….Call for new Cooperative Ministry, fraud unit gains traction
…Ogun secures hosting rights for 2027 national meeting
In a bold move to reposition Nigeria’s grassroots economy, the Ogun State Government has led a coalition of stakeholders in advocating sweeping reforms, including the establishment of a National Cooperative Bank and full digital transformation of cooperative operations across the country.
The proposals were tabled during the 8th Regular Meeting of the National Council on Cooperative Affairs (NCAA), held in Abuja, where delegates converged to chart a new course for the cooperative movement.
Presenting the motions at the technical session, the Ogun State Director of Cooperative Services, Samuel Mustapha, outlined a comprehensive reform agenda aimed at restoring the sector’s historic relevance and strengthening its contribution to national development.
He stressed that cooperatives once served as a major economic backbone, particularly in southwestern Nigeria, driving agricultural productivity, job creation, and financial inclusion through structures such as cooperative financing institutions.
Central to the proposals is the establishment of a Cooperative Bank of Nigeria (COOPBANK), envisioned as a specialised financial institution to provide accessible credit and financial services to millions of cooperative members nationwide.
The reform package also includes the creation of a stand-alone Ministry for Cooperatives, a dedicated cooperative fraud unit to tackle financial malpractice, and a mutual cooperative share exchange platform to enable inter-society investments and trading.
Mustapha noted that Ogun State had already taken proactive steps by engaging international partners, including German cooperative institutions, to foster strategic collaboration and adopt global best practices in cooperative management.
In a related development, the Ogun State Commissioner in charge of the ministry, Ademola Balogun, championed the motion for the digitalisation of cooperative activities across Nigeria.
Balogun emphasised that embracing digital platforms is critical to improving transparency, enhancing data management, and simplifying business operations within the cooperative ecosystem.
He further advocated for a comprehensive review of the Cooperative Act of 2004, noting that the existing legal framework has become outdated and no longer reflects the realities of a modern, technology-driven economy.
According to the communiqué issued at the end of the meeting, participants unanimously recognised the vital role of cooperatives in driving inclusive economic growth, food security, and employment generation.
The Council also acknowledged the efforts of Bola Ahmed Tinubu in prioritising cooperative revitalisation as part of broader economic reforms under his administration.
Delegates stressed the need to scale up research and development in agro-allied cooperatives, highlighting their strategic importance in boosting agricultural productivity and strengthening value chains.
The meeting further underscored the importance of empowering national apex cooperative bodies to ensure stronger coordination and representation across the sector.
Stakeholders also endorsed the establishment of a regulatory framework to guide the operations of the proposed cooperative bank, ensuring accountability, efficiency, and sustainability.
In addition, the Council reaffirmed its commitment to continuous engagement with policymakers to fast-track the amendment of existing cooperative laws and align them with global standards.
A major highlight of the event was the formal handover of hosting rights for the 2027 edition of the NCAA meeting to Ogun State.
The symbolic presentation was made by the Minister of State for Agriculture and Food Security, Aliyu Abdullahi, who also oversees cooperative affairs in the country.
Receiving the hosting document on behalf of the state, Balogun expressed appreciation for the confidence reposed in Ogun and pledged to deliver a successful and impactful conference.
