The Osun State government has deregistered all Atunto Osun Cooperative Society across all local government in the state as well as several other cooperative societies over violation of Cooperative laws, Regulations and principles.
This was contain in a document obtained by Osun DailyNG with reference number MCE/CSR/001 and signed by Babatunde Ogunjide, Director of Cooperative Services, Ministry of Cooperative and Empowerment gave reasons for the decision to include failure to submit to the supervision of the Regulatory Agency of Government that registered them and Non-submission of their records and books of account for inspection and audit by the Regulatory Agency and the delegated Federation of Osun state Cooperatives Limited (FOSCOOP).
The ministry has taken this action in order to ensure that cooperative societies operate within the legal framework and uphold ethical standards.
The declaration comes as a result of an extensive review and assessment of various cooperative societies across the state. Those found to be in violation of the laws, regulations, and principles governing cooperatives have been deemed illegal by the ministry.
Affected Cooperative Societies include; All Local Government Christian Staff Cooperative Societies; All Local Government Muslim Staff Cooperative Societies; All “Atunto-Osun” Cooperative Societies in the thirty (30) LGAs and Ife East Area Office; Osogbo Nigerian Immigration Staff CICS limited.
Other are; Osogbo Federal Inland Revenue Staff CICS Limited; Osogbo Asubiaro NAMN Cooperatives Limited; Osogbo Federal Road Safety Staff CICS Limited and; Federal Pay Office Staff CICS Limited.
This move is aimed at safeguarding the interests of members of cooperative societies and maintaining the integrity of the cooperative movement in Osun State. By cracking down on illegal cooperative societies, the ministry seeks to promote transparency, accountability, and good governance within the cooperative sector.
The ministry has urged all cooperative societies in the state to adhere to the established laws, regulations, and principles, and has emphasized the importance of conducting business in a manner that is compliant with the legal framework.
Members of the public have been advised to be cautious and to verify the legality of any cooperative society before engaging in any form of business or financial transactions with them. It is essential for individuals to ensure that they are dealing with legally recognized and compliant cooperative societies in order to protect their interests.
The Osun State Ministry of Cooperative and Empowerment remains committed to fostering a conducive environment for the growth and sustainability of cooperative societies in the state, and will continue to take necessary measures to enforce compliance with the laws, regulations, and principles governing the cooperative movement.
