Effective Financial Management as a Remedy for Failure of Co-Operative Societies in Nigeria: A Study of Success Co-Operative Multi-Purpose Society (CMS) Ltd. Rugipo, OWO

Abstract

Finance no doubt is the life wire of all business organizations which needs to be sufficiently made available towards meeting the overall business objective. The success or otherwise of any business organization depends on financial management acumen of business managers. Many co-operative societies fail because majority of the operators know little or nothing about financial management. This study is set out basically to highlight the importance of financial management in the successful management of co-operative societies. Data were collected from both primary and secondary sources. Structure questionnaires were distributed to selected forty (40) respondents to elicit firsthand information from them. Relevant literature was also reviewed. Data collected were analyzed through simple percentage. The result of the analysis reveals that there is high correlation between effective financial management and business successes. The study is concluded by recommending that qualified personnel should be employed to oversee the finances of the co-operative societies.