Abuja: Cooperative societies have called for the establishment of a Cooperative Development Commission to strengthen regulation and address challenges affecting the sector. The stakeholders made the call on Saturday in Abuja during activities marking the 2026 International Day of Cooperatives.
According to News Agency of Nigeria, Mr. Pius Obianyor, General Manager of the Central Bank of Nigeria Staff Multipurpose Cooperative Society, emphasized the necessity of a dedicated commission to effectively regulate cooperative activities nationwide. He suggested that the proposed commission, similar to the National Insurance Commission, would enhance coordination, regulation, and dissemination of information to cooperative societies across the country.
Mr. Obianyor highlighted that the current mechanisms were insufficient, stating, “What we are doing currently is not working. We need a commission that will handle cooperative issues.” He further advocated for a review of the Cooperative Act to improve dispute resolution and accountability within cooperative societies, proposing measures to discourage lengthy litigation after internal dispute resolution efforts have been exhausted.
He stressed the importance of holding individuals accountable for mismanagement of cooperative funds, calling for stricter sanctions against cooperative managers who mishandle members’ resources. “People should be held accountable and prosecuted where cooperative funds are mismanaged,” he added.
Mr. Monday Ameh, Secretary of the Independent Corrupt Practices and Other Related Offences Commission Staff Multipurpose Cooperative Society, urged the government to simplify registration procedures for cooperatives, noting that many societies face cumbersome requirements.
Mrs. Mujidat Abdulrahman of Milestone Cooperative Society appealed to the Federal Department of Cooperatives to engage more actively with community-based cooperatives to enhance financial inclusion.
Earlier, Mr. Emmanuel Atama, President of the Abuja Cooperative Federation, noted that the 2026 theme, ‘Cooperatives for a Peaceful World,’ highlighted the role of cooperative enterprises in promoting social justice, inclusion, and solidarity. He mentioned that the annual celebration aims to raise awareness of cooperatives’ contributions to sustainable development and strengthen collaboration between the United Nations and the global cooperative movement.
Mr. Atama acknowledged the Federal Government’s efforts to address issues within the cooperative movement and recognized the initiatives of Sen. Aliyu Sabi Abdullahi, Supervising Minister of State for Agriculture and Food Security, aimed at repositioning the sector. He urged Nigeria to adopt Kenya’s cooperative regulatory model to enhance governance and oversight.
The News Agency of Nigeria reports that the day’s activities included a road walk and a quiz competition attended by cooperative executives from across the Federal Capital Territory.