Legal Way to Register a Cooperative Society in Nigeria
If you have an unregistered cooperative society and want to know how to go about registering your cooperative society in Nigeria legally, then read this article as it contains the information you would need.
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.
Now lets see what the law requires before you can register a cooperative society in Nigeria. Under section 6 of the Nigerian Civil Registration laws, there are some vital criteria that must be fulfilled before a society can be registered. Some of these major requirements includes:
- A primary cooperative society cannot be registered except it has at least twenty members who are at least 21 years old.
- A secondary or apex cooperative society cannot be registered unless it has at least two or more primary registered cooperative societies as its members.
- The word “Cooperative” must be part of the name of the society to be registered.
- The word “Limited” shall be the last word in the name of every registered society with limited liability.
- Except in the case of a registered society whose principal object it is to grant loans to other registered societies which is referred to as “central financing society”, the word “bank” or “banking” shall not form part of any registered society.
- No society shall be registered by a name which is identical or resembles a name by which anybody, association of persons or society is already registered.
- No society shall be registered by any name which in the opinion of the Registrar may, or may be likely to mislead the public as to the identity of the society or the nature of its business.
- If a society through negligence or otherwise is registered by a name that is identical or that looks like that by which a society or any person is already registered, the society will change its name if the Registrar so directs.
There are also some important information and document needed to register a cooperative society in Nigeria. These documents shall be submitted to the registrar who will review and verify whether your society or entity is eligible to be registered. These information includes:
- Name of the society to be registered.
- Objectives of the society.
- The proposed location of the society.
- Rules of membership (terms & conditions) and
- Society laws.
Documents Needed To Register a Cooperative Society in Nigeria
- A copy of the certificate of the resolution passed at the cooperative society’s first meeting with the Province Cooperative Officer (PCO).
- Society by-laws (four copies)
- Feasibility study report on how the society operates.
- A letter of intent from prospective from prospective members who want to join the society.
How Much Does It Cost To Register A Cooperative Society in Nigeria
The amount of money it would cost in registering a cooperative society as of writing this post is a N10,000. It might increase on the long run considering the current economic situation of the country but be aware that after 2 to 3 months, a letter of recognition would be given to you to use as license for three years before you can be given a certificate of registration as a legal entity.
If your society decides that it wants to cease to exist or go against the Act guarding the Cooperative society, the license given earlier could be cancelled.
Below are the places where you can register a cooperative society in Nigeria
In case you want more info on how to go about the process or current fee charged for registration of society in Nigeria below are the locations of the NCR Offices in Abuja.
1.OFFICE OF THE NATIONAL CIVIL REGISTERATION
Address: Sokode Crescent by Michael Okpara street, Zone 5, Wuse, Abuja.
Telephone Number: 09-5230667-9
2. ABUJA HIGH COURT OF JUSTICE
Address: Off Michael Okpara street, Zone 5, Wuse, Abuja.
Telephone Number: 09-5234988-9
3. FEDERAL MINISTRY OF JUSTICE
Address: New Federal Secretariat Complex, 10th Floor, Wing IB (1001-1009), Block 1, ShehuShagari Way, Abuja.
Telephone Number: 09-5234988-9