Get Guardian on GoogleThe Lagos State Government has urged cooperative societies to invest in real estate and other productive sectors to improve members’ welfare and generate long-term returns.
The State Director of Cooperatives, Dr Adeyemi Adeyinka, gave the charge during a visit to Louisville, a mixed-use development by TotalEnergies Staff Housing Cooperative Multipurpose Society Ltd (TEHC) in Eko Atlantic City.
Adeyinka commended TEHC for undertaking the project, following presentations on its construction progress, financing structure, safety measures and proposed facilities. He said the development could improve members’ living standards and provide the cooperative with sustainable income. It could also create economic opportunities beyond its membership. Adeyinka urged TEHC to plan for funding shortfalls and put measures in place to avoid construction delays.
The Deputy Director of Cooperative Services, Mr Omotayo Kazeem, praised the project’s scale and location in Eko Atlantic, which hosts major corporate and institutional investments.
He said Louisville showed how cooperatives could pool resources for property investments, urging other societies to move beyond thrift and credit operations and pursue ventures that offer long-term returns.
The officials said cooperatives could contribute to housing delivery through sound governance, financial discipline and accountable leadership.
The delegation urged societies to share experiences through the Lagos State Cooperative Federation, enabling others to learn from TEHC’s investment model. It also discussed closer engagement between TEHC and the state’s cooperative authorities, although no formal partnership was announced.
At a roundtable session, TEHC officials disclosed that Louisville covers about 22,000 square metres and is being developed in phases. The first residential phase comprises 157 apartments of between two and five bedrooms, currently under construction.
The development will also feature hospitality facilities, retail and commercial spaces, sports and wellness amenities, alongside supporting infrastructure. TEHC said the project is financed through members’ contributions, property subscriptions and institutional financing.
The cooperative’s Chief Operating Officer, Ehima Uwumarogie, said Louisville illustrated how collective resources could be converted into long-term assets through shared commitment and purposeful leadership.
He said effective management, sound governance and institutional support could strengthen cooperatives’ contribution to Nigeria’s economy.
Other members of the delegation included Mrs Hunpe Esther, Area Officer; Mr Abimbola Kolawole, Assistant Area Officer; and Mr Arisu Olumide and Mr Olatunji Tawak, Registrars of Cooperatives.
