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Full Project – Enhancing the performance of cooperative societies through the application of cooperative principles and legislations

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CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

Cooperative has dual or double identity in a sociological sense with variable membership and variable capital whose members having pulled their resources on the base of self help, solidarity, mutual assistance and self reliance to form a democratically managed controlled business enterprise in which the members actively participate and whose basic objectives is the promotion of socio-economic interest of the members through the solution of at least one socio-economic problems of those members by directly providing them goods, capital and service or employment in the members dual capacity either owner customer or owner employees.

This above is applicable in Ekeonunwa Owerri cooperative thrift and credit society limited in which members shop inside the market. The Ekeonunwa cooperative thrift and credit society limited is at number one (1B) Ekeonunawa Street Owerri. It was registered on 14^th June 2004 with the registration number of 1M6728. Presently, the number of the members of the society is two hundred and fifteen (215) members.

The society did not start as a thrift and credit society rather as a contribution society about 25 years ago with four members. But on the cause of their operation, it was converted to thrift and credit society. The tenure of office is three years and election is usually by one man one vote (democracy) but it is secret voting. The acceptable years for membership is from 18 years and above, including male and female who are interested and willing to serve the society and themselves also.

The restriction as it regards to normal person is underage.

The names of the officers are as follows;

Mr. Austin Ozuruigbo – President

Mr. Chijioke Obijuru – Vice President

Mr. Osita Ugorji – Secretary

Mr. Godwin Okeada – Assistant Secretary

Mrs. Blessing Stanley – Financial Secretary

Mr. Samson Ozuruigbo – Treasurer etc.

HOWEVER, THEY ENCOUNTER SIMILAR PROBLEMS LIKE LACK OF FINANCE:

This constitutes a serious constraint in Ekeonunwa Owerri cooperative thrift and credit society limited because of the inability of the members to generate and mobilize funds for their own substance.

The loans and grants provided by the state government and other secondary financing agencies have similarly proved inadequate for the number of members involved in the cooperative society.

LACK OF EFFECTIVE LEADERSHIP AND QUALIFIED

Personal: Since most of the leaders in Ekeonunwa Owerri cooperative thrift and credit society entrusted with the responsibility for managing the society have not been properly trained and exposed to modern management techniques, the society has generally been operating under poor management, ineffective control and sometimes resulting to heavy financial losses. The societies are there seldom able to compete effectively with ordinary business organization or sustain the confidence of their members. The situation has been worsened by the high turnover of officials who are deserting the society for more attractive opportunities elsewhere.

Inadequate public awareness: Lack of public awareness about the existence and usefulness of the cooperative thrift and credit society movement as well as its potentials for catering for the welfare of the members has prevented many potential members from joining the society.

STATEMENT OF THE PROBLEM

The major problem facing cooperative societies in Nigeria especially in Owerri municipal is lack of adequate capital, lack of effective leadership and qualified personnel, and poor application of cooperative principles and legislations in the management of their cooperative society. A good number of cooperative members do not even have the knowledge of what cooperative principles is all about. Therefore the statement of the problem of this research is “poor management” which comes out the negligence of the impact of the enhancing the performance of cooperative societies through the application of cooperative principles and legislations in the cooperative society. This has led to a lot of serious problems like-

Low performance in the productive societies
Liquidation of many cooperative societies

Conflicts of among cooperative members and even between their supervisors.

OBJECTIVE OF THE STUDY

The main objective of this research work is to investigate and know whether cooperative societies in Imo State to be specific in Owerri Municipal thrift and credit society limited in Ekeonunwa are enhancing their performance through the application of cooperative principles and legislations in the management of their cooperative societies. The specified objectives includes:

To examine the extent cooperative principles and legislations have been applied in the cooperative societies in Owerri Municipal.
To examine the effect of applying cooperative principles and legislations in their cooperative society.

To determine the relationship between cooperative principles and legislations and the performance of cooperative societies.

To identifies the existing cooperative principles and make legislations applicable to their society.
To make suggestion on how to improve cooperative development strategies.

RESEARCH QUESTION

Does non application of cooperative principles and legislations brings conflict between the cooperative members, government and cooperative supervisors?
Does non application of cooperative principle and legislations brings organizational conflict among the members?

Does application of cooperative principles and legislations enhance the performance of cooperative societies in Ekeonunwa market thrift and credit society limited in Owerri municipal.

STATEMENT OF HYPOTHESIS

It is relevant to note that during the course of this study, many divergent views were raised, investigated and verified. Others that cannot be confirmed immediately were reconciled through the use of hypothesis formulations which are listed as below.

HO: Application of cooperative principles and legislations brings conflict between the cooperative members and cooperative supervisors.

HI: Application of cooperative principles and legislations did not brings conflict between the cooperative members and cooperative supervisors.

HO: The appraisal techniques adopted on enhancing cooperative principles and legislations is not true test of performance.

HI: The appraisal techniques adopted on enhancing cooperative principles and legislation is a true test of performance.

SIGNIFICANCE OF THE STUDY

The study is concerned very important because it is very current and relevant for cooperative development in Nigeria. It will go a long way to help those newly established association “cooperative” since they would be equipped with guide to run the affairs of their societies. This study is very useful for the government and cooperative members in handling cooperative problems. It will also serve as a reliable source of references to other researchers with related field of study. It is from the perspective that one can understand the importance of this study.

SCOPE OF THE STUDY

This scope of this study is limited to the cooperative societies in Owerri, Municipal in Imo State. Although the researcher covered only the registered cooperative societies in Owerri metropolis.

LIMITATION OF THE STUDY

As a researcher, I encountered some difficulty in the course of this research work. This is because some members of the cooperative society find it difficult to furnish the research work with the whole information easily they see it as disclosing the organization secret. Some of this problem are as follows-

Finance
Information

Time etc.

Although these problems placed limitation on this study. But it did not prevent the researcher from carrying out a detailed and comprehensive research work on the subject matter.

DEFINITION OF TERMS

For more understanding of every part of this project some words used are defined as below:

Co-operative- This is a mutual understanding that exists between two or more people towards a particular interest.
Co-operative society- This is an autonomous association of persons united voluntarily to meet their common economic, social and cultural needs and aspirations through jointly owned and democratically controlled enterprise.

Principle- This is a set of rules which govern the life and activities of the cooperative organization. It can also be defined as guiding rules for orderliness in society.

Legislation- This refers to those principal and subsidiary rules drawn from the cooperative principles and made to regulate the internal administration and external relationship of various types of cooperative societies in the country.
Equal vote- This implies that every member of the society have equal voting rights, that is one man, one vote.

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