FINANCIAL MANAGEMENT AND SURVIVAL OF COOPERATIVE SOCIETIES IN NIGERIA (A Study of Yaba College of Technology Cooperative Society)
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FINANCIAL MANAGEMENT AND SURVIVAL OF
COOPERATIVE SOCIETIES IN NIGERIA (A Study of Yaba College of Technology
Cooperative Society)
ABSTRACT
This
research tends to examine Financial Management and Survival of Cooperative
Societies in Nigeria with special reference to Yaba College of Technology
Cooperative Society.
The research
employed survey research design. Data were sourced majorly by primary means,
the data were gathered with the aid of a well structured questionnaire. A
sample of sixty (60) was drawn from the staff of Yaba College of Technology
Cooperative Society.
The data
gathered were presented on table using percentage. The formulated hypothesis
was tested and resulted to rejecting the null hypothesis and concluding that
Cooperative societies can only survive with efficient financial management.
From the
findings, it was discovered that cooperative societies fund can be effectively
managed if the necessary tools required for proper financial management are put
in place. It was also deduced that the funds generated can be monitored by
keeping adequate financial record.
Analysis
also shows that contributions of cooperative help in improving the standard of
living of the members and this really explained the relevance of cooperative
societies to the Nation at large.
TABLE OF
CONTENTS
CHAPTER ONE
1.1 Background of the Study
1.2 Statement of the Problem
1.3 Purpose of the Study
1.4 Research Questions
1.5 Research Hypothesis
1.6 Scope of the Study
1.7 Significance of the Study
l.8 Limitation of the Study
1.9 Definition of Terms
CHAPTER TWO
2.0 LITERATURE REVIEW
2.1 The Meaning of Cooperative Society
2.2 Historical Development of Cooperative
Society in Nigeria
2.3 Types of Cooperative Societies
2.4 Organization of Cooperatives Society
2.7 Cooperative and Other Types of Business
Organization
2.8 Management and Control of Cooperative
Societies
2.9 Functions of Cooperatives Executives
2.10 Problems Faced by Cooperative Financial
Management
2.11 Types of Book kept By Cooperative
Societies
CHAPTER
THREE
3.0 RESEARCH METHODOLOGY
3.1 Research Design
3.2 Population of the Study
3.3 Sampling Procedure and Data Collection
3.4 Validity and Reliability of the
Instrument
3.6 Method of Data Analysis
CHAPTER FOUR
4.0 RESULTS AND DISCUSSION
4.1 Introduction
4.2 Respondents Characteristics
4.3 Discussion of Finding
CHAPTER FIVE
5.0 SUMMARY, CONCLUSION AND FINDINGS
5.1 Summary of the Study
5.2 Conclusion
5.3 Recommendation
Reference
LIST OF
TABLES
Table 1
Marital and Sex Status
Table 4.2
Age Group of Respondents
Table 4.3.
Cooperative society keep proper records of account.
Table 4.4.
Cooperative society manage the members fund
appropriately
Table
4.5.There is delay in granting loan to the members
Table 4.6
Cooperative society prepares her account in accordance with laid down
principles.
CHAPTER ONE
INTRODUCTION
1.1 Background of the Study
Cooperative
Societies are found throughout the Word. They are found in capitalist
countries, in socialist countries as well as in countries described as mixed
economist existing and functioning as an integral part of the whole economy.
The history of cooperative society could be traced as far back as the dark-ages
when they used to exist and still in existence; Esusu, Aro e.t.c in Nigeria.
Onyemachi(l983) said the history of modem cooperative could be traced to 1844
in Rockdale Concashine in England. He said it was on as October 1844, that the
society was registered under the same name; The Equitable Society of Rockdale.
In starting
a cooperative society, a number of at least ten persons is required in the case
of primary society and for secondary society to be registered, it must has
primary societies as it members, that is made possible by the Nigerian
Cooperative Society Decree 90 of 1993.After registration, the duties and
privileges of a registered society is expected to be presented with the
registration application, this power and privileges are made in form of by-law
which will have all necessary and desired regulations which dictates the code
of conduct of its activities in line with the purpose of its establishment.
Cooperative society is the commercial effort by people living in a community
engaged in same trade, occupation or effort at assisting one another to improve
on their economic output through the contribution of money into a common pool
which is then distributed according to their predetermined sharing formula.
Cooperative
Society could also be defined as the voluntary organization of consumers into a
society, controlled as possible for the purpose of supplying their immediate
needs by observing definite and generally accepted rules of action. The
international Labour Organization(ILO) defined cooperative society as "an
association of person usually of limited means who voluntarily, democratically
come together to achieve a common economic and social objective of its members
by making equitable contribution to the capital required and accepting a fair
share of the risks benefits of the undertaking". As can be seen from the
definition above member of cooperative society must join voluntary i.e without
any coercions or force but should join by their own volition and willingness,
the cooperative favours the doctrine of equal rights, benefits and opportunity
for all vested in a management committee or board of directors but in the
general meeting of members.
