The word “co-operative” is commonly used when referring to actions or situations involving mutual effort, joint action or common goals. Co-operatives are referred to variously as Isusu in Igbo, Esusu or Ajo in Yoruba and Adashi in Hausa (Ogunnaike and Ogbari, 2007). Onyima and Okoro (2009) observed that the word “co-operatives” can be applied to many different types of group activities; however, in the study of Co-operative Economics, the term is used to reference a formal business model which has a relatively recent origin. The term “co-operative” was first coined in the early 19th century and has evolved as an economic and organizational form since then (Aref, 2011). As an association, it tend to achieve the social interest of it members while as an organization, it aims to improve the economic well being of it members. Nwankwo (2007) noted that as an enterprise, co-operatives are active in markets locally, nationally and worldwide. Thus, the co-operative is a socio-economic group. The cooperative system is one through which the majority of the less privileged people in the world can part with misery, depression and oppression by joining the path for self realization and restriction or any social, political, racial or religious discriminations to all persons who make use of its services and are willing to accept the responsibility of membership (Mayopux, 2008).

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