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Lagos Cooperatives’ Capital Base Hits N33Bn

Lagos State Cooperative Societies’ capital base has risen to N33 billion up from N32 billion it grossed in 2019.

The state Commissioner for Commerce, Industry and Cooperatives, Mrs. Lola Akande, disclosed this in Lagos at the 2021 Ministerial news conference to commemorate the second year in office of Gov. Babajide Sanwo-Olu.

Akande explained that as part of efforts to ensure best practices in the establishment and running of cooperative societies, the ministry through the Department of Cooperative Services had been successfully supervising all the societies in the state.

She expatiated: ”To this end, 147 societies were inaugurated, 247 new registrations, 807 annual account approved, 272 Annual General Meetings held by the cooperative societies. 410 mediations and 1,693 routine inspections were carried out in the last one year.

”Further more, 2,359 cooperative societies were revalidated. Cooperatives capital base increased from N32 billion in 2019 to N33 billion to date. The cooperative insurance scheme payment is N50,702,337 as at May 30, 2019 till date”, the commissioner added.

According to her, the ministry, through the cooperatives department, has commenced some community projects to commemorate the 2021 International Cooperatives Day by providing portable water in Makoko, Ajegunle and Ikorodu communities.

Akande also disclosed that the Lagos State Cooperative College had been fulfilling its capacity-building roles through various programmes from which over 4,000 cooperators have benefited, adding that currently 122 students are undergoing Professional Diploma Programme in Cooperative Management Studies in the college.

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