The Nigerite Staff (Ikeja) Co-operative Multi-purpose Society has expanded its skill acquisition training for members, equipping them with knowledge to improve their financial and business capabilities.
This was disclosed at the society’s 34th yearly general meeting (AGM) in Lagos. The training, organised in collaboration with the Ministry of Commerce, Lagos State Cooperative Federation Limited (LASCOFED), and the Ikeja Union, targeted executives, general members and staff.
Speaking at the AGM, the society’s President, Olanrewaju Kazeem, emphasised the economic advantages of being a member, stating that savings deducted directly from salaries enable members to access loans that improve their businesses and personal lives.
“Little by little, a portion of our salaries is deducted and pooled together. Members can borrow from this fund to grow their businesses and improve their standard of living. We also offer car loans, building loans, and other financial assistance, with repayment deducted gradually from salaries,” he explained.
Highlighting investment opportunities within the society, Kazeem revealed that members with viable business ideas receive support. However, the co-operative does not fund start-ups but instead backs businesses with proven sustainability.
“We have members in agriculture, ride-hailing services like Uber, fashion, and other industries. We provide soft loans to help them expand their businesses,” he said.
Looking ahead, Kazeem disclosed that there are plans to diversify into real estate as a new revenue stream, to reduce reliance on member contributions.
“We successfully invested in real estate five to six years ago, and now we are expanding into a larger project. This will generate additional income beyond member savings,” he stated.
The Director of Cooperatives, Mrs. Zulikha Ibrahim, urged cooperative societies to adopt insurance policies to safeguard their funds, particularly against risks such as accidents, incapacitation, or sudden deaths.
She disclosed that LASACO Assurance Plc is the lead underwriter of the scheme.
The Area Officer, Mrs. Ayodeji Odukoya, commended members for their discipline and strong financial performance, urging them to sustain and improve their cooperative culture.
She also encouraged membership expansion to strengthen the society’s asset base.
“We must continue our membership drive so our assets and strength can grow. This will allow us to provide even better financial benefits to our corporators,” she said.
The Chairman of the occasion, Muhammed Jarrah, lauded the society’s governance and financial growth, noting a 24 per cent increase in revenue.
“This AGM reflects the cooperative’s strength and transparency. The impressive revenue growth shows how well this society is managed. The solidarity among members is also commendable,” he said.
