​FG urges South-South Cooperatives to back new bank

Nathan Tamarapreye, Yenagoa

The Federal Government has called on cooperative societies across the South-South region to buy shares in the proposed Cooperative Bank of Nigeria and adopt new nationwide digital reforms aimed at modernising the sector.
​Speaking on Wednesday in Yenagoa during the South-South Zonal Ministerial Advocacy Tour for share capital mobilisation, the Minister of State for Agriculture and Food Security, Senator Aliyu Sabi Abdullahi, urged local societies to become foundation owners of the financial institution.
​Represented by his Special Adviser on Cooperative Matters, Victor Oyegoke, the minister explained that while the proposed bank will be government-enabled, it will be fully owned and controlled by cooperators nationwide. Once operational, it will provide affordable financial services to farmers, artisans, traders, micro, small, and medium enterprises (MSMEs), women, and youth groups.
​Alongside the capital drive, Abdullahi announced the rollout of the National Cooperative Sector Digitalisation Drive. Under the initiative, every registered cooperative society will be issued a unique Cooperative Verification Number (CVN), while individual members will receive a Cooperative Member Identification Number (CMIN).
​The minister noted that the digital platform would stamp out fraudulent operators, bolster transparency, improve governance, and expand access to credit and investment.
​”These reforms are central to the Renewed Hope Cooperative Reform and Revamp Programme 2030, approved by the National Council on Cooperative Affairs,” Abdullahi said. He added that the initiative aligns with President Bola Tinubu’s agenda to turn cooperatives into key engines for food security, job creation, and financial inclusion.
​Abdullahi commended the Bayelsa State Governor, Douye Diri, for promoting grassroots economic growth through the state’s Bureau for Cooperative Development.
​The Advocacy Tour coincided with the grand finale of the 2026 United Nations International Day of Cooperatives, celebrated under the theme “Cooperatives for a Peaceful World.”
​Earlier in the event, the Bayelsa State Commissioner for Trade, Industry, and Investment, Dr Ebieri Jones, stated that the state government has introduced a stricter regulatory framework through the Bureau of Cooperatives to clean up governance and ensure active returns for members.
​In response to the federal government’s call, the President of the Bayelsa Cooperative Federation, Toney Soroh, commended the Ministry of Agriculture and confirmed that all 43 active member societies under the federation would subscribe to shares in the proposed bank.
​The event, which drew representatives from over 40 local cooperative societies, featured panel discussions on the new bank alongside a drama presentation demonstrating how smallholder farmers and business owners can overcome economic hurdles through collective action.