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The Lagos State Government has urged cooperative societies to embrace structured real estate investments, describing them as viable avenues for wealth creation, housing development and economic growth.
The State Director of Cooperatives, Dr Adeyemi Adeyinka, gave the advice when he visited Louisville, a mixed-use development by TotalEnergies Staff Housing Cooperative Multipurpose Society Limited (TEHC), at Eko Atlantic City.
Adeyinka, who led a delegation of cooperative officials to the project site,, described the development as laudable and commended the cooperative’s ambition.
The visit featured presentations and an inspection of the construction site, focusing on project progress, financing arrangements, safety practices and planned facilities.
He said the initiative demonstrated how a member-owned organisation could mobilise collective resources for large-scale investments capable of improving members’ welfare and generating sustainable income.
He, however, advised the cooperative to anticipate potential financing challenges and establish adequate arrangements to ensure that construction activities were not interrupted by funding constraints.
Mr Omotayo Kazeem, Deputy Director, Cooperative Services, also commended the project’s scale, vision and strategic location within Eko Atlantic City.
Kazeem said the development demonstrated the potential of organised cooperative investment in an environment largely associated with major corporate and institutional investors.
He encouraged other cooperative societies to move beyond conventional thrift and credit activities and explore properly structured investments capable of delivering sustainable long-term returns.
Both officials said cooperative investments could contribute significantly to addressing housing challenges and stimulating economic development when supported by effective leadership and financial discipline.
Other members of the delegation included Mrs Hunpe Esther, Area Officer; Mr Abimbola Kolawole, Assistant Area Officer; Mr Arisu Olumide, Registrar of Cooperatives and Mr Olatunji Tawak, Registrar of Cooperatives.
The visiting officials also emphasised the importance of competent leadership, responsible governance and prudent financial management in sustaining large-scale investments.
They encouraged knowledge-sharing among cooperative societies, including stronger engagement with the Lagos State Cooperative Federation, to enable other societies to learn from TEHC’s experience.
The President of TEHC, who was represented at the visit by the Chief Operating Officer, Mr Ehima Uwumarogie, highlighted the capacity of collective investment to deliver sustainable 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,” Uwumarogie said.
He described the delegation’s visit as an opportunity to showcase progress at the project site and deepen 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,” Uwumarogie added.
During a roundtable session, he presented the project’s development strategy, highlighting its focus on creating lasting economic value through collective investment.
He said that Louisville occupies approximately 22,000 square metres within Eko Atlantic City and is being developed in phases.
He said the first residential phase comprises 157 apartments, ranging from two to five bedrooms, which are currently under development.
According to him, the wider development plan includes hospitality facilities, retail and commercial spaces, sports and wellness amenities, as well as supporting infrastructure.
He said the project was designed to integrate residential accommodation with recreational, commercial and other essential services rather than operate as a stand-alone apartment complex.
He said the project financing model combined members’ contributions, property subscriptions and institutional financing arrangements.
The project team also briefed the delegation on implementation challenges, construction safety measures and the anticipated commercial contributions of the non-residential facilities.
He said the visit formed part of TEHC’s ongoing engagement with the state’s cooperative authorities, with discussions exploring opportunities for closer collaboration.
He said TEHC would continue to work towards the delivery of Louisville, while sustaining engagement with relevant regulatory and professional stakeholders.
