ABCOF Registers 8,000 Societies in FCT

Abuja Cooperative Federation (ABCOF) has registered over 8,000 Cooperative Societies of different economic backgrounds in the Federal Capital Territory Abuja (FCTA) out of which number, 46 percent are involved in agricultural and agro-allied businesses.
ABCOF which is the regulatory body of all Cooperative Societies in the FCT further revealed that it has constituted a disciplinary taskforce with the strict mandate of investigating and sanctioning fraudulent Cooperative Societies.
Mr. Alex Njoku, chief registrar of Cooperatives,  and Alhaji Mustapha Bala Batsari,  executive Secretary of Agriculture and Rural Development Secretariat (FCTA), made the disclosures while speaking at a two-day seminar with the theme “Cooperating out of poverty”.
It was jointly organized by the Abuja Cooperative Federation (ABCOF) in conjunction with the Finance Correspondence Association of Nigeria (FICAN).
Njoku who delivered a keynote address on behalf Alhaji Batsari to declare the seminar open said that the nation could not move forward without the active roles of cooperative societies most especially at this period of Global economic meltdown.
He said that Nigeria cannot stand aloof while other countries were evolving strategies of empowering the active poor through viable Cooperative societies nationwide.
According to him, “We are not alone in this crisis. Everywhere in the World,  nations are experiencing their own labour pains as they experiment with one prescription after the other, in search for a new other.
As a key player in the growth and development of cooperative societies in the Federal Capital Territory, and in line with the seven-point agenda of the present administration, Agriculture and Rural Development Secretariat (FCTA), has registered about 8,000 cooperative societies of different economic background, forty-five percent of the number are agricultural farmers and agro-allied cooperative societies.
“The present administration has, since its inception, systematically pursued the policy of strengthening cooperative societies in the FCT as important vehicles for enhancing greater participation in governance at the grass root level.”
While presenting a paper on the “Overview of cooperative societies in Nigeria: Challenge of regulation”, Mr. Njoku said that because of the discovery that some cooperative societies were existing illegally and engaged in fraudulent activities, the ABCOF had set up a disciplinary committee to thoroughly investigate and blacklist the culprits.
He regretted that in the past top government officials had connived with these fraudulent cooperative societies to siphon government funds to other uses other than genuine programmes aimed at alleviating the plight the people.
He alleged that many years ago, some Government officials who operated the Federal Government’s Family Economic Advancement Programme (FEAP) diverted funds meant for the implementation of the programme through some cooperative societies, to settle their friends and relations.
“Cooperative offer excellent opportunities for the achievement of both individual and group economic empowerment. Nevertheless, cooperative activities if not carefully planned and implemented may lead to dire economic consequences that may negate the objectives of their establishment”, he warned.