The Lagos State Government has urged cooperative societies to expand beyond traditional savings and credit activities and invest in real estate and other productive sectors to improve members’ welfare and support economic growth.
The state’s Director of Cooperatives, Dr Adeyemi Adeyinka, gave the advice while commending the investment vision behind Louisville, a mixed-use development by TotalEnergies Staff Housing Cooperative Multipurpose Society Limited (TEHC) in Eko Atlantic City.
Adeyinka spoke during a visit to the project site on Monday, November 2, 2026, where the delegation received presentations on construction progress, financing arrangements, safety practices and proposed facilities.
Describing Louisville as “a laudable project”, Adeyinka said the development could improve members’ living standards while generating sustainable income for the cooperative.
He added that investments of such scale could stimulate economic activities beyond the cooperative’s membership.
However, he urged TEHC to anticipate potential financing challenges and establish measures to prevent funding constraints from delaying construction.
Lagos Officials Encourage Cooperative Investment
The Deputy Director of Cooperative Services, Mr Omotayo Kazeem, also praised Louisville’s scale and investment vision.
He highlighted its location in Eko Atlantic City, an area associated with major corporate and institutional investments.
Kazeem said the project demonstrated the potential of organised cooperative investment.
He encouraged other societies to explore structured investments capable of delivering long-term returns rather than concentrating solely on conventional thrift and credit operations.
Both officials said cooperatives could contribute more significantly to housing delivery and economic development through effective leadership, sound governance and financial discipline.
Other members of the delegation included Mrs Hunpe Esther, Area Officer; Mr Abimbola Kolawole, Assistant Area Officer; and cooperative registrars, Mr Arisu Olumide and Mr Olatunji Tawak.
Louisville Project Features 157 Apartments
During a roundtable session, TEHC officials explained that 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, which are currently under construction.
The wider development will include hospitality facilities, retail and commercial spaces, sports and wellness amenities, and supporting infrastructure.
The project is designed to combine residential accommodation with recreational facilities, commercial activities and essential services.
TEHC explained that its financing model combines members’ contributions and property subscriptions with institutional financing arrangements.
TEHC Highlights Value Of Collective Investment
The cooperative’s President, represented by its Chief Operating Officer, Ehima Uwumarogie, said Louisville demonstrated the economic value of collective investment.
“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 added that effective leadership, sound governance and institutional support could strengthen the contribution of cooperatives to Nigeria’s economic development.
The visiting officials also encouraged knowledge-sharing among cooperative societies through the Lagos State Cooperative Federation.
They said other societies could learn from TEHC’s experience and explore similar investment opportunities.
The visit also provided an opportunity to discuss closer collaboration between TEHC and Lagos State cooperative authorities. However, no formal partnership was announced.
Established in 2020 by serving and former TotalEnergies employees in Nigeria, TEHC is a member-owned organisation focused on collective investment and developing residential and mixed-use communities.
