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Lagos State affirms support for cooperative societies

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Lagos State Government has affirmed its commitment to upholding cooperative practices and supporting the further growth of the Cooperative Movement.

The Commissioner for Commerce, Cooperatives, Trade & Investment, Mrs Folashade Ambrose-Medebem gave the reassurance on behalf of the Governor Babajide Sanwo-Olu’s administration at the 5th National Cooperative Award organised by the Cooperative Rating and Award Society of Nigeria (CRASoN).

Speaking at the event, with the theme: “Reimagining Cooperative in Nigeria: Our Success Stories, Challenges, and the Way Forward,” the Commissioner affirmed that the Ministry under the Sanwo-Olu administration remains committed to creating a conducive environment for cooperatives to thrive.

She stated that the ministry will continue to collaborate, provide essential resources, supervise and create policies that will ensure the growth and development of the Cooperative Movement in the State.

“A very notable step we have taken to protect Cooperators from losing their precious investment was the introduction of the Cooperative Insurance Scheme. This was initiated with a consortium of Insurance companies to insure the investments of Cooperative Societies and mitigate losses that could occur in the course of their operations. We have also been propagating the need for societies to key into the scheme.

“We have also deployed the Cooperatives Portal Software Solution to automate the management of cooperative societies, with an online data bank application that houses the data of the societies, leading to improved efficiency and eliminating bottlenecks of the previous system.”

To address the many complaints by cooperators against their Executives, the Commissioner said a Mediation Team has been set up by the Ministry to carry out the resolution of crisis within and between Cooperative Societies and also conducts special investigative audits in case of allegations of fraud and collates all information relating to the annual targets set for each Area Office.

Furthermore, she said Cooperatives School Club has been established in 12 public schools to encourage teenagers and youths to form themselves into groups, based on the Cooperative ideology of self-help empowerment while deepening cooperative practice in the State, as efforts are ongoing to spread the initiative to other schools to catch them young.

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