Allmembers
of cooperative pursue identical society and economic interest to achieve a
common goal and such, all members share in risks and benefits, benefits in the
form of patronage rebate i.e a share of surplus and risks by forfeiting the
capital contributed in event of winding up. Equitable contribution that does
not permit overwhelming percentage of the total is required i.e just reasonable
and modest contribution by all members. All over the world, cooperative society
could be in form of agricultural cooperative, marketing cooperative, consumer
cooperatives, fishermen, artisan, informal, thrift and credit cooperative.
For the
purpose of this study, the financial management and survival of cooperative
society in Nigeria with respect to Yaba college of Technology as a case study
is studied and examined.
1.2 Statement of the Problem
This
research work is channel towards exposing the problem facing the management and
survival of cooperative society. Cooperative Societies spring up day in day out
in Nigeria but many of them do not stand the test of time due to one factor or
the other. Also, cooperative society without the legal backing of the
organization or institution of its existence die as a result of transfer,
death, corruptive attitude, insolvent state, retrenchment and other of the financial
members. The purpose of cooperative societies in many organization today are
deviating from the instituted reason of the establishment. Also, most of the
cooperative societies are not in accordance with the stated recommendation,
rules and regulations that established the concept. Today, as a result of
restructured of financial banks in Nigeria caused a lot of mergers amongst
banks and the place of communities banks were nearly eradicated. They also were
to follow a set of procedure in affiliation with one commercial bank.
Activities of some of them now is synonymous with the idea and practice of
cooperative societies with respect to their daily, weekly and monthly donations
of individual or retailers and wholesalers. The question is that "Is
present Microfinance Banks the same with the initiated cooperative society or
taken over its functions?" There is need to differentiate and compare
their activities, roles and functions in societies in relation to the past and
present.
1.3 Purpose of the Study
The purpose
of this study focus on the financial management of the available funds in the
account of cooperative society. Strategic allocation of both excess and idle
fund. Identification of debt recovery step component and procedures. And
analysis of various source of funds of cooperative societies. This research
work will serves as a basis for the present day cooperative society,
microfinance banks and government to utilize the economic viability of
cooperative society in order to improve people standard of living and
drastically ameliorate and mitigate the sporadic poverty in the Country.
1.4 Research Questions
The
following research questions would be addressed with respect to the
significance of the research work.
i. What are the necessary tools
required for proper financial administrationa cooperative society?
ii. How can credit be managed in a
cooperative society?
iii. What should be the debt recovery steps
and procedures?
iv. What are the various ways and systems through
funds can be generated and managed in cooperative societies?
1.5 Research Hypothesis
The testable
hypotheses for this research work shall be:
Ho: Cooperative societies can survive without
efficient financial management
Hi: Cooperative societies can survive with
efficient financial management
1.6 Scope of the Study
This
research work is restricted to the cooperative society within Lagos Mainland
area with reference to Yaba College of Technology Cooperative Society.
Although, various cooperative societies can be found all over Lagos State with
different dimension of operation. But due to the fact that Yaba College of
Technology Cooperative is as old as the institution itself .at the same time
strictly followed the basic rules and regulations that established the
organization.
1.7 Significance of the Study
The concept
of financial management became more prominent because it is assumed that the
cooperators so much trust themselves without considering the sophistication in
the economy and its implication on their funds. This study is channeled towards
exposing the relevance of cooperative society to the members as well as to the
society at large. It will be of relevant to the existing cooperative societies
the necessary protocols, procedures and doctrine of cooperative society. Some
member of the society do not aware their right with respect to their
contribution as well as interest on their contribution. This will help majority
at large about the formation of cooperative society processes and change their
crude methods and unethical means of money collection. It will also help people
to be aware of the minimum and maximum percentages of interest the members
should be charged with respect to the amount borrowed and systematic way of
refund.
1.8 Limitation of the Study
The time
available for investigation was not enough to extend to other cooperative
societies because of the short period of time within which the report would be
submitted. Hence, it would be based on information gathered in Yaba College of
Technology Cooperative Society alone. Resources at the disposal of the
researcher were not enough to extend this scope and also influenced by
financial constraint.
1.9 Definition of Terms
By-law: This
is the law by a society members in the exercise of the power conferred by
decree 90 of 1993 of cooperative society law.
Committee:
This is the governing body by whatever name called of a registered societyto
which the management of its affairs is entrusted
Cooperators:
These are person(s) or registered society join the application for registration
of a society.
Secondary
Society: This is the registered society established to facilitate the
operations of society in accordance with cooperative principles.
Dividend:
These is the share of profit of members of a registered society divided among
its members in proportion to the share capital held by them.
Executives/Officers:
These are the people empower under the regulation or bye- laws to give
directions in regard to the activities and management of a registered company.
Arbitration:
The settlement of dispute by the decision of a person(s) chosen as judge.
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