Nigeria is a country where many people have fallen in the painful and deceptive grips of fraudsters,

hence; everyone is super security conscious and would verify whatever is going to bring money out of
their pockets to the last details.
So if you have an unregistered cooperative society and some promising prospective members have
declined to listen to you because of that, youre reading a very vital piece of information.
A (registered) cooperative society is one whose aims and objectives are promotion of economic and
social interests of its members by means of common undertaking. A cooperative society in Nigeria
operates based on mutual aid and conforms to cooperative principles.
To register a cooperative society in Nigeria some vital information should first be on ground. These
incudes:
Proposed name of the society.
Proposed location of the society.
Objectives of the society.
Membership rules (terms of admission, entrance fees, etc).
By-laws of the society.
Also, before heading to register, some documents that would be required to begin processing your
request includes:
A certificate of a copy of resolution passed at the first meeting of the group with the Province
Cooperative Officer (PCO).
Feasibility study report.
Four copies of proposed by-laws of the society.
Letter of intent (to join the society) from prospective members.
You would be required to pay a fee of N10,000 and after a two three months would be given a letter
of recognition to use as a license for three (3) years, after which you would be given a certificate of
registration which can only be cancelled if your society wants to cease to exist or if the society acts
contrary to any rule that has license cancellation as its penalty.
Before going to through the stress of the list above you need to know if the society youre about
registering is even eligible and according to Nigerian Civil Registration laws, the cooperative society
seeking registration must have the following:
At least twenty members.
Board members should be eighteen (21) years and above.
A member must be at least fifteen (18) years of age.
Every board member must be in an occupation relevant to the primary society.
A member must be capable of paying fees and buying shares.
Asides from the above listed points, other tips that could aid in the registration of cooperative societies
includes:
No society can be registered with a name that is identical or resembles a name which a person or an
association already registered.
Bank cannot form part of the name except in a case that the principal objective of the society is to
give out grants/loans to other registered societies. This society would be referred to as Central
Financing Society.
The society to seeking registration must have the word Cooperative as part of its name.
The society must have a meeting to select its executive before applying for registration.
The society must appoint a District Cooperative Officer (DCO) and a Provincial Cooperative Officer
(PCO).
The society must operate in the area where most (or if possible, all) of its members reside
GRACEVILLE COPERATIVE MICRO-CREDIT & COOPERATIVE SCHEME
TERMS AND CONDITIONS FOR MEMBERSHIP

1. There are three categories of the loan viz:

(a) N1-N20.000 (b) N20,000-50,000 (c) N50,000-N100,000. (d) N100,000 and above.
2. The applicant must be a financial member of the church and must have paid for and
obtained the registration. This form should be filled and returned to the registered
Cooperative Office Address
3. Each eligible member must be a member of the church for a minimum of 2 years and
in good standing in the church and must hold the current church year membership
card.
4. Each eligible member must belong to and be an active member off at least an
arm/department/unit.
5. The age limit for the loam is 65 years (i.e. not more than 65 years at the time of
taking the load).
6. The tenure of the loan is 6 months (i.e. you will pay back the loan (principal and
interest within 6 month after one month moratorium. Payment shall be monthly equal
installment of principal and interests).
7. An applicant (who must have fulfilled and agreed to all the requirements from (2)-(6)
above will provide two (2) guarantors who are also active members in church of not
less than two years. The guarantors shall issue undated cheques in the name f the
church for 50% of principal and interests.
8. A guarantor cannot guarantee more than one applicant at a time.
9. An interest of 5% is charged on the loan.
10. The applicant shall provide a recent passport photographs.
11. No member of the Disbursement Committee is eligible to access the loan or to act as
a guarantor.