THE POTENTIALS FOR A CO-OPERATIVE THRIFT CREDIT SOCIETY IN A HIGHER EDUCATION INSTITUTION

(A CASE STUDY OF IMT ENUGU)

By

FRANKLYN CHIBUZOR GBUNNOR CEM/N2003/045

Presented To

Department of Cooperative Economic And Management

CHAPTER ONE

1.1 BACKGROUND OF THE STUDY
The co-operative, thrift and credit society is now in existence in many institutions of higher learning.  Based on this, one might start to wonder what this research topic is all about since such a programme is not a new programme.
All the same, the truth remain that the existence of co-operative, thrift and credit societies in our higher institution is one side lower than the other.  This is to say that its present existence concern itself with only a particular section of the institution.
Institution of higher learning presently doing this, only operates for the benefit of academic and non academic staff (who are interested in the movement) in these institutions.  Thrift and credit programme for educational institutions with particular references to the students populace.
To this time, student institutions of higher learning have been deprived of enjoying the benefits of being member of co-operative movement as much as there is this need and urgency to inform student with the objective of the co-operative movement.
It is important for the cause of this research project to have a knowledge of the co-operative movement, the world over and in particular, Nigeria.  this is because such knowledge and understanding gained, provides an invaluable background of the history and patterns of the co-operatives in different parts of the world.
In the modern form, however the origin of co-operative thrift and credit societies can be traced to the 19th century and to Germany.
In Germany, many of the farmers very small area of land but by working hard and skilful farming, there was just enough to keep the farming going.
The former got their credit from local merchant who charged high rates from them and paid low prices for the farm produce.  The result was the farmers were most heavily.  Indebted and sank into poverty.
Friendrich Willhelm Raffeissen (1818 – 1888) seeing all the poverty and hardship of farmers, he tried to help, in the light of these, he thought out a plan for a co-operative thrift and credit society in which the good men fund available as loans to co-operative member the property of the borrowed and two guarantors, who had to be members of the society.
History of Institute of Management and Technology (IMT), Enugu.  The Institute of Management and Technology (IMT), Enugu came into existence under the East Central State Edict No 10 of 1973, promulgated by the Administrator of East Central Stage Ajre Ukpabi Asika.
Earlier to the establishment of the Institution of Management and Technology Heading to the award of Ordinary Diploma,  the Institute of Administration which provided short in service training for civil servants of various grades, the co-operatives studies to co-operative inspectors from the ministry.
The institution were autonomous and located differently, the college of technology, which was part of the ministry of education was directly controlled by the ministry.  The Institute of Administration was controlled by the ministry of establishment whole the co-operative college was directly under the ministry of rural development.
All the institution were staffed by civil servants who were ported there from the ministry and could be peposted to other departments or ministries according to the need of the civil servants.
The need to established a higher institution of learning by upgrading the training of our people in technological, mangand and engineering fields arouse in 1970.  this need was ugorously pursued in October, 1971, the Ukpabi Asika’s administration deaded to merge the farmer the amfied control of the cabinet office on 1st April 1972.
In October, 1972, a provisional council was charged with determining and recommending to the government would provide higher quality of technologists and technicians, as well as professional and managerial man-power in subject areas indicated by the state and national need.
Institute of Management of Technology was occupying presently three different campuses but new campuses.  And the two campuses were merged in 1971.  Institute of Management and Technology started with three school but have grown to eight schools and all made up of thirty – five departments.

1.2 STATEMENT OF PROBLEM
It is important of this stage to try and identify the problems that thus project seeks to address in relation to cooperative thrift and credit society particular in the Institute of Management and Technology, Enugu.
The problems are:
1. To find out if students of the institute of management and technology are aware of co-operative, thrift and credit society programme and the benefit that the potentials in educations in educational institution.
2. To find out factors hindering them from being members after being aware of the existence of he programme.
3. To find solutions to the factor militating against students being members of the society.
4. To make students know the need of a common strong forum where they can solve their financial and material problems such as schools fees, book etc.

