good and valued properties in exchange for their money. 1. That simply means that when you have saved for a year, the cooperative is bound to share what we call surplus to its members depending on what you have saved. In Nigeria, Cooperative Societies are regulated by Nigerian Co-Operative Societies Act which is a Federal Law that grants powers to the Governor of each state to establish a Directorate for Cooperatives which will be in charge of registering and regulating cooperatives. Posted by: NREH
So you can transit from being in paid employment to being self-employed.”. Investments are secured. However, it is one that is less traveled by many, despite having been around for a long time. The benefit of registering a cooperative society is to be recognized as an entity under the law in Nigeria, so that your dealings will be seen as authentic as no one would love to deal directly with an unregistered company let alone a cooperative society that is unregistered. The t-test Essentially helps people imbibe a savings culture. Upon assessment, if the Director is satisfied that the society has complied with the provisions of the … It is easy to join. The second thing you benefit from cooperative as an individual is access to loans either in cash or in the form of goods. We all need credits to pay rents, meet short term needs, buy electronic appliances, school fees and the rest. Multi-purpose Cooperative Society (General Cooperative) – Meant for general purpose. But before we proceed into what the likely benefits of this system are, I would like to break down what an housing cooperative society in Nigeria really entails. Essentially helps people imbibe a savings culture. There a dubious cooperatives out there, so there is a need to be careful and carry out your personal investigations well before committing.Do your homework on the available cooperatives offering ‘amazing’ opportunities because some are really not well positioned to deliver on their promises.This could be for reasons of bad, fraudulent and/or ignorance leadership, lack of an expert in the real estate field able to assist them in their project. Required fields are marked *, Sanwo-Olu flags off reconstruction of Ibeju Lekki-Epe highway, Street urchins and louts almost frustrated my building project – Man laments, Developers lament stalled housing projects in Abuja, COVID-19 Presents Investment Opportunities In Real Estate, REDAN hails FG’s private sector economic sustainability plan, Urhobo group urges Buhari to intervene in illegal sales of lands by military, Developers embrace unitisation to fund real estate, Property owners, valuers extol Sanwo-Olu on review of Land Use Charge Act, NIOB Demands Professionalism in Building Construction, Induct Fellows, Online Property Listing is Yet to Become the Magic Pill in Nigeria, Preventing Building Collapse Should Start From The Foundation – Gladys Okoro, NIA President Calls For Professional Architects Representation In Development Control Offices, Estate Surveyor attributes quacks to the rate of unemployment in Nigeria, How I spent my entire savings on a house I can’t live in, Court overturns property forfeiture linked to Bala Mohammed. Any person with common interest can become a member. Cooperative allows you set aside a certain amount of money while you are still in gainful employment which allows you to fall back on that savings you have and run with it for other businesses you may want to do on your own. A sample of faculty and staff members was s elected
The membership fee is kept low so that everyone would be able to join and benefit from cooperative societies. It means that all individuals have equal rights in dealing with the undertakings of the association. theortically speaking that i am a cool dude and u all should bow down to me u mortal pheasant, Your email address will not be published. Exemption from Taxes and Duties. Advantages and guarantees of housing cooperatives. Like i said, they come highly recommended, with a proven track record and trustworthiness. In evaluating agricultural credit utilization by cooperative farmers in Benue State, Nigeria, Okwoche et al (2001) observed a significant difference between the agricultural output and income of farmers’ before and after the utilization of loan acquired. Not be over-emphasized employment to being self-employed. ” categories of benefits of cooperative society in nigeria society ( also as! 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