Lagos Cooperative Authorities Urge Societies to Invest More

Kunle Adewale

The Lagos State Director of Cooperatives, Dr. Adeyemi Adeyinka, has urged cooperative societies in the state to move beyond traditional thrift and credit activities and embrace well-structured investments capable of generating long-term returns for members and contributing to economic development.

Adeyinka made the call during a visit by officials of the state’s cooperative authorities to Louisville, a mixed-use development being undertaken by TotalEnergies Staff Housing Cooperative Multipurpose Society Ltd (TEHC) at Eko Atlantic City, Lagos, on Monday, November 2, 2026.

The delegation, which included the Deputy Director, Cooperative Services, Mr. Omotayo Kazeem, was received by TEHC officials, who briefed them on the project’s development strategy, financing arrangements, construction progress, safety practices and planned facilities.

Speaking during the visit, Adeyinka described Louisville as a laudable project, noting that its scale and ambition demonstrated how cooperative societies could mobilise collective resources to undertake investments that improve members’ welfare while creating sustainable income streams.

He said such initiatives had the potential to generate economic activity beyond the membership of the societies undertaking them, particularly when supported by effective leadership, sound governance and financial discipline.

However, he urged TEHC to anticipate potential financing risks and establish arrangements that would ensure construction was not disrupted by funding constraints.

Kazeem also commended the scale and vision of Louisville, particularly its location in Eko Atlantic City, which he said demonstrated the capacity of organised cooperative societies to undertake major investments in an environment often associated with large corporate and institutional investors.

He encouraged other societies to explore investment opportunities beyond conventional savings and lending activities, stressing the need to pursue viable projects capable of delivering sustainable returns over time.

Both officials said cooperative investments could play a more significant role in addressing Nigeria’s housing deficit and supporting economic development if backed by capable leadership, responsible governance and prudent financial management.

During the presentation, TEHC officials explained that Louisville was conceived as a mixed-use development designed to integrate residential accommodation with hospitality, retail, commercial, recreational and wellness facilities.

The project occupies approximately 22,000 square metres in Eko Atlantic City and is being developed in phases. Its first residential phase comprises 157 apartments, ranging from two to five bedrooms, which are currently under development.

The wider development plan includes hospitality facilities, retail and commercial spaces, sports and wellness amenities, as well as supporting infrastructure. According to the cooperative, the intention is to create an integrated development that combines residential living with recreation, commerce and other essential services rather than a stand-alone apartment complex.

TEHC also outlined its financing model, which combines members’ contributions and property subscriptions with institutional financing arrangements. The project team briefed the delegation on construction and delivery challenges, safety measures and the expected commercial contribution of the non-residential components.

The President of TEHC, represented at the visit by the Chief Operating Officer, Ehima Uwumarogie, said Louisville demonstrated the potential of collective investment to create lasting economic value.

“Louisville represents what is possible when people come together with a shared vision, a clear purpose and the commitment to turn collective resources into lasting value,” the cooperative stated.

TEHC described the visit as an opportunity to showcase progress at the site and deepen the authorities’ understanding of its investment and development model.

“With the right leadership, governance and institutional support, cooperatives can play an even greater role in Nigeria’s economic development,” it added.

The visiting officials also emphasised the importance of competent leadership, responsible governance and prudent financial management in sustaining large-scale cooperative investments. They encouraged greater knowledge-sharing among societies, including through wider engagement with the Lagos State Cooperative Federation, to enable other cooperatives to learn from TEHC’s experience.

Other members of the delegation included Area Officer, Mrs. Hunpe Esther; Assistant Area Officer, Mr. Abimbola Kolawole; and Registrars of Cooperatives, Mr. Arisu Olumide and Mr. Olatunji Tawak.

The visit formed part of TEHC’s continuing engagement with the state’s cooperative authorities. Discussions also explored opportunities for closer collaboration, although no formal partnership was announced.

TEHC said it would continue working towards the delivery of Louisville while sustaining engagement with relevant regulatory and professional stakeholders.