DANGOTE GROUP STAFF MULTIPURPOSE SOCIETY LTD HELD ITS 17^th AGM RECENTLY

The cooperative which has a membership strength of 12,867 across the various business unit of the coops.

The cooperative posted a net surplus of 389,134,000 and declared 52% of this sum as dividend for members. Some of the objectives of the Dangote Group staff multipurpose cooperative society are.

To provide credit facilities for members at fair and reasonable rates of interest for provident and productive purposes.

To encourage regular saving amongst members, so that members may cultivate the habit of making savings at least once monthly, with a view to building up funds for individual future use.

To stock consumer and producer goods for distribution to members at fair and reasonable prices.

To acquire acres of land for sale or estate development to meet the housing needs of member or for individual purpose as a form of investment for the economic benefits of the member.

To undertake or invest in real estate and housing development for accusation by its members and other interesting parties.

To undertake and invest in new ventures beneficial to members and the society as approved by the management committee. These include projects financing production, etc.

To undertake service businesses that will cater for the primary need of the members and patrons; like petrol station, warehousing, consultancy, etc. managed in the overall interest of the member and society.

To encourage fixed deposit from members out of which a fund may be established for giving short-term loan to members to acquire stock or shares and other rewarding ventures.

To raise capital through shareholding by member of the society as shares represent certificate to membership.

To manage financial portfolio carefully by investing in stock but guide by the decision of member. In this way, the society shall become part owner of multinational banks etc.

To seek loans for industrial/housing development from banks, the cooperative circle and other financial institutions

To secure wholesale mortgage, either for on-lending to members or for housing development and let or self-dwelling on mortgage basis.

To do anything within the law and enter into transaction which in the society opinion is necessary to ensure the proper performance of its functions or the attainments of the above listed objects.

The Cooperative is contributing immensely to the labor market as it has over 25 members of staff. The highpoint of the AGM was the swearing in of the new executives headed by the President.

Femi Adewole, a seasoned housing finance professional and architect, has emerged Chairman of the Coop Mortgage Bank.

Adewole, with over 34 years of experience in housing finance, development, and project management, brings a wealth of expertise to the institution’s leadership team. Formerly serving as the Managing Director at the Family Homes Funds Ltