Potentials For A Co-Operative Thrift Credit Society In A Higher Education Institution

1.1 BACKGROUND OF THE STUDY/INTRODUCTION
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 one.
All the same, the truth remains that the existence of Co-operative, Thrift and Credit Society in our higher institutions, one side is lower than the other, badly balanced. This is to say that its present existence concern itself with only a particular section of the institution.

Institute of higher learning presently doing this programme only operate for the benefits of academic an 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 in institutions of higher learning have been deprived of enjoying the benefits of being members of co-operative movement as much as there is the urgency of the needs to inform students with the objective of the co-operative movement.

It is important for the cause of this research project to have a knowledge of the cooperative 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 co-operative 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 have very small area of land but by hand work and skillful farming, there was just enough to keep the farming going. The farmers got their credit from local merchants who charged high rate from them and paid low prices for the farm produce. The result was that the farmers were most heavily indebted and sank into poverty.

Fredrick Willhelm Raiffeison (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 co-operative thrift and credit society in which the good men of the village could join together to make fund available as loans to co-operative members. For each loan made there was the security of 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 came into existence under the East central state edict NO.10 of 1973, promulgated by the Administrator of East Central State Ajie Ukpabi Asika.
Earlier to the establishment of the Institute 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 cooperative studies to cooperative inspectors from the ministry.

The institution were autonomous and located differently, the college of technology which was part of the ministry of education were directly controlled by the ministry. The institute of Administration was controlled by the ministry of establishment while the cooperative college was directly under the ministry of Rural Development.
All the institutions were staffed by civil servants who were posted there from the ministry and could be reposted to other departments or ministries according to the need of the civil servants.

The need to establish a higher institution of learning by upgrading the training of our people technologically, managerial and engineering fields arose in 1970. this need was vigorously pursued in October, 1971. the Ukpabi Asika’s administration decided to merge the farmers college of technology and the college came under the unified control of the cabinet office on 1st April, 1972.
In October, 1972 a provisional council was charged with determining and recommending to the government appropriate structure of autonomous institution that would provide higher quality of technologists and technicians, as well as professional and managerial manpower in subject area indicate by the state and national need.
Institute of Management and Technology was occupying presently three different campuses but new two 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 (35) departments.

1.2 STATEMENT OF PROBLEM
It is important at this stage to try and identify the problems that this project seek to address in relation to cooperative thrift and credit society particularly in institute of management and technology, Enugu.
The problems are:
1. To find out if students of institute of management and technology are aware of cooperative thrift and credit society progeamme and the benefit that the potentials in educational institutions.
2. To find out factors hindering them from being members after being aware of the existence of the programme.
3. To find solutions to the factor militating against students being members of the society.
4. To make student know the need of a common forum where they can solve their financial and material problems. Such as school fees, book, etc.

1.3 PURPOSE/OBJECTIVE OF THE STUDY
1. To educate student about the special attributes of a cooperative thrift and credit.
2. To educate students about the essence of cooperative 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 students 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 students about the cooperative movement existence.

1.4 SCOPE AND LIMITATION OF STUDY
The scope of this research work will entail basic understanding of cooperative movement in the world and how it relates to Nigeria.
A clear understanding of the meaning, need and essence of cooperation and of course good appreciation of the cooperative 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 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 writers research topic in the school library was also a big problem. To find solution to this, the writer had to visit the National Library at Independence Layout, Enugu and Enugu State University Library, Enugu.

1.5 SIGNIFICANCE OF THE STUDY
The purpose of this research project is to assist in creating cooperative 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 cooperative movement is, its early beginning the world over and with particular reference to the movement in Nigeria.

1.6 DEFINITION OF TERMS
CO-OPERATIVE: The organized action or movement of all the different types of co-operative societies.
COOPERATORS: This means individuals, members of the co-operative societies who are participating in plans and programme of the society.
CO-OPERATIVE MOVEMENT: The organized action (movement) of all the different types of cooperative societies.
PATRON: This refers to those who participate or patronize the co-operative society. It also refers to individual members of the cooperative programme.
CREDIT: This refers to loans giving to individuals of the society to solve their pressing needs and again it refers to purchase made by members of the society on credit.
PROGRAMME: This refers to the cooperative thrift and credit society actually.
IMT: This refers to 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 act of saving by the members of the cooperative.
C.F.N: This means co-operative Federation of Nigeria. An apex Financing body for co-operative society in Nigeria.