South-West Stakeholders Rally Behind Cooperative Bank of Nigeria, Digitalization Drive at Ministerial Advocacy Tour in Lagos

LAGOS, NIGERIA — May 11, 2026

Stakeholders across the cooperative ecosystem in South-West Nigeria converged in Lagos State on Monday for the official flag-off of the Ministerial Advocacy Tour on the Cooperative Bank of Nigeria Share Capital Mobilization, Sensitization and Cooperative Sector Digitalization Drive, a major reform initiative under the Federal Government’s Renewed Hope Cooperative Reform and Revamp Programme (RH-CRRP).

The strategic engagement, held at the LASCOFED Multipurpose Hall, Ikeja, Lagos State, brought together cooperative leaders, state directors of cooperatives, investors, development partners, financial institutions, technology providers, youth and women cooperative groups, Persons with Disabilities (PWDs), transport unions, farmers’ cooperatives, artisans, and key stakeholders from across the South-West zone.

The advocacy tour is being championed by the Federal Ministry of Agriculture and Food Security (FMAFS) under the leadership of the Honourable Minister of State for Agriculture and Food Security, Sen. Dr. Aliyu Sabi Abdullahi, CON, as part of efforts to reposition the Nigerian cooperative sector for economic inclusion, financial empowerment, and digital transformation.

Cooperative Bank Project Gains Massive Support A major highlight of the engagement was the presentation of the proposed Cooperative Bank of Nigeria (CoopBank) and its nationwide share capital mobilization framework.

Stakeholders were sensitized on the ownership structure of the proposed national cooperative bank, which provides:

65% controlling equity for cooperative societies and cooperators,

30% non-controlling equity for strategic institutional and individual investors, and

5% equity participation for employees.

The Minister explained that the initiative followed resolutions reached at the 8th Regular Meeting of the National Council on Cooperative Affairs (NCCA) in Abuja, where stakeholders adopted the Renewed Hope Cooperative Reform and Revamp Programme, a seven-pillar reform framework aligned with President Bola Ahmed Tinubu’s Renewed Hope Agenda and national economic transformation objectives.

According to Sen. Abdullahi, the proposed bank is designed to provide affordable and inclusive financial services to cooperators, farmers, artisans, traders, women, youths, MSMEs, and Persons with Disabilities (PWDs) who are often excluded from mainstream banking systems.

He acknowledged that previous cooperative banking models collapsed after drifting away from cooperative principles and becoming excessively commercialized but stressed that the new framework had been intentionally structured to avoid past failures.

“We are building a cooperative financial institution that preserves cooperative ownership, strengthens accountability and fully complies with modern banking and regulatory standards. The mistakes of the past have been carefully studied, and this model is intentionally structured to protect the interests of cooperators,” the Minister stated.

He further clarified that the Federal Government would not directly finance the bank, describing the initiative as:

“Government-enabled but privately driven.”

According to him, the government’s role would focus on policy direction, regulatory support, and stakeholder coordination, while capital mobilization would come from cooperative societies and strategic investors nationwide.

The Minister also disclosed plans for the proposed Cooperative Trust and Investment Society of Nigeria, which will drive investments into housing, transportation, agro-processing, logistics, retail, and digital services within the cooperative ecosystem.

Digitalization Drive Takes Centre Stage Another major focus of the Lagos engagement was the unveiling and sensitization on the National Cooperative Digital Architecture Platform (NCDAP), a technology-driven framework designed to modernize cooperative administration, identity management, financial access, compliance, and data governance nationwide.

The digitalization initiative introduces critical innovations including:

Cooperative Verification Number (CVN)

Cooperative Members Identification Number (CoopID)

Smart cooperative registry systems

Digital financial access channels

Cooperative ERP and compliance systems

Data analytics and intervention tracking dashboards

The Minister lamented that the absence of credible and centralized cooperative data had weakened policy formulation, discouraged investors, and limited effective intervention planning over the years.

