FG Flags off N200billion Share Mobilisation Campaign for Cooperative Bank

The federal government has launched a N200 billion share capital mobilisation campaign for the proposed Cooperative Bank of Nigeria, under the Renewed Hope Cooperative Reform and Revamp Programme (RH-CRRP).

The campaign was officially launched by the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Senator Dr Aliyu Sabi Abdullahi, at the North-West Zonal Engagement of the Ministerial Advocacy Tour held recently in Kaduna.

The initiative is aimed at mobilising approximately ₦200 billion and establishing a strong, sustainable, and nationally owned cooperative financial institution capable of supporting agricultural development, enterprise growth, financial inclusion, housing, transportation, value-chain development, and wealth creation for millions of Nigerians.

The proposed Cooperative Bank of Nigeria will preserve cooperative control and identity while attracting strategic investment, with 65 percent of its equity owned by cooperative societies through CoopTrust. The target is to attract about 10,000 cooperative societies across the 36 states to be part of the initiative.

Of the remaining 35 percent shares, 30 percent will be open to institutional investors, development finance institutions, impact investors, and individual cooperators, while 5 percent will be reserved for an Employee Share Ownership Scheme.