CFA National To Regulate Co-operative Societies

The President/Chairman, Board of Directors, National Co-operative Financing Agency of Nigeria Limited (CFA National), Mr Adebola Orolugbagba, has said that the agency would now regulate the operations of co-operative organisations in Nigeria.

Orolugbagba said this became possible as a result of the change from National Association of Co-operative Credit Unions of Nigeria Limited (NACCUN) to CFA National recently.

The chairman said that with the transformation, the association was poised to be to all financial co-operatives in Nigeria what the Central Bank of Nigeria (CBN) is to commercial and microfinance banks.

He noted that the decision to adopt a name change was taken on October 31st at a special general meeting of the association in South Africa during the 14th Saving and Credit Co-operative Association (SACCA) annual congress organised by African Confederation of Co-operative Saving and Credit Associations (ACCOSCA).

According to him, Nigeria has secured the right to host the 15th SACCA Congress in Abuja in October 2014.