In Lagos State, the Ministry of Commerce, Industry and Cooperatives is the recognized
State Government agency responsible for the registration and regulating the activities of cooperative societies and the legal framework for operating Co-operative Societies is guided
as provided in the Co-operative Societies Law1. One of the major advantages for setting up a Co-operative Society is that – it helps a group of people with a common goal to promote economic empowerment for its members and in effect, improving the economic and social welfare. However, the type of Co-operative Society is usually dependent on the purpose and core objective of its members. This article presents a step-by-step approach to registering a multipurpose Co-operative Society in Lagos State, Nigeria. It also contains post-registration information to help build a formidable structure for more effective management in the long run.
Detailed Process for Registration of Multipurpose Co-operative
Society in Lagos State (Nigeria).
- Name reservation – Applicant to propose at least 2 preferred names subject to approval by the Ministry of Commerce, Industry and Cooperatives;
- Issuance of Application Form by officials from Lagos State Ministry of Commerce, Industry and Cooperatives after confirmation of payment;
- Completion of Application Form by the Applicant which includes submission of passport photographs for each trustee (4 copies) and means of identification (any form of National ID), obtain signatures from at least 20 members of the proposed Co-operative Society;
- Upon approval of proposed name and successful completion of the Application Form, setting up the Co-operative’s Inauguration – subject to date availability and confirmation of attendance by the Lagos State Cooperative officials. The core requirement by law that the members of your Cooperative Society would gather at a meeting (this meeting is referred to as the “Inauguration Meeting”) on a day and at a venue which must have been communicated ahead of time to the approved representative(s) from the Ministry of Commerce, Industry and Cooperatives. Attendance of approved representative(s) from the Lagos State Ministry of Commerce, Industry and Cooperatives is mandatory and a condition precedent to approval of application.
- Trustees (i.e. President, Secretary and Treasurer) to attend one-day compulsory training at the Co-operative College, Oko-oba, Agege, Lagos.
- Processing and issuance of Certificate of Registration by the Director of Cooperative Services (Lagos State); and
- Opening a business bank account with any of the commercial banks of your choice.
Eligibility Requirements
To successfully set up a Multipurpose Co-operative society in Lagos State, an applicant is
required to meet the under-listed conditions:
- Members must be 18 years old and above;
- The proposed Cooperative Society must consist of persons with good character and sound mind;
- Members must share a common bond;
- Have a minimum of 20 founding members, which is inclusive of the trustees, with their personal details and signature on the Application Form;
- Have at least 3 trustees i.e. President, Secretary and Treasurer who will be held responsible for running the activities of the Multipurpose Co-operative;
- Compulsory training of the trustees by duly appointed officials from the from Lagos State Ministry of Commerce, Industry & Cooperatives;
- Attendance of Lagos State officials at the Cooperative’s Inauguration meeting for verification purposes; and
- 100% Payment of applicable registration fees i.e. processing and application fees.
Applicable Fees
| Description of Items | Amount (₦) |
| Multipurpose Co-operative Processing Fees | 55,000.00 |
| Application Fees for Multipurpose Registration | 80,000.00 |
| Mandatory Inaugural Training | 15,000 |
| Total | 150,000 |
Please note that the fees are subject to change.
Estimated Timelines for Completion of Registration
3 calendar months from the date of submission of a duly completed application form.
Post Registration
- Registered societies must keep the relevant books e.g. Cashbook, General Ledger etc.
- Registered societies will be monitored to ensure compliance with the Cooperative Societies Laws, their registered By-laws and Regulations.
- Registered societies must prepare their Annual Statement of Accounts and Returns.
- Registered societies must conduct regular meetings and hold their Annual General Meeting (AGM).
- Training of trustees of newly registered societies.
At PBS, we are keen on streamlining and simplifying the registration process for the benefits of our clients by assisting with the end-to-end coordination. Our focus is making the process
simpler and faster for you while we handle the entire process on behalf of our clients.
Kindly reach out via email – enquiries@pbsconsulting.co – if you have any questions or need any further paid assistance.
