Lagos Cooperatives Capital Base Increases To N33b

The Lagos State Commissioner for Commerce, Industry and Cooperatives, Mrs Lola Akande, has disclosed that the cooperative service capital base has increased to N33 billion in 2021. 

Akande made this known on Monday in Lagos at the 2021 ministerial news conference in commemoration of the second year in office of Gov. Babajide Sanwo-Olu. 

She said that the capital base was N32 billion as at 2019 but increased by one billion from then till date. 

”As part of efforts to ensure best practices in the establishment and running of cooperative societies, the ministry through the Department of Cooperative Services has been successfully supervising all the societies in the state. 

”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,” she said. 

The commissioner said that the ministry, through the cooperatives department embarked on community projects to commemorate the International Cooperatives Day by providing portable water for three communities in the state. 

She listed the communities as Makoko, Ajegunle and Ikorodu. 

The International Cooperative Day is an annual international celebration of the cooperatives movement observed on the first Saturday in July every year by the International Cooperatives Alliance. 

Akande said the Lagos State Cooperative College from time to time had organised various human capacity building programmes for over 4,000 cooperators. 

The college was established under section 2 of the Cooperative College Law 2018 of Lagos State to fulfill the mandate of training, research, learning and management of Information Communication Technology, to cooperators and members of the public at both local and international levels. 

According to her, the first matriculation was performed in January 2021. 

”Presently, a total of 122 students are currently in session for Professional Diploma Programme in Cooperative Management Studies. 

”It is also worthy to note that the ministry is championing the course of the College being accredited by the National Board for Technical Education to run National Diploma in the field of Cooperative Economics and Management. 

”It will also run Microfinance and Entrepreneurship Development from 2021/22 academic sessionnan,”