Lagos Government Urges Cooperative Societies to Invest in Real Estate for Wealth Creation
- Lagos State Government officials visited Louisville, a large-scale mixed-use development by TotalEnergies Staff Housing Cooperative, at Eko Atlantic City
- State Director of Cooperatives Dr Adeyemi Adeyinka led the delegation and praised the cooperative's ambition while flagging potential financing risks
- TEHC's Chief Operating Officer revealed that the first phase of Louisville includes 157 apartments ranging from two to five bedrooms, currently under construction
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The Lagos State Government has called on cooperative societies across the state to move beyond traditional savings and credit activities and channel their resources into structured real estate investments, saying such ventures can drive housing development and economic growth.
The appeal came during an official visit by the State Director of Cooperatives, Dr Adeyemi Adeyinka, and a delegation of cooperative officials to the Louisville development, a mixed-use project by TotalEnergies Staff Housing Cooperative Multipurpose Society Ltd. (TEHC), located within Eko Atlantic City.
Source: UGC
Adeyinka described the project as a strong example of how a member-owned organisation can pool collective resources to fund large-scale investments that improve members' welfare and generate sustainable income. He also urged the cooperative to plan ahead for possible funding gaps that could disrupt construction activities.
Louisville's Scale and Development Plan
TEHC's Chief Operating Officer, Mr Ehima Uwumarogie, who represented the cooperative's president at the visit, told the delegation that Louisville occupies about 22,000 square metres within Eko Atlantic City and is being developed in phases. The first residential phase consists of 157 apartments, ranging from two to five bedrooms, which are currently under construction.
The broader project plan covers hospitality facilities, retail and commercial spaces, sports and wellness amenities, and supporting infrastructure, making it an integrated development rather than a standalone residential block.
Uwumarogie said the project is financed through a combination of members' contributions, property subscriptions and institutional financing. He also noted that the visit formed part of TEHC's continuing engagement with Lagos State cooperative authorities, with discussions touching on opportunities for closer collaboration.
"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. "With the right leadership, governance and institutional support, cooperatives can play an even greater role in Nigeria's economic development."
Officials Back Cooperative Investment Model
Mr Omotayo Kazeem, Deputy Director of Cooperative Services, also commended the project's vision and strategic location, saying it showed that organised cooperative investment could thrive in a space typically dominated by large corporate and institutional players.
Both Kazeem and Adeyinka said cooperative investments could make a meaningful contribution to solving Nigeria's housing deficit when backed by sound leadership and financial discipline. They also encouraged knowledge-sharing between cooperatives and stronger engagement with the Lagos State Cooperative Federation, so other societies could learn from TEHC's approach.
Other delegation members included Mrs Hunpe Esther, Area Officer; Mr Abimbola Kolawole, Assistant Area Officer; Mr Arisu Olumide and Mr Olatunji Tawak, both serving as Registrars of Cooperatives.
Source: Legit.ng
