Depending on the Co-operative Society law in force in your state of residence, savings and credit societies require at least 20(Twenty) initial members for registration.

No, they are not. Digital or platform co-operative societies,like traditional co-operative societies, are subject to the regulations of the cooperative society law governing the state where the society is situated.

Co-operative Society registration takes 4 weeks – 3 months for the issuance of a certificate of registration depending on the jurisdiction where the society is to have its office situated.

The law is currently silent on the operational reach of digital co-operative societies, but traditional co-operative societies are by law required to operate organically within a locality or district.

This varies between localities as co-operative societies are subject to the jurisdiction of state ministries that can prescribe different fees for different local government areas of the state. In Lagos state for example, registration fees are pegged at a minimum fee of 130,000.00 Naira subject to review.

The law firm of I.OGBUKA LEGAL charges negotiable hourly fees, one-off fees, percentage fees and continuous or segmented fees for services rendered based on a fee scale that is strictly in keeping with the boundaries set by the Legal Practitioners Remuneration Order 2023 as well as other considerations such as:

• The complexity, difficulty or novelty of a brief.
• The level of skill,labour, experience, specialized knowledge & responsibility required on the part of a legal practitioner.
• The amount, diversity, technicality & importance of documentation prepared or perused.
• The location & circumstances in which a legal service is rendered.
• The turnaround time required by a client for the completion of a brief.
• The monetary value of a brief ‘s subject matter(such as the monetary fee value of a regulatory license).

The firm of I.OGBUKA LEGAL in addition to the above operates different legal fee categories for Nigerians resident in Nigeria, Nigerians residing abroad, and foreigners. The firm’s fees are always quoted as being separate from costs and disbursements associated with carrying out a brief.

To have an idea of the fee scale prescriptions by the Legal Practitioners Remuneration Order 2023 for lawyers of at least 10 years standing at the bar for a range of services relating to cooperative society registration, click HERE. Note that the fee prescriptions contained in this link do not constitute an inducement or solicitation,are not reflective of the exact fees charged by the firm for services and are in fact in some cases,subject to review depending on each client and within the boundaries of the Legal Practitioners Remuneration Order.