Lagos Govt Urges Cooperatives To Invest Beyond Savings, Loans

The Lagos State Government has urged cooperative societies to expand their investments beyond traditional savings and credit operations to sectors such as real estate, manufacturing and other productive ventures.

The state’s Director of Cooperatives, Dr Adeyemi Adeyinka, gave the advice during a visit to the Eko Atlantic City site of Louisville, a mixed-use development by TotalEnergies Staff Housing Cooperative Multipurpose Society Ltd (TEHC), on Monday, November 2, 2026.

Adeyinka said cooperative societies could improve members’ welfare and contribute to economic growth by investing in projects capable of generating sustainable returns.

He, however, advised TEHC to put measures in place to address possible financing challenges and prevent delays in the construction of the project.

The Deputy Director of Cooperative Services, Mr Omotayo Kazeem, said cooperative societies should explore investment opportunities beyond thrift and credit operations, noting that properly structured ventures could deliver long-term returns.

Both officials said effective leadership, sound governance and financial discipline were necessary for cooperatives to undertake large-scale investments and contribute to addressing housing needs.

During the visit, TEHC officials briefed the delegation on the project’s construction progress, financing structure, safety practices and proposed facilities.

They said Louisville occupies approximately 22,000 square metres and is being developed in phases. The first residential phase comprises 157 apartments ranging from two to five bedrooms.

The wider development is expected to include hospitality facilities, retail and commercial spaces, sports and wellness amenities, as well as supporting infrastructure.

TEHC said its financing model combines members’ contributions and property subscriptions with institutional financing arrangements.

The cooperative’s President, represented by its Chief Operating Officer, Ehima Uwumarogie, said the project was based on collective investment by members.

The delegation also included the Deputy Director of Cooperative Services, Mr Omotayo Kazeem; Mrs Hunpe Esther, Area Officer; Mr Abimbola Kolawole, Assistant Area Officer; and Registrars of Cooperatives, Mr Arisu Olumide and Mr Olatunji Tawak.

The officials encouraged other cooperative societies to learn from TEHC’s experience through knowledge-sharing platforms, including the Lagos State Cooperative Federation.

Established in 2020 by serving and former TotalEnergies employees in Nigeria, TEHC is a member-owned cooperative focused on collective investments and property development.