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Capitalisation of Lagos cooperative societies hit N33b


Lagos State Commissioner for Commerce, Industry and Cooperatives, Dr. Lola Akande

Lagos State Commissioner for Commerce, Industry and Cooperatives, Dr. Lola Akande, has revealed that the capital base of the 2359 cooperative societies in the state has increased to N33 billion.

Speaking at the 2021 ministerial press briefing to commemorate the second year of Gov. Bababjide Sanwo-Olu, Akande, also said the cooperative insurance scheme has made payment of N50, 702,337.


She added that 247 new cooperatives were registered, 807 annual accounts approved with 410 mediations and 1693 routine inspections conducted in the last year.

According to her, as part of efforts to ensure best practices, the ministry is championing that the course of the Lagos State Cooperative College is accredited by the National Board for Technical Education (NBTE) to run a national diploma in cooperative economics, management, microfinance and entrepreneurship development.

Akande noted that the college, from time to time, has organised various human capacity-building programmes for over 4000 cooperators in the state.


The commissioner revealed that as part of an effort to ensure consumer satisfaction, the Lagos State Consumer Protection Agency (LASCOPA) has recovered over N44m as compensation and outright refund of payment for returned substandard goods and services. She also said that LASCOPA, through its mediation sessions, received 1018 complaints.

Similarly, the Commissioner for Tourism, Arts and Culture, Uzamat Akinbile-Yusuf, revealed that the state tourism master plan and policy document to revolutionise the state tourism sector would be presented next month.

She said the master plan and policy would provide the pathway for the implementation of all tourism, arts and culture-related activities by the state government in the next couple of years.


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