Lagos Cooperative Societies 2024

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Looking for very good cooperative societies to work with? Then this is just for you. This article gives you a list of the best cooperative societies in Lagos.

Cooperative Societies

What is a Cooperative Society?

A cooperative society refers to a private business organization that is managed, controlled, owned, and administered by the people who make use of its products, supplies, or services.

Best Cooperative Societies are needed in our everyday businesses. It is a known fact that not all Nigerians can meet up to their demands and necessities of life.

It is evident and obvious that a large portion of the population of the country is living in abject poverty while some other parts are at a little level above the federal poverty line.

In Nigeria, it is almost impossible to get a property or an asset with cash wages less than $1 (N360) per day. Because of this, the society strives to establish and organize cooperative movements to help its members.

Ever since the beginning of the 20th century, there have been cooperative societies that existed in Nigeria.

The reason for this is that the colonial government (colonialists) used the “Indirect Rule” to rule Nigeria and they were able to establish contacts with the local population through cooperation with the people.

What is the Aim of a Cooperative Society?

The primary idea of cooperative societies is to provide financial support and assistance for their members and the underprivileged.

If such assistance is rendered to the members, the members would be able to get essential things and they would not lack the basic needs which they are supposed to have.

Types of Cooperative Societies

There are different types of cooperative societies in Nigeria which are;

• Consumer Cooperatives

This type strives to provide goods and services at an affordable rate for the benefit of the people.

• Credit Cooperatives

Cooperatives like this are made to provide loan services and savings for their members. The benefit of the credit cooperative society is that it offers loans to its members at little or no interest and there is convenient collateral for the acquisition of loans.

• Agricultural/Farmers Cooperatives

The agricultural sector happens to be one of the major areas of production in Nigeria. Agriculture plays a major role in the Nigerian economy as it has helped to sustain commercial activities and international trade across the country.

Farmers and agricultural cooperative societies are established to give a better life to farmers.

• Multipurpose Cooperatives

This type of cooperative society seeks to help its members to scale over difficult economic situations.

Top Best Cooperative Societies in Lagos 2021

There are many cooperative societies in Lagos state, but below is the list of the top best.

1. Cowries Multipurpose Cooperative Society

Cowries Multipurpose Cooperative (CMC) is registered with, certified, and regulated by the Lagos State Government.

Through joint effort and network membership, we want to demystify the gruesome challenge of funding for those who genuinely have an entrepreneurial vision and are willing to make a bold step towards the seemingly distant future.

They are limited liability and a multipurpose cooperative society established to coordinate like-minded young professionals and entrepreneurs in organizing a pool of private funds.

This is to serve as a reliable source of credit and investment opportunities, towards which members can look like an organized, reliable, and more affordable means of achieving both personal and socio-economic development.

Their philosophy is simple; there are awesome power and amazing possibilities in collaborative efforts.

They believe people can achieve much more together than individually, entrepreneurs and SME owners can achieve their dreams with or without the exorbitant traditional bank loans.

They are convinced that there is a postmodern approach to thrift and credit cooperation; we can develop our abilities while we grow our collective opportunities and strengthen our economy.

Minimum Ordinary Equity: N50,000

Maximum Ordinary Equity: N1,000,000

Minimum Preferential Equity: N250,000

Maximum Preferential Equity: N5,000,000

It is subjected to an annual review

Non-refundable Application fee of N10, 000 and an Annual Subscription of N5, 000 per member

2. NNPC Staff Cooperative Multipurpose Society Limited

NNPC Staff Cooperative Multipurpose Society Limited is registered under the Cooperative Law of Lagos State and was founded in 1979 with the sole objective of providing quality and efficient services to its members, anchored on improving their economic and social well-being.

The Society started operation with a membership strength of about 20 members but today has grown to over 6000 members spread across the federation.

The cooperative draws its membership from the staff of the Nigerian National Petroleum Corporation (NNPC), its various subsidiaries, the Department of Petroleum Resources (DPR) and the Petroleum Technology Development Fund (PTDF).

It commenced operation by mobilization of savings and granting of loans to its members of just N50 at its inception but currently grants a loan of up to and over N20million to its members.

Remittances in the form of saving and various loan refunds from members have increased over the years.

The Society also provides the following services:

• Purchase of Electronics, Household Furniture & equipment

• Procurement of New cars

• Insurance and security of cars

• Provision of Houses through house ownership schemes and mortgage loans

• Telephone equipment, facilities and payment of monthly bills, and

• Regular, Short term and Special Loans

• Oil and gas

• Estate Development

• Offshore investment

3. Lagos State Cooperative Federation Ltd. (LASCOFED)

The Federation evolved from the old, Lagos Co-operative Thrift and Credit Union Ltd which was established in 1952 and registered in 1956 as the parent body for all the cooperative societies in the then Lagos colony.

