The history of co-operative started as far back as the 19th century in Europe, primarily in Britain and France where the first documented Consumer Co-operative Society was founded in 1789. It was not until 1844 when Rochdale Equitable Pioneer established the Rochdale principles on which they managed their co-operative on the basis for development and growth of the modern co-operative movement.
Later, other types of co-operative societies were formed such as Thrift and Credit, Agricultural and Produce, Marketing, Housing and Multi-Purpose among others. Thereafter, the International Labour Organization (ILO) Conference of 1966 defined co-operative as “an association of people who have voluntarily joined together to achieve a common end through the formation of a democratically controlled organization making equitable distribution to the benefits of the undertaking in which members actively participate”.
Nigerian Navy Multipurpose Cooperative Society Limited was established and incorporated in order to serve as a vehicle for the approval of the Nigerian Navy Microfinance Bank Limited which is mandatory requirement by the CBN. This gave rise to its registration on 18 Oct 13 with FCT Registration Number 19918 and established by the Nigerian Navy vide NNO 3/16 dated 17 Mar 16.
The Nigerian Navy Holdings NHL was established as a Government Trading Enterprise vide NNO 32/13 with 9 subsidiary companies, namely: Naval Dockyard Limited, Navy Hotel and Suites Limited, Navy Microfinance Bank Limited, Navy Maritime Services Limited, Navy Engineering Services Limited, Navy Multipurpose Cooperative Society Limited, Naval Building Construction Company, and Naval Clearing and Forwarding Services Limited. The objective of the NHL is to achieve efficiency in services delivery, coordination and consolidation of Internally Generated Revenue (IGR) of all subsidiary companies for better accountability, effective management and ease of administration.
The Nigerian Navy Multipurpose Cooperative Society is aimed at improving the socio-economic life of the personnel; disburse loans for productive purposes and other welfare facilities at fair terms and reasonable rate of interest.