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

The Lagos State Government has challenged cooperative societies to move beyond traditional savings and credit operations and embrace large-scale investments in real estate and other productive sectors to improve members’ welfare and drive economic growth.

The state’s Director of Cooperatives, Dr. Adeyemi Adeyinka, gave the charge while commending the investment vision behind Louisville, a mixed-use development by TotalEnergies Staff Housing Cooperative Multipurpose Society Ltd (TEHC) in Eko Atlantic City.

Adeyinka made the remarks during a visit to the project site on Monday, November 2, 2026.

The delegation received presentations on the project’s construction progress, financing structure, safety practices and proposed facilities.

Describing Louisville as “a laudable project”, Adeyinka said it could improve members’ living standards while generating sustainable income for the cooperative. He noted that investments of such magnitude could stimulate economic activities beyond the society’s membership.

He, however, urged TEHC to anticipate potential financing challenges and establish adequate measures to prevent construction delays resulting from funding constraints.

The Deputy Director of Cooperative Services, Mr. Omotayo Kazeem, also praised the project’s scale and vision, particularly its location in Eko Atlantic, an area associated with major corporate and institutional investments.

He said Louisville demonstrated the potential of organised cooperative investment, urging other societies to look beyond conventional thrift and credit operations and explore well-structured investments capable of delivering long-term returns.

Both officials said cooperatives could play a greater role in addressing housing needs and supporting 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 Mr. Arisu Olumide and Mr. Olatunji Tawak, Registrars of Cooperatives.

During a roundtable session, TEHC officials explained that Louisville occupies approximately 22,000 square metres and is being developed in phases. Its first residential phase comprises 157 apartments, ranging from two to five bedrooms, which are currently under construction.

The wider development includes hospitality facilities, retail and commercial spaces, sports and wellness amenities, as well as supporting infrastructure. The project is designed to integrate residential accommodation with recreation, commerce and essential services.

TEHC said its financing model combines members’ contributions and property subscriptions with institutional financing arrangements.

The cooperative’s President, represented by the Chief Operating Officer, Ehima Uwumarogie, said the project 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.

It added that effective leadership, governance and institutional support could enable cooperatives to contribute more significantly to Nigeria’s economic development.

The visiting officials encouraged knowledge-sharing among cooperative societies, including through the Lagos State Cooperative Federation, to enable other organisations to learn from TEHC’s experience.

The visit also explored opportunities for closer collaboration between TEHC and the state’s cooperative authorities, although 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 the development of residential and mixed-use communities.