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The Central Bank of Nigeria (CBN) Staff Multi-Purpose Cooperative Society Limited has taken a significant step towards strengthening its role as an economic tool for national development. The cooperative has signed a Memorandum of Understanding (MoU) with the Enterprise Development Centre of Pan-Atlantic University and Pro-Serve Integrated Services Limited.

The MoU, signed at the EDC head office in Lagos, was witnessed by key stakeholders, including the Managing Director of GEN Nigeria, Dr. Olawale Anifowose, and the President of CBN Staff Multi-Purpose Cooperative Society Limited, Nkechinyere Ofili.

According to Kenechukwu Nwankwo, CEO/Lead Consultant of Pro-Serve Integrated Services, “This partnership brings to bear the potential of using cooperatives as an economic tool for national development. The CBN Cooperative will serve as a pilot to showcase the potential of a cooperative and what it can achieve for the economy.”

Nwankwo highlighted the cooperative’s growth, stating, “CBN Cooperative Society has about 12,000 members nationwide, and we hope that the partnership with EDC will bring about structured processes in business and corporate governance as well as project management within the cooperative space.

The partnership aims to transform the cooperative into a sustainable institution with a medium- and long-term strategy. Nwankwo emphasised, “It will also ensure that there are consistent strategic reviews measured by Key Performance Index (KPI), and it will also ensure that the right people with the capacity and competence are running the institutions.”

Dr. Nneka Okekearu, Director of EDC, applauded the partnership, describing it as historic. She stressed the importance of the collaboration, saying, “So, through these collaborations, over the next two years, we will be helping the cooperative to strengthen their capacity, assist them to institutionalize structures and policies and to ensure that eventually, they are very sustainable.”

Okekearu expressed optimism about the partnership’s potential impact, stating, “It is a very exciting deal because more often than not many cooperative societies are left to run anyhow, but we can see that the CBN Cooperative is thinking differently, and our hope is that as we do this today, other cooperatives out there will see the need to restructure their operations.”

Nkechinyere Ofili, President of CBN Staff Multi-Purpose Cooperative Society Limited, acknowledged the cooperative’s need for transformation, saying, “We are an old organisation. We have been in existence for over 45 years; however, in the business landscape, things have changed, and we know that if we continue to do things the way we used to do things, there is a possibility we may become dinosaurs in the business space.”

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