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PROBLEMS OF FINANCIAL MANAGEMENT IN COOPERATIVE SOCIETY AND REMEDIAL MEASURES (A CASE STUDY OF NJABA L.G.A IMO STATE)

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PROBLEMS OF FINANCIAL MANAGEMENT IN COOPERATIVE SOCIETY AND REMEDIAL MEASURES (A CASE STUDY OF NJABA L.G.A IMO STATE)

ABSTRACT

This project work is based on the “problems of financial management in cooperative society” in Njaba L.G.A the main aims of this study are to find out some basic problems facing the financial management of co-operative society in Njaba L.G.A. Imo state which brings about low and frustrated growth and also to bring out suggestion that will help to provide a congenial atmosphere for the operation of management aspect of cooperative. To know the functions undertaken by the financial management towards cooperative establishment, objectives of cooperative societies. Relevant literature will be reviewed under specific themes to enable the researcher know the depth of work done by the previous writers in the field of study. This enable the researcher to establish some missing links which become pant of these motivating factors for my understanding other findings and formulating on essential aspect of our quest to make fruitful in Njaba. The findings show that the cooperatives in Njaba L.GA. are experiencing many problems in their financial  management. Based on this , the society is poorly managed.

TABLE OF CONTENTS

Title page

Dedication

Certification

Acknowledgement

Abstract

Table of contents

CHAPTER ONE

1.0  Introduction

1.1  Background of the study

1.2  Objectives of the problem

1.3  significance of the study   

1.4  research questions

1.5  Significance of the study

1.6  Limitations of the study

1.7  Definition of terms

CHAPTER ONE

1.0  INTRODUCTION

1.1  BACKGROUND OF THE STUDY

       So far we have learnt about sole proprietor shop, partnership and joint stock company and different forms of business organization. It has been noticed that besides many differences among them in respect of their formation, operation, capital contribution as well as habilitation, one common similarity is that all endanger in business acridities to earn profit. Without profit it is impossible for them to survive and grow. But there are certain organizations which undertake business activities with the prime objectives of providing service to the members.  Although some amount of profit is essential to survive in the market, their main intention is not to generate profit and grow. They pool available resources from their members, utilize the same in the best possible manner, and also the benefits are shared by the members, IKabua (1984: 271). It is an autonomous association of persons united vohuntanty to meet their common economic, social and cultural needs and aspirations through a jointly owned and democratically controlled  enterprise and are based on the values of self-help, self responsibility, democracy, equality, equity and solidarity, ICA (1995). In the tradion of their founders, cooperative members believe in the ethical values of honesty, openness, social responsibility and caring for others.

Cooperative has play a vital role as a significant part of the global economy, cooperative sector represent a significant contribution to our global economy According to the /CA annual survey, Global 300, the top cooperatives around the world had nearly $ I trillion in revenue in 2005. That is only slightly less than the economy of the world’s 9th largest economy, Canada cooperation create over 100 million jobs more than all the multi-national corporations combined.

Cooperative enterprise also contribute to early sector of the economy and are among the largest businesses in the world (ICA, 2008) in Nigeria today, it is known that the nature and contribution of cooperative societies are organ size Normally by troop to the demand to settle one family problem to the other of the members as a group.

In this study, the economic development is not equivalent to the total development. The aim of this research is therefore to examine the problems of financial management of cooperative in Njaba L.G.A which make them not to grow well in the economy and also proper some solutions to the problem.

1.2  STATEMENT OF THE PROBLEM

       The specified deficiencies and problems ravaging cooperative financial management that has imparted negatively on the general management and performance of the cooperative societies in Njaba L.G.A are

 

1.3  OBJECTIVES OF THE STUDY

       The purpose of this study is to enable us review the financial management problems of cooperative in Njaba local government Area and proffer some remedial measures to the problems as well the objectives are.

1.4 RESEARCH QUESTIONS

1)    Which sources of fund can be seen to be appropriate to the cooperative societies in Njaba?

2)    How effective is the financial management employed to record their business transaction?

3)    In what can the financial management implore their management of cash?

4)    What are the best ways of investing their funds for good productivity?

5)    In what way can the problem determination of capital composition can be solved?

1.5   SIGNIFICANCE OF THE STUDY

The importance of this study are:

1.6   SCOPE AND LIMITATION OF THE STUDY

The research is intended to cover more areas of the problems of financial management as well as their remedial measures in cooperative societies in Njaba L.G.A. Imo state. But as a result of certain factors imitating against the research; the scope has been narrowed down to objectives, function and problems of financial management of cooperative societies in Njaba L.G.A. these factors are finance is one of the limitation encountered by the researcher, it was difficult for the researcher to raise enough money for transportation in terms of going to sustain ourself during the researching process.

Secondly the problem of time. Due to academic activities within the semester coupled with the SIWES programme and finally examinations the researcher could not reach a large population concerning the work.

Thirdly problem encountered by the researcher was non availability of leianat materials, as a result of this it become difficult for the researcher to obtain enough information as can be scare in chapter of this study

1.7 DEFINITION OF TERMS

Cooperative:- A cooperative is an organization volurtanly Owned operated by people that have faced a common realizable objective to respond to those weeds.

Society:- this a system in which people line together in organization form to achieve aspenfieaim.

Cooperation:- this is aim of working together for common purpose.

Financial management: This means applying general management principles to financial resources of the enterprise.

SECTION B

Data on cooperative society

  1. …………………………………………………………………………
  2. ………………………………………………………………………….
  3. …………………………………………………………………………..
  4. ………………………………………………………………………………….

a, Problems faced by the financial management of cooperative societies in Njaba L.G.A

  1. Unability to determine appropriate sources of funds
  2. Inadequate recordkeeping of financial transition
  3. inadequate management lash
  4. Wrong investment of funds
  5. Unable to determine the appropriate capital composition for business
  6. All of the above

10)  Solution to Problems of financial management of cooperative societies in Njaba L.G.A

  1. a) Determination of appropriate source of fund
  2. b) Increased friacizl control
  3. e) Ensure gord capital composition
  4. f) All of the above

11)  Has cooperative movement in the area create any contribution towards devilment of the Njaba L.G.A

  1. a) Yes
  2. b) No

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PROBLEMS OF FINANCIAL MANAGEMENT IN COOPERATIVE SOCIETY AND REMEDIAL MEASURES (A CASE STUDY OF NJABA L.G.A IMO STATE)

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