Lagos urges cooperatives to put savings into real estate as TEHC's Eko Atlantic project takes shape
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Lagos State's director of cooperatives, Dr Adeyemi Adeyinka, led a delegation to the Louisville mixed-use development by TotalEnergies Staff Housing Cooperative at Eko Atlantic City, urging societies to move beyond savings and credit into structured property investment.
The Lagos State Government has called on cooperative societies across the state to move beyond traditional savings and credit activities and channel their resources into structured real estate investments, arguing that such ventures can drive housing development and economic growth.
The appeal came during an official visit by the State Director of Cooperatives, Dr Adeyemi Adeyinka, and a delegation of cooperative officials to the Louisville development, a mixed-use project by TotalEnergies Staff Housing Cooperative Multipurpose Society Ltd (TEHC) located within Eko Atlantic City.
Adeyinka described the project as a strong example of how a member-owned organisation can pool collective resources to fund large-scale investments that improve members' welfare and generate sustainable income, and urged the cooperative to plan ahead for possible funding gaps that could disrupt construction.
TEHC's Chief Operating Officer, Ehima Uwumarogie, who represented the cooperative's president, said Louisville occupies about 22,000 square metres within Eko Atlantic City and is being developed in phases. The first residential phase consists of 157 apartments, ranging from two to five bedrooms, which are currently under construction. The wider plan covers hospitality facilities, retail and commercial space, sports and wellness amenities and supporting infrastructure.
Uwumarogie said the project is financed through a combination of members' contributions, property subscriptions and institutional financing. “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,” he said. “With the right leadership, governance and institutional support, cooperatives can play an even greater role in Nigeria's economic development.”
Deputy Director of Cooperative Services Omotayo Kazeem also commended the project's vision and location, saying organised cooperative investment could thrive in a segment typically dominated by large corporate and institutional players. Both officials said cooperative investment could contribute meaningfully to Nigeria's housing deficit when backed by sound leadership and financial discipline, and encouraged knowledge-sharing through the Lagos State Cooperative Federation.