I was opportuned today Tuesday September, 10, 2019 to attend an Annual General Meeting (AGM) of a Consumer Cooperative society named *Sayedero (Remo) Cooperative Consumer society Limited in Ode – Remo, Ogun state.*
To my surprise, the Director of Cooperative, Ministry of Community Development & Cooperative, Ogun state – Mr Oladipupo B.O affirmed that Sayedero is the only COOPERATIVE CONSUMER Society in Ogun state. Most existing one are just department/trading section of a Multipurpose cooperative Societies.
This society was established on 2nd April, 1977 and while celebrating their 27th AGM declared a Net Surplus of N1,067,585.26 from trading of Cement, LiteSpan, Ceiling, Ridges, Nails etc despite the economy of the country.
Though shareholding is held only by Union & Society, its management committee were able to manage the society efficiently and no loan way granted in the financial year 2018.
This type of Cooperative business model help traders & sellers to make the best use of bulk purchasing power distribute such among members, generate surplus and redistribute such among member.
Other advantages of Consumer Cooperative are:
(a) value of the shares of a cooperative society is limited, therefore, it attracts many people.
(b) The control and management of society is democratic.
(c) Consumer societies lead to the elimination of middlemen.
(d) Since the control and management of the society is in the hands of the members, it ensures better quality of goods to the members.
(e) Economies of large scale purchases are availed by the societies etc.
Despite the fact that Cooperative Multipurpose Societies & Cooperative Thrift & Credit societies in Ogun state makes up 95% of cooperative societies, at least we have one successful & sustainable consumer cooperative society that we can make reference to and serve as prototype for future establishment of such.
Where? Here, there & everywhere.