1.3 PURPOSE/OBJECTIVE OF THE STUDY
1. To educate student about the special attributes of a co-operative thrift and credit programme.
2. To educate about the essence of co-operative society and its beloved feature.
3. To engineer the creation of the co-operative thrift and credit programme in educational institutions of higher learning with a view to enhancing proper, efficient and thrift management of funds among student and provide credit facilities for them.
4. To create awareness among students of the necessity of co-operative thrift and credit society programme to meet the students feeding, educational, material supply and financial upliftment needs.
5. To educate student about he co-operative movement existence. 

1.4 SCOPE AND LIMITATION OF STUDY
The scope of this research work will entail basic understanding of co-operative movement in the world and how it relates to Nigeria.
A clear understanding of the  meaning, need and essence of co-operation and of course and good appreciation of the operative thrift and credit society programme.  This research work will also concentrate on blending co-operative, thrift and credit societies programme.

LIMITATIONS
The main limitation of this study is lack of relevant literature on the subject matter and time factor, finance is not also left out.
This is for the purpose of this research work and the writer will be limited to a random sample size of student in the seven schools instead of the whole institution due to time constraints, scarcity of literatures, relevant to writer’s research topic in the school library was also a big problem.  To find solution to this, the wife had to visit the National Library of Alago Meji, Yaba Lagos and the National Library, Enugu. 

1.5 SIGNIFICANCE OF THE STUDY
The purpose of this research project is to assist in creation co-operative movement in our institution of higher learning.  This is with a view to improve the cost and problems faced by students in the area of feeding (that is proper feeding).  This research project hopes to achieve this by educating the students populace about what the co-operative movement is, its early beginning world over with particular references to the movement in Nigeria.

1.6 DEFINITION OF TERMS
CO-OPERATIVE: The organized action or movement of all the types of co-operative societies. 
CO-OPERATORS: This means individuals, members of the co-operative societies who are participating in plans and programmes of the society.
CO-OPERATIVE MOVEMENT: The organized action (movement) of all the different types of co-operative societies. 
PATRON: This refers to those who participate or patronize the co-operative society.  It also refers to individual members of the co-operative programme.
CREDIT: This refers to loans giving to individual of the society of solve their pressing needs and again it refers to purchase made by members of the society on credit. 
PROGRAMME: This refers to the co-operative, thrift and credit society actually.
I.M.T: This refers to the Institute of Management and Technology.
STUDENTS: This refers to co-operative, thrift and credit union a secondary society incorporating a number of primary society (that is C.T.C.S) operating in the same area.
THRIFT: This refers to the act of saving by the members of the co-operative.
C.F.N: This means co-operative federation of Nigeria.  an apex financing body for co-operative societies in Nigeria.

1.7 RESEARCH QUESTION
1. Does co-operative thrift contributes to the growth of co-operative.
2. Is co-operative thrift profit oriented society?
3. Do student really understand the co-operative thrift credit society.
4. If cooperative were to be established in Institute of Management and Technology, would give like to join?

TABLE OF CONTENTS
Title Page 
Approval Page
Dedication
Acknowledgement
Abstract

CHAPTER ONE
1.1 Background of the Study/Introduction
1.2 Statement of Problem
1.3 Purpose of the Study
1.4 Scope of the Study
1.5 Significance of the Study
1.6 Definition of the Term
1.7 Research Questions

CHAPTER TWO
2.1 Review of Related Literature 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
3.1 Research Method Used
3.2 Sources of Data
3.3 Sample Size and Procedure
3.4 Population of the Study
3.5 Treatment of Data
3.6 Validation of the Instrument
3.7 Reliability of the Instrument

CHAPTER FOUR
4.1 Presentation of Analysis

CHAPTER FIVE
5.1 Summary of Findings
5.2 Conclusion
5.3 Recommendations
Bibliography
Appendix 


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