Lagos Repositions Cooperative Societies for Economic Growth through Corporate Governance
Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose, made this known during a town hall meeting with cooperative trustees in the Ikeja Division at the Lagos State Cooperative Federation (LASCOFED) multipurpose hall. The engagement is part of a series of meetings across all five administrative divisions of Lagos.
Ambrose highlighted the Sanwo-Olu administration’s recognition of cooperative societies as key players in achieving its vision of Making Lagos a 21st-Century Economy, a core component of the T.H.E.M.E.S Plus Development Agenda.
“Cooperatives play a vital role in poverty alleviation, job creation, economic growth, and community empowerment. When well-structured, they stimulate investments, harness local talent, and build an inclusive, sustainable economy from the grassroots up.”
She further emphasized the government’s commitment to redefining regulations and improving monitoring, ensuring financial transparency, responsible loan accessibility, and structured investments within the sector.
Ambrose announced that cooperative societies will soon benefit from the A2F MSME Fund, a financing initiative under the LASG-BOI-Sterling Bank collaboration, which will provide single-digit interest loans to expand businesses, improve working capital, and develop cooperative-based industrial clusters.
Permanent Secretary, MCCTI, Dr. Olugbemiga Aina, urged members to take active interest in cooperative management, ensuring adherence to Cooperative Bye-Laws and resisting pressure to approve unqualified loans.
Security and Exchange Commission (SEC) official, Sa’ad Abdusalam, cautioned against unregulated investments by cooperative societies, warning that unauthorized public fundraising and Ponzi scheme participation would face strict regulatory action.
SP Eyitayo Johnson, Special Fraud Unit of the Nigeria Police Force, advised trustees to adopt modern auditing techniques, financial literacy programs, and fraud prevention measures, including whistleblowing mechanisms to protect cooperative funds.
The initiative marks a bold step toward transforming cooperative societies into strategic economic drivers, reinforcing governance, transparency, and financial sustainability in Lagos State.
