By Stella Odueme
The Federal Government has launched a ₦200 billion share capital mobilization campaign to establish the proposed Cooperative Bank of Nigeria as part of the Renewed Hope Cooperative Reform and Revamp Programme (RH-CRRP).
The initiative was unveiled by the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Senator Dr. Aliyu Sabi Abdullahi, during the North-West Zonal Engagement of the Ministerial Advocacy Tour at the Umaru Musa Yar’Adua Hall in Kaduna on Thursday.
According to the Minister, in a statement by the Head, Department of Information, Ezeaja Ikemefuna, the campaign aims to mobilize investments from 10,000 cooperative societies across the 36 states and the Federal Capital Territory through a structured contribution plan.
Under the arrangement, 1,000 societies are expected to contribute between ₦21 million and ₦50 million each, 3,000 societies between ₦16 million and ₦20 million, while 6,000 societies will contribute between ₦1 million and ₦15 million.
Abdullahi said the initiative is designed to create a strong, sustainable and nationally owned financial institution capable of supporting agricultural development, enterprise growth, financial inclusion, housing, transportation, value-chain development and wealth creation for millions of Nigerians.
“This programme is not a government project imposed from above. It is a movement-driven reform agenda that seeks to give life to aspirations that cooperative stakeholders have expressed for decades,” he stated.
To ensure continuity beyond the current administration, the Minister disclosed that the Ministry has established an Inter-Ministerial Technical Committee for policy coordination and a National Steering Committee comprising Ministries, Departments and Agencies (MDAs), apex cooperative organizations and development partners. Dedicated desk officers have also been assigned to each of the seven strategic pillars of the RH-CRRP.
He explained that the ownership structure of the proposed Cooperative Bank would preserve cooperative control while attracting strategic investment.
Under the arrangement, 65 percent of the bank’s equity will be owned by cooperative societies through the Cooperative Trust and Investment Society of Nigeria (CoopTrust), 30 percent will be available to institutional investors, development finance institutions, impact investors and individual cooperators, while five percent will be reserved for employees under a Share Ownership Scheme.
The Minister also announced plans to deploy the National Cooperative Digital Architecture Platform (NCDAP) to address data management challenges within the cooperative sector. The platform will include the National Cooperative Smart Registry (NCSR), Cooperative Verification Number (CVN), CoopID and the CoopCHECK Credit Bureau powered by CreditRegistry.
“We cannot build a modern, globally competitive cooperative economy using outdated analog systems,” Abdullahi said.
Highlighting the historical significance of cooperatives in Nigeria’s economic development, the Minister recalled how cooperative societies contributed to the growth of the groundnut, cotton, hides and skins industries in Northern Nigeria, as well as cocoa and palm produce production in the western and eastern regions of the country.
