THE ACTIVITIES OF I.M.T MULITI-PURPOSE CO-OPREATIVE SOCIETY LTD ENUGU
THE ACTIVITIES OF I.M.T MULITI-PURPOSE CO-OPREATIVE SOCIETY LTD ENUGU
(FROM 1995 – 2004)A CASE STUDY OF I.M.T ENUGU
MULTI- PURPOSE CO—OPERATIVE SOCIETY LIMITED I.M.T ENUGU
To achieve this the researcher under took the project work by making a case study of IMT multi-purpose co-operative society and individuals with sound knowledge of co-operative for the purpose of getting relevant primary and secondary data tat will be helpful in the research analysis.
The primary data are in the from of face to face interview with some students of IMT Enugu especially students of co-operative Economics and management and individual making up the suppressed of the study.
Review of conceptual and actual research was done on past works of many author published reports, news papers and Journals. The data collected were analyses by writing a general background of multi-purpose co-operative society and their performance.
In view of the finding it was recommended amo0ng other thing that the achievements could be divided into past and present which include achievements created by the head of department co-operative , Economics and management department in general.
Co-operation is an interesting area of study . it teaches how the common people (consumers Employers, farmers, tenants, students and Artisans) can go into business successfully not for profit, but for service to themselves and by so doing eliminate for their live the daily exploitation which they suffer at the hands of profiteering middle men.
Anything done outside without co-operation breeds corruption exploitation of man by man bad business practice using stiff completion and ruthless pursuit for the markets and the likes.
TABLE OF CONTENTS
1.1 BACHGRUND OF THE STUDY
1.2 OBTECTIVE OF THE STUDY
1.4 SCOPE AND LIMITATION OF THE STUDY
1.5 DEFINITION OF TERMS
2.0 REVIEW OF RELATED LITERATURE
2.1 HISTORICAL BACKGROUND OF I.M.T ENUGU MULTI-PURPOSE CO-OPERATIVE SOCIETY
2.2 ORGANISATION OF I.M.T 9ENUGU) MULTI PURPOSE CO-OPERATIVE SOCIETY LIMITED
3.0 RESEARCH DESIGN AND METHODOLOGY
3.2 METHOD OF INVESTIGATION
3.3 MEMBERSHIP OF THE SOCIETY
3.4 OBJECTIVES OF THE SOCIETY
3.5 ECONOMIC ACTIVITIES UNDERTAKEN BY THE SOCIETY
3.6 ACTITTIES OF I.M.T ENUGU MULTI-PURPOSE CO-OPERATIVE SOCIETY LIMITED.
4.0 PRESENTATION ANALYSIS AND INTERPRETATION OF DATA
4.1 PRESENTATION OF DATA
4.2 ANALYSIS OF DATA
4.3 INTERPRETATION OF DATA
5.0 SUMMARY OF FINDING RECOMMENDATION AND CONCLUSIONS
5.1 SUMMARY OF FINDINGS
A co-operative society is a voluntary association of people formed to improve their economic status. In a co-operative society membership is not obligatory people join at their own will they are free and independent. A co-operative society can them be defined as an association of persons who off their own free will join together to solve their common and collective economic needs through mutual help enterprise.
There are other definitions of the international labour organization defines it as an association of person who have voluntarily joined together to achieve a common goal through the formation of a democratically controlled organization making equitable contributions to the capital required and accepting a fair share of the risks and actively participate. It must be emphasized that a co-operative society is a business organization and is recognized as such in the world over. In Economics and commerce the co-operative society is a business forms of business organization.
The above definition shows that for a co-operative to exist:-
- There must be groups of persons with a common need and with variable membership.
- The objective of the group must be to promote the economic interests of its members.
- Return to capital must be limited
1.1 BACKGROUND OF THE STUDY
The saying “necessity is the mother of invention.
This is very true in the sense that the co-operative was an invention of necessity.
