POWER, POLITICS, FINANCIAL DISCIPLINE IN ISLAMIC MULTIPURPOSE COOPERATIVES IN NIGERIA

This study critically examines power, politics, and financial discipline in Islamic multipurpose cooperatives in Nigeria. It is based on the relationship between organizational power, internal political processes, governance, accountability, and cooperative financial resource management. In particular, it focused on the impact of power relations and internal political processes on governance and financial decision-making, and on the impact of governance, accountability, and internal financial control mechanisms on financial discipline. The study employed a qualitative documentary research design, and the findings were based primarily on peer-reviewed studies on Islamic cooperatives, cooperative governance, corruption, elite capture, accountability, and internal financial controls in Nigeria. The analysis was based on Agency Theory and Elite Theory and used thematic analysis to identify themes in the reviewed evidence. The results showed how organizational power was distributed and exercised, strongly influencing financial discipline. The lack of accountability and the potential for circumvention of financial controls resulted from the increased concentration of authority and the prioritization of internal political interests; at the same time, stronger participatory governance, transparency, member empowerment, and effective internal controls strengthened financial discipline. The study found that being Muslim had not ensured good fiscal accountability. In practice, Islamic cooperatives need to improve members' monitoring, leadership transparency, and independent financial monitoring and accountability systems. The research was important because it challenged the view of financial discipline as an accounting matter and reframed it as a governance and political matter.