To address this challenge, he explained that the CVN and CoopID systems would integrate with Nigeria’s National Identity Number (NIN) architecture to improve transparency, accountability, traceability, financial inclusion, and governance across the sector.

“With reliable data, government will plan better, investors will make informed decisions and development interventions can be targeted more effectively. It is time for the cooperative sector to take its rightful place within Nigeria’s formal economic architecture,” he said.

Strategic technology and financial partners supporting the initiative include:

Seamfix

SEKAT Technologies

CreditRegistry Bureau

KaiOS Technologies

Wema Bank

Demonstrations during the session showcased how the digital ecosystem would support rural cooperatives through mobile platforms, web portals, feature phones, and agent networks.

Lagos State Unveils ₦10 Billion Cooperative MSME Finance Initiative Also speaking at the event, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Bada Ambrose-Medebem, disclosed that the Lagos State Government had released ₦5 billion as its counterpart contribution under the Lagos State–Bank of Industry Access to Finance for SMEs Through Cooperatives Initiative (LASMECO).

According to her, the ₦10 billion programme is designed to provide affordable single-digit interest loans to cooperative-based Micro, Small and Medium Enterprises (MSMEs) across Lagos State.

She explained that programme accelerators would soon be onboarded before applications are opened to qualified beneficiaries.

“Eligible cooperative-based MSMEs will be able to access loans of up to ₦10 million at nine per cent interest, with a six-month moratorium and repayment tenure of up to two years. The objective is to expand access to affordable financing for grassroots enterprises that are often locked out of traditional credit systems,” she stated.

Mrs. Ambrose-Medebem noted that cooperatives globally account for more than one billion members, while the world’s top 300 cooperatives generate annual revenues exceeding $2 trillion annually.

She stressed that Nigeria could no longer afford to treat the cooperative sector merely as a social intervention platform, emphasizing its strategic importance to economic growth, enterprise development, and financial inclusion.

The Commissioner further disclosed that Lagos State had already commenced the deployment of:

Digital registration systems,

Electronic documentation platforms, and

Automated member management processes

to modernize cooperative administration and eliminate bureaucratic bottlenecks.

“When fully operational, the digitisation process will deepen transparency and strengthen confidence within the cooperative ecosystem. Members will have easier access to financial records, transaction histories and operational updates in real time,” she said.

She added that the administration of Governor Babajide Sanwo-Olu had prioritized:

Sound cooperative management practices,

Corporate governance,

Institutional accountability, and

Capacity-building for cooperative leaders, particularly in the areas of financial management, digital bookkeeping, audit compliance, internal controls, and strategic planning.

Participants at the Lagos engagement commended the Federal Ministry of Agriculture and Food Security for initiating what many described as one of the most ambitious cooperative sector reform efforts in recent decades.

Leaders of cooperative federations and sector groups expressed optimism that the establishment of the Cooperative Bank and the digitalization framework would significantly improve access to finance, governance standards, operational efficiency, and investor confidence within the sector.

The event also featured:

Goodwill messages,

Technical presentations,

Interactive stakeholder sessions,

Policy discussions,

Media engagements, and,

Calls for stronger inter-state collaboration within the cooperative movement.

In his vote of thanks, the Federal Director of Cooperatives, Federal Ministry of Agriculture and Food Security, Dr. Mohammed Bashir Abdulkadir, expressed optimism about the future of Nigeria’s cooperative sector.

He noted that the discussions and stakeholder engagements at the Lagos event demonstrated the cooperative movement’s enormous potential to drive inclusive economic growth and national development.

“As we commence this nationwide advocacy and mobilisation tour from the South-West zone, we look forward to stronger collaboration, wider stakeholder participation and greater support toward the successful realisation of the Cooperative Bank of Nigeria and the Cooperative Sector Digitalisation Drive,” he said.

The Lagos meeting marked the official South-West flag-off of the nationwide advocacy tour, which is expected to continue across the six geopolitical zones of the country in the coming months as the government intensifies efforts to reposition cooperatives as a strategic pillar of Nigeria’s economic transformation agenda.