Lagos Urges Cooperatives to Invest in Real Estate Through Louisville Project
The Lagos State Government has encouraged cooperative societies to invest in real estate, highlighting the Louisville mixed-use development in Eko Atlantic City as an example of how pooled resources can support long-term asset creation and improve members' welfare.
The State Director of Cooperatives, Dr Adeyemi Adeyinka, made the call during a visit to Louisville, a project being developed by TotalEnergies Staff Housing Cooperative Multipurpose Society Ltd (TEHC). The visit included presentations on construction progress, financing arrangements, safety measures and the facilities planned for the development.
Adeyinka commended the cooperative for undertaking the project, noting its potential to improve members' living standards and generate sustainable income. He also encouraged the organisation to prepare for possible funding shortfalls and establish measures to prevent construction delays.
Deputy Director of Cooperative Services Omotayo Kazeem also praised the development's scale and location in Eko Atlantic City, an area attracting major corporate and institutional investments. He urged other cooperative societies to consider opportunities beyond traditional thrift and credit activities, particularly ventures capable of generating long-term returns.
Louisville development includes 157 residential apartments
Louisville covers approximately 22,000 square metres and is being developed in phases. Its first residential phase consists of 157 apartments, ranging from two to five bedrooms, which are currently under construction.
The wider development is planned to include hospitality facilities, retail and commercial spaces, sports and wellness amenities, as well as supporting infrastructure.
TEHC is financing the project through members' contributions, property subscriptions and institutional financing. This funding structure brings together resources from cooperative members and external institutional sources to support the development.
The cooperative's Chief Operating Officer, Ehima Uwumarogie, described Louisville as an example of how collective financial resources can be transformed into long-term assets through shared commitment and effective leadership.
During the visit, the state delegation also discussed stronger engagement between TEHC and Lagos cooperative authorities. Officials encouraged cooperative societies to exchange experiences through the Lagos State Cooperative Federation so that other organisations could learn from the project's investment approach.
The state officials emphasised that sound governance, financial discipline and accountable leadership would be important in strengthening the role of cooperative societies in housing delivery and the wider Nigerian economy.
