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THE POTENTIALS FOR A
CO-OPERATIVE THRIFT AND CREDIT SOCIETY IN HIGHER EDUCATON
(A CASE STUDY OF IMT
ENUGU)
ABSTRACT
In this research
work, the researcher made use of both primary and secondary data. Under primary
data carefully prepared and detailed questions called questionnaire was used to
collect data from student of Institute of Management and Technology so that the
student can express their views freely as regards the cooperative thrift and
credit society program. Out of the 90 questionnaire that was distributed 80
were returned.
In analyzing the data bar chart,
tabular presentation, simple percentage and descriptive analysis were adopted
to analyze the data collected. The goal of this study is to produce
graduate with requisite knowledge, expertise and experience to work
productively as a cooperator
TABLE
OF CONTENTS
CHAPTER ONE
1.0 INTRODUCTION
1.1
Background of the
study
1.2
Statement of
Problem
1.3
Objective of the
Study
1.4
Scope and Limitation of the study
1.5
Significance of the
Study
1.6
Definition of the
Terms
CHAPTER TWO
2.0
Review of Related Literature
2.1
Meaning and Features of Co-operative Societies
2.2
Form/Structures of Co-operative Society
2.3
Co-operative
Union
2.4
The Essence of Co-operative Society
2.5
Basic Functions of Co-operative
Thrift and Credit
Society
CHAPTER THREE
3.0
Research Design and Methodology
3.1
Research
Design
3.2
Area of
study
3.3
Population of the
Study
3.4
Sample Size
3.5
Sources of
Data
3.6
Method of Data
Collection
3.7
Administration of
Instrument
3.8
Method of data
Analysis
3.9
Test of
Hypothesis
CHAPTER FOUR
4.0
Presentation of Analysis and interpretation of data
4.1
Presentation of
data
4.2
Analysis of
Data
4.3
Interpretation of
data
CHAPTER FIVE
5.0 Summary of Findings,
conclusion and recommendation
5.1
Summary of
Findings
5.2
Conclusions
5.3
Recommendations
Bibliography
Appendix
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE
STUDY
Co-operative credit and thrift society
Cooperation credit and thrift society is now in existence in many higher
institutions. Based on this, one might start to wonder what this research topic
is all about. Credit cooperation started in Germany. The effort of two men
ensured this success history today. There were Herman shultze Delitszch and
Fredrich Wilhelm Raiffesen
Shultz delitszch was a lawyer by training and a member of German National
Assembly. In 1850 in eilenburgh, he organized the first ever credit cooperative
society in history. Being on urban cooperative society, it was organized among
heterogeneous populations, individuals who do not know each other. Because of
this, the cooperative had been designed based on the principles of
shareholding; material security for loans granted and limited usability. In
1867, the German government passed a cooperative societies act to recognize and
protect these societies. In no time, this urban credit cooperative society
spread all over Europe and to even America and Canada
On the other hand, fredrish Wilhelm Raiffeisen who was a solider, railway
builder and wine merchant and also a devoted Christian started among the rural
dwellers, credit cooperative society. The rural farmers lacked sufficient fund
to pay cash for farm equipment and household necessities. In northern Germany,
Raiffeisen organized what he called ‘loan societies’. This society was not
based on charity but on self help which is hinged on regular thrift saving not
on shareholding. Members of that society saved weekly. Obodoechi (2006)
Institute Of
Management and Technology (IMT) Enugu
Imt Enugu came into existences under the then east control state o Nigeria
edict no 10 of 1993 promulgated by the administrator of east central state-Aije
ukpaboi asika prior establishment of the great IMT, there existence uphill
1969. The colleague of technology offered recourse in engineering, laboratory
technology leading to award of ordinary diploma, the cooperative college which
offered a certificate course in cooperative studies to cooperative inspectors
from the ministry.
The college of technology was part of the ministry of education and the
ministry controlled it. In1970, there arose the need to establish a higher
institution of leaning for upgrading and tracing of men and women of
technological, managerial and engineering fields. In October 1972, the
administrator of the east central state appointed a provisional council, this
council was charged with determining and recommending to the government on
appropriate structure of an autonomous subject areas indicated by the state and
national needs. In April 1973 a report was submitted by the council. Thus on 31st
May 1993 the edict No 10 of 1973 titled “THE IMT EDICT 1973” was promulgated.
The edict took effect from July 1st 1973 and then gave birth to what
is now known as Institute of Management and Technology (IMT) Enugu. With Dr
Ukwu as the first chairman of council while Professor M.O Chijioke as the first
rector. Mr. B.O Akukuwa as the first registrar.
1.2
STATEMENT OF THE PROBLEM
1.
To make student know the need of a common forum that is, where they can solve
their financial and material problems such as school fees, house rent etc.
2.
To find out if student of institute of management and
technology are aware of cooperative thrift
and credit society programs and the benefit of the educational institute.
3. To find
solutions to the factors militating against
student being members of the society.
4.
They also have to find out the factors hindering them from being members after
being aware of the existence of the
program.
1.3
OBJECTIVES OF THE STUDY
1. To inculcate
investment spirit in student of the
cooperative credit and thrift society.
2. It also
helps to educate student about the existence of
cooperative movement.
3. Cooperative
thrift and credit society also helps to enhance proper and
efficient management of funds among student and thrift in order to provide
credit facilities for
them.
4. To educate
student about the special attribute of the
cooperative thrift and credit society.
5. It
encourages cooperative spirit and practice of
cooperative among student.
6. They also
help in funding educational material and financial uplifting.
1.4
RESEARCH QUESTION
1. Does
cooperative thrift contributes to the growth of cooperative
2. Is
cooperative thrift profit oriented society
3. Do student
really understand the cooperative thrift and credit society.
4. If
cooperative were to be established in institute of management and
technology, would you like to join.
1.6
SIGNIFICANT OF THE STUDY
The purpose of this research work is to
assist in creating cooperative movement in our institution of higher
learning. This is with a view to improve the cost and problems faced by
students of IMT Enugu in the area of accommodation, feeding, payment of school
fees and payment for textbooks and handout etc. cooperative, thrift and credit
society helps to achieve all this in higher institution by educating the
student about what the cooperative movement is all about its early beginning.
1.7
DEFINITION OF TERMS
1.
Co-Operative: it is an autonomous body free from
governmental or external control and domination I.C.A
of (1995)
2.
Cooperative Movement: this is socio- economic activity aimed at creating
and developing cooperative coniine
dictionary.
3. Credit:
this is money lent by the cooperate society to its
members at low interest rate.
4.
Thrift: this refers to the act of saving by the members
of the cooperative society.
5. Program:
this refers to the cooperative thrift and credit society.
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