By GINIKA OKOYE

Cooperative societies have called for the establishment of a Cooperative Development Commission to strengthen regulation and address challenges affecting the sector.

The stakeholders made the call on Saturday in Abuja during activities marking the 2026 International Day of Cooperatives.

Mr Pius Obianyor, General Manager, Central Bank of Nigeria Staff Multipurpose Cooperative Society, said a dedicated commission had become necessary to effectively regulate cooperative activities nationwide.

He said the proposed commission, similar to the National Insurance Commission, would improve coordination, regulation and dissemination of information to cooperative societies across the country.

“What we are doing currently is not working. We need a commission that will handle cooperative issues,” he said.

Obianyor also advocated a review of the Cooperative Act to strengthen dispute resolution and improve accountability within cooperative societies.

He proposed provisions to discourage prolonged litigation after internal dispute resolution mechanisms had been exhausted, saying court cases often disrupted cooperative operations.

He also called for stricter sanctions against cooperative managers who mismanaged members’ funds.

“People should be held accountable and prosecuted where cooperative funds are mismanaged,” he said.

Mr Monday Ameh, Secretary of the Independent Corrupt Practices and Other Related Offences Commission Staff Multipurpose Cooperative Society, urged the government to simplify registration procedures for cooperatives.

According to him, many cooperative societies face cumbersome registration requirements.

Also speaking, Mrs Mujidat Abdulrahman of Milestone Cooperative Society appealed to the Federal Department of Cooperatives to engage community-based cooperatives more actively to enhance financial inclusion.

Earlier, President of the Abuja Cooperative Federation, Mr Emmanuel Atama, said the 2026 theme, “Cooperatives for a Peaceful World,” underscored the role of cooperative enterprises in promoting social justice, inclusion and solidarity.

He said the annual celebration sought to raise awareness of cooperatives’ contributions to sustainable development and strengthen collaboration between the United Nations and the global cooperative movement.

According to him, cooperatives play a critical role in meeting grassroots needs, promoting domestic production and supporting disadvantaged groups.

Atama commended the Federal Government for efforts to resolve longstanding issues within the cooperative movement.

He specifically acknowledged the Supervising Minister of State for Agriculture and Food Security, Sen. Aliyu Sabi Abdullahi, for initiatives aimed at repositioning the sector.

He also urged Nigeria to adopt Kenya’s cooperative regulatory model to improve governance and oversight.

The News Agency of Nigeria (NAN) reports that activities marking the day included a road walk and a quiz competition attended by cooperative executives from across the Federal Capital Territory. (NAN)