The co-operative can be traced back to the stone age where people co-operated with one another in order to achieve easier objective but academically the modern day co-operation could be regarded as an advent of necessity originated in create Britain in the early 19th century as a result of the evil deeds of the industrial revolution which entire England people in that nation were in bad economic fortune which needed urgent solution. The capitalists were exploiting the working class who were below subsistence level the workers sanitary condition was pitiable.
Some critics began to criticize the evils of capitalism and to the government to do something to better the living conditions of the working class.
The most vocal of these critics was Mr. Robert Owen, who himself was a factory owner. It was Mr Robert Owen who suggested the formation of co-operatives as a check to capitalism and its attendant vices. He formed co-operative committees or villages of co-operatives between 1825 and 1827, four of such co-operatives
Were formed by Robert Owen but unfortunately they were not successful stories.
Neither less their impact was felt and they arouse into the interest in people to from co-operatives in the future which eventually met with success.
This is the reason why Robert Owen is known all over the world as the father of co-operative. The year 1844 is a very important one in the co-operative history. In August of that same year a small village of Rochdale , the first successful co-operative society that was launched was owned by 28 weavers. These 28 weavers are know in co-operative society history as the Rochdale Equitable pioneers because their successful co-operative society was launched in the village of Rochdale, England.
The above description is a brief study of the origin of co-operative in the world over. Now let us see briefly how co-operative society originated in Nigeria co-operative. Nigeria is above five decade old. The British co-operation having introduced co-operation wanted to do the same in Nigeria. The Nigeria government in 1933 appointed Mr. F.C strickland to make the feasibility study of the adaptability of co-operation in Nigeria. His report was accepted by the government and in 1935, the Nigeria co-operative society ordinance was enacted and in the following year 1936 regulation were drawn up to guide the running of co-operative society. In the same year cocoa co-operative society started and by 1944,there were a hundred and eight-one (181) co-operative societies in Nigeria which were gotten form the one ministry of works, commerce and industry.
1.2 OBJECTIVE OF THE STUDY
The reason for undertaking this case study cannot be overemphasized. I stand to gain a let form this study so are the numerous student of co-operative Economic and management.
However the greater benefactors will be the members of the IMT multi-purpose co-operative society limited which will find this case study as a valuable candid study that will expose their society.
This case study will expose me to the practical aspect of writing and making a case study of a gives subject.
The most important reason for undertaking this case study is to bring the IMT multi-purpose co-operative society limited under study. Their operational strength will be studied their weakness be looked into and how to correct them recommended. This study aims at x –raying their operational efficiency and their usefulness and impact in the society in general will also be checked to see if the objects usefulness economic reliability shortcomings and relevance in this modern time.
No person can doubt the usefulness of forming co-operatives to achieve a particular and specified goal but mistakably a lot of co-operatives were declared insolvent . this is not because they are not a reliable ventures for this time. It is because of bad management and this is why this case study of IMT multi-purpose co-operative society limited is of great importance as to look into the management of this co-operative.
1.3 SIGNIFICANCE OF THE STUDY
This study aims to x-ray the importance of co-operatives in this modern society whenever there is a co-operative society their social and economic importance are felt by the community.
As the co-operative are the association of people with common interest it is believe that the IMT Enugu multi-purpose co-operative society limited as the secretary of the society Mr.C. Nkeanyadi have lamented that it is helpful to the members to get their goods and services from the other areas at a minimum cost the performances of IMT Enugu multi-purpose co-operative society limited have been the topic of most discussion seminars symposia and conferences in recent past.
I hope to contribute my I deals through this study and also help enlighten co-operators and he public on the performance of the multi-purpose co-operative society limited in IMT.
1.5 DEFINITION OF TERMS
This involves buying things in large quantities co-operators;
These are member of co-operatives
These are audit co-operative societies both at primary and secondary levels.
Consumer co-operative society:
This is a business organization of consumers who pool their resources together to purchase consumer goods on wholesale basis store and result them to their members non-members at the prevailing market prices
Multi – purpose co-operative:
These are the co-operative that deals in more than one particular activity
This determines how one stands in relation to ones surrounding
This is a refund made to co-operative members as regards the purchases they made
Amount of money gained in the co-operative society by their members