{"id":117486,"date":"2025-04-16T15:48:37","date_gmt":"2025-04-16T14:48:37","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=117486"},"modified":"2025-04-16T15:48:37","modified_gmt":"2025-04-16T14:48:37","slug":"fg-to-establish-cooperative-bank-fully-owned-by-members","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/fg-to-establish-cooperative-bank-fully-owned-by-members\/","title":{"rendered":"FG to Establish Cooperative Bank Fully Owned by Members"},"content":{"rendered":"<div style=\"text-align: justify;\">Daniel Adaji<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The Federal Government plans to establish a Cooperative Bank that will be entirely owned and managed by members of cooperative societies, according to the Minister of State for Agriculture and Food Security, Senator Aliyu Sabi Abdullahi.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Speaking at the South-East and South-South Cooperative Stakeholders Forum held at the Federal Cooperative College, Oji River, Enugu State, Abdullahi said the bank will serve the specific needs of cooperators and promote inclusive economic empowerment.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">In a statement shared with journalists on Wednesday, the minister said, \u201cThe expected outcomes and Key Performance Indicators include&#8230; facilitating the establishment of a Bank for Cooperative Societies that will be solely owned and governed by Cooperators themselves to serve their needs.\u201d<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The proposed bank is part of broader reforms under the Renewed Hope Cooperative Reform and Revamp Programme, aimed at revitalizing Nigeria\u2019s cooperative sector and aligning it with global best practices.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Abdullahi emphasized the government&#8217;s commitment to ensuring the sector plays a critical role in economic growth and food security.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">\u201cA revamped cooperative sector would ensure empowerment and prosperity for Nigerians,\u201d he said, adding that cooperatives worldwide contribute significantly to economic and social development.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">\u201cThe largest cooperatives globally are about 300 and generate a total turnover of $2.4 trillion. They play a significant role in reducing hunger and alleviating poverty worldwide,\u201d he noted.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">He revealed that agricultural cooperatives alone contribute 35 per cent to the global cooperative asset base and turnover.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Abdullahi said the administration is prioritizing stakeholder engagement, capacity building, and legal reforms.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">\u201cThis training is a prelude to bigger and better things for the cooperative sector,\u201d he said.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">He noted plans to review the Nigerian Cooperative Societies Act and launch a new national policy for cooperative development by 2025.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The minister also assured that fake cooperative societies would no longer be tolerated, and measures were being taken to sanitize the system.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">He said the National Council on Cooperative Affairs would soon be convened to enhance collaboration between the federal and state cooperative systems.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Provost of the Federal Cooperative College, Oji River, Dr Jude Ejikeme, described the workshop as \u201ca platform for intensive training and interaction with key stakeholders from the South-East and South-South geo-political zones.\u201d<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">He expressed optimism that the programme would deepen government-stakeholder dialogue and equip participants with the knowledge to drive modern, resilient cooperatives.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The event also featured the inspection of the college by the minister and the unveiling of four official vehicles to support institutional operations.<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Daniel Adaji The Federal Government plans to establish a Cooperative Bank that will be entirely owned and managed by members of cooperative societies, according to the Minister of State for&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":39786,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-117486","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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