The Lagos State Government has urged cooperative societies to adopt structured real estate investments, identifying such ventures as effective avenues for wealth creation, housing development, and broader economic growth. The call was issued during an official visit to Louisville, a mixed-use development project located in Eko Atlantic City, which is being developed by the TotalEnergies Staff Housing Cooperative Multipurpose Society Limited (TEHC).
Officials Commend Collective Investment Model
Dr. Adeyemi Adeyinka, the State Director of Cooperatives, led a delegation of cooperative officials to the project site, where he described the development as laudable and commended the cooperative’s ambition. The visit included presentations and a construction site inspection, with discussions focusing on project progress, financing arrangements, safety practices, and planned facilities. Adeyinka noted that the initiative demonstrated how a member-owned organization could mobilize collective resources for large-scale investments capable of improving members’ welfare and generating sustainable income.
While praising the project, Adeyinka advised the cooperative to anticipate potential financing challenges and establish adequate arrangements to ensure that construction activities would not be interrupted by funding constraints. Mr. Omotayo Kazeem, Deputy Director of Cooperative Services, also commended the project’s scale, vision, and strategic location. He emphasized that the development demonstrated the potential of organized cooperative investment in an environment typically associated with major corporate and institutional investors.
“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,” said Mr. Ehima Uwumarogie, Chief Operating Officer of TEHC.
Project Scope and Financing Strategy
Uwumarogie, who represented the President of TEHC, presented the project’s development strategy during a roundtable session, highlighting its focus on creating lasting economic value through collective investment. He stated that Louisville occupies approximately 22,000 square meters within Eko Atlantic City and is being developed in phases. The 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, and supporting infrastructure. Uwumarogie explained that the project was designed to integrate residential accommodation with recreational, commercial, and other essential services rather than operating as a stand-alone apartment complex. The financing model for the project combines members’ contributions, property subscriptions, and institutional financing arrangements.
The visiting officials emphasized the importance of competent leadership, responsible governance, and prudent financial management in sustaining large-scale investments. They encouraged other cooperative societies to move beyond conventional thrift and credit activities to explore properly structured investments capable of delivering sustainable long-term returns. The delegation also highlighted the need for knowledge-sharing among cooperatives, including stronger engagement with the Lagos State Cooperative Federation, to enable other societies to learn from TEHC’s experience. Other members of the delegation included Mrs. Hunpe Esther, Mr. Abimbola Kolawole, Mr. Arisu Olumide, and Mr. Olatunji Tawak.
<small>Source: The Sun Nigeria — read the original story there.</small>