Group seeks creation of cooperatives ministry
By Felicia Imohimi
Maistrade Multiple Cooperative Society Limited (MAIS) has called for the creation of ministry of cooperatives or cooperatives commission for effective coordination of cooperative societies across all sectors.
Mr Benjamin Aduli, Chief Vision Officer of MAIS, made the appeal in Abuja at the “Unveiling of 5-billion-dollar Assured Invest Cooperative Trust Fund and Unlocking a New Era in Cooperative Financing.”
The News Agency of Nigeria (NAN) reports that the theme of event was “Empowering Agro Micro, Smallholder and Medium Enterprises (MSMEs) through Cooperative Capital and Technology.’’
Aduli faulted the existing law on cooperative societies that placed all cooperatives under the ministry of agriculture.
“We either need a ministry of cooperatives or cooperatives commission, because at the moment, Nigerian Corporate Law of 1947, which was reviewed in 1994, placed cooperative societies under the Ministry of Agriculture.
“Every sector like labour, water, production, transport, mining, among others, have their various cooperative societies.
“Putting everything under the ministry of agriculture means that the regulators in the ministry will be seeing everything from the perspective of agriculture; so, the law needs to be updated to meet current realities.’’
Aduli said the fund unveiled was a movement and bold declaration that cooperative capital, when properly structured, transparently governed and purposefully deployed, could unlock the full economic potential of the people, farmlands, small businesses, and national future.
He said Nigerian cooperative system had been treated as an afterthought—underutilised, underfinanced, and underestimated for decades.
“Today, that era ends; with this fund, we are shifting from marginalisation to mobilisation.’’
Aduli identified the fund as a public investment scheme and secured cooperative financing framework created by members, for members, and through members.
“The Assured Invest Fund is truly historic because it is demand-driven nature unlike traditional financing models that are supply-driven—flooding the market with unsolicited capital.
“This fund responds only to verified cooperative demand; it is tailored to the real, structured needs of cooperative members across board irrespective of location.
“This fund is backed by institutional capital, governed by cooperative law, not securities law, driven by clear cooperative use-cases: food production, mechanisation, housing, education, clean energy and digital inclusion,” he said.
Dr Esther Audu, National President, Women in Agriculture Cooperative Federation, said the fund was first of its kind in Africa.
According to her, it is a demand-driven fund, not a supply-driven one.
She said the fund did not push capital into speculative programmes; rather, it responds to verified cooperative demand and needs.
“It ensures that every kobo mobilised directly impacts real people, real enterprises and real communities.
“It is built on the principles of shared risk, shared return and shared vision.
“This fund is not a public investment scheme—it is a cooperative financing model, rooted in the law, backed by trust and driven by a mission to uplift people,” she said.
Mr Nathan Nwachukwu, Chief Executive Officer, Terra Industries, while unveiling the National Drone Surveillance Programme for Nigerian Farmlands, described the gesture as the beginning of a bold and necessary transformation in Nigeria’s agricultural security and national food systems.
Nwachukwu said the programme was a strategic intervention that recognised urgent need to protect food producers, safeguard agricultural assets and ensure that the efforts of farmers would not be a waste.
He said the organisation would roll out surveillance coverage across 40,000 hectares in Kogi, protecting more than 20,000 rice farmers operating under the MAIS Cooperative network in the first phase.
According to him, drones will deliver 24 hours aerial surveillance. (NAN)(www.nannews.ng)
Edited by Chijioke Okoronkwo
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