Lagos Govt challenges cooperatives to invest in real estate, praises TEHC’s project

The Lagos State Government has urged cooperative societies to expand their operations beyond traditional savings and credit activities and venture into large-scale real estate investments, according to a recent statement. Dr. Adeyemi Adeyinka, the Director of Cooperatives, praised a mixed-use development project called Louisville, which is being undertaken by the TotalEnergies Staff Housing Cooperative Multipurpose Society Ltd (TEHC) in Eko Atlantic City.

Louisville, which spans around 22,000 square meters, is being built in phases and currently features 157 residential units with multiple bedroom options. The cooperative president, through the Chief Operating Officer, emphasized that Louisville exemplifies the potential economic benefits of cooperative investment. The project's design integrates residential units with commercial, retail, hospitality, and sports facilities, all aimed at enhancing members' living standards and generating sustainable income for the cooperative.

TEHC officials explained that their financing strategy combines member contributions and property subscriptions with traditional institutional financing. The governor's office encouraged cooperative societies to learn from TEHC's approach and explore similar large-scale investments to stimulate economic growth and address housing needs.