After the creation of Lagos State in 1967, Lagos Co-operative Thrift and Credit Union Ltd became Lagos State Co-operative Union Ltd which was later changed to Lagos State Co-operative Federation Ltd (LASCOFED), like every other state co-operatives apexes, it was duly registered by the Director of Cooperative Services on May 3, 1982.

Lagos State Cooperative Federation Ltd. (LASCOFED) is an independent Non-Governmental Organization (NGO) established in line with international and national best practices as the umbrella body to unite, represent and serve cooperative societies in Lagos State.

More on LASCOFED Cooperative

LASCOFED like all other cooperative societies in the state is registered under the Lagos State Cooperative Societies’ Laws.

The Co-operative Movement in the State is a reference point for economic empowerment programs in Lagos State and also in Nigeria as the member cooperative services give out start-up funds and affordable loans to cooperators.

All cooperative societies registered in the state are statutory member affiliates of LASCOFED. Members of LASCOFED are found in all sectors of the economy including agriculture, banking, health, transport, the informal sector, corporate organizations and industries as well as Federal and State Ministries, Departments and Agencies.

You can contact them through their mail [email protected]

4. Tiny Seed Cooperative Multipurpose Society

Tiny Seed Cooperative Multipurpose Society is a community of like-minded men and women who share a common vision of helping one another and seeing to the general welfare of the members.

They encourage savings and thrift among our members and give them loans to start new businesses or expand existing ones.

We are duly registered with the Lagos State Government of Nigeria under section 10 of cap 15 of the laws of Lagos State.

Tiny seed Cooperative Multipurpose Society uses a lot of concepts including crowdfunding, network marketing, etc. to empower and create wealth for its members.

Crowdfunding is a system whereby ordinary men and women willfully agree to help one another to raise the kind of money which their bankers are not willing and ready to loan to them without asking for impossible collaterals.

5. The Nigerian Police Cooperative

The Nigeria Police cooperative was established in 1977 to help to improve the welfare of cooperators and its members.

Their Mission is to be a leading Cooperative Movement providing Distinctive and Innovative Welfare Services to our members and the Public through the Utilization of Modern-day Internet Technology, Dedicated Professionals both within and outside the Force to deliver Qualitative Welfare Services to Members of the Society, and the general public.

The Nigeria Police Cooperative Society Ltd was established by Force Order No. 130, to cater to the welfare needs of the Nigeria Police and their families. It is the largest Cooperative Society in Nigeria and Africa.

Visit www.polcoop.org.ng the new website of Nigeria Police Cooperative Society

6. Addax Staff Cooperative Multipurpose Society Ltd

They are here to make your dream a reality. Are you a member of the society or are you an intending member?

Are you desirous of knowing what cooperative principles and values are or do you want to have access to up to date information about your dealings with society?

If your answer to any of these questions is Yes, then bookmark this site. On this site, we present up to the moment information on the activities of the society, our products, and services.

The Society was established in 2004 under the name Addax Staff Thrift and Cooperative Society Limited and started operations in February the same year.

Due to the restrictive nature of the activities the society can undertake as a Thrift and Credit Society, the society changed its name to “Addax Staff Cooperative Multipurpose Society Limited”.

The object of which is to enable it to embark on any profitable activity which should be beneficial to its members and by the provisions of the Cooperatives Bye-Laws. Their official website is [email protected]

7. The Nigeria Employers’ Consultative Association (NECA)

The Nigeria Employers’ Consultative Association (NECA) the umbrella organization of employers in the Organized Private Sector of Nigeria, observed in the past five to seven years that there had been a tremendous increase in the number of micros and small enterprises compared with the medium and large businesses that constituted the bulk of NECA membership.

It had equally observed that quite a significant number of the businesses were owned by women. Unfortunately, most of these micro and small businesses were not members of its Association.

8. NNEW National Secretariat

5th Floor, NECA House

Plot A2 Hakeem Balogun Street,

Central Business District, Alausa, Ikeja, Lagos.

Tel:01-342-2356, 08182590000

Email: [email protected], [email protected]

The mission of NNEW is to encourage and empower women to embrace entrepreneurship and prosper in business for the general good of the society thereby building generations of successful women entrepreneurs.

In engaging members of the Network, the executives realized that many of them experience financial difficulties in the course of running their businesses.

The challenges ranged from the availability to the affordability of funding.

In some cases, where funds were available through intervention schemes by development finance agencies, etc., the criteria for eligibility were far beyond the capacity of the majority of the women.

Other sources such as the commercial banks and finance bureau were notorious for high interest rates.