It is easy to join. They are formed mainly to tackle a particular need and of course, to make a profit. If one of the member defaults on any of the payments, whether it is the co-op maintenance, taxes, loan repayment or contributions, the other co-owners are also affected. It is therefore safe and recommended to procure a land, building or the like through a cooperative society. The ultimate objective is to help members buy land, own a house or an apartment, invest profitably in real estate and other opportunities. Financial cooperatives such as credit unions offer sustainable finance for locl people excluded from the traditional… Although, cooperative society in Nigeria is nothing new as it has being existing five decades before now. Also read: Nigeria plans to start a bridge Bank to aid struggling lenders. So you can transit from being in paid employment to being self-employed.”. 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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. The MTNN Employees Multipurpose Cooperative Society (MEMCOS) was borne out of the desire of the generality of employees of MTN Nigeria to organise themselves into "society" to pool resources together for the benefit … It is a known fact that not all Nigerians can meet up to their demands and necessities of life. 1) Since cooperative societies are business organizations, the management should be made up of people with some experience with business management. By Jacob Ajom The high point of the 2nd AGM of the Nigerian Security and Civil Defence Corp (NSCDC) Lagos Multipurpose Cooperative Society which held Thursday, December 3 at its secretariat in Alausa, was the disbursement of monetary settlement to five retired members of the society. The cooperative movement began in Europe in the 19th century, primarily in Britain and France. For example, agrarian cooperative society in the city of Ibadan (1904), the cooperation of growers Agege (1907), and the Association of farmers, EGBA (1910). The surplus created by the cooperative society association is shared in a fair way among individuals. 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. 2) Cooperatives have started employing qualified employees to carry out basic functions, so this should help properly shape the overall structure of cooperatives. History of cooperative society in West Africa and Nigeria. We all need credits to pay rents, meet short term needs, buy electronic appliances, school fees and the rest. Robert Owen (1771–1858), a Welshman who made his fortune in the cotton trade, is considered as the father of the cooperative movement. So until the economy is fully back on its feet and the low/middle income earner can live comfortably well, the housing cooperative society may continue to be an interesting formula for the average Nigerian to be a landlord. 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. 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. 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. 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. Multi-purpose Cooperative Society (General Cooperative) – Meant for general purpose. Like i said, they come highly recommended, with a proven track record and trustworthiness. Investments are secured. For instance, the consumer co-operative society’s main goals and plans of his society are to form arrangement for the pecuniary benefit and the improvement of the social and domestic condition of its member by raising a sufficient amount of capital in shares of two naira each. What is however, new is the reawakening among citizens to use the model for home ownership and wealth creation. Meaning you can network. You can check them out and your own homework on them too. About NNMCSL. This way, cooperative societies would be better managed and even more profitable. 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. on loan repayment to promote cohesion in upcoming co-operative societies. Best Cooperative Societies are needed in our everyday businesses. in Co-Operative Society, Real Estate, Real Estate Articles However, since a strict check & balance method is being employed, this occurrences rarely happen. Your email address will not be published. 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. 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. The membership fee is kept low so that everyone would be able to join and benefit from cooperative societies. The following are some of the important advantages of co-operative societies. 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. However, it is one that is less traveled by many, despite having been around for a long time. Advantages and guarantees of housing cooperatives. 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. University Cooperative Society, Ota, Ogun State and Lead City University Cooperative Societ y Ibadan, Oyo State, as a means of data collection. Right now, one of the surest routes to owning a home in Nigeria is to go the cooperative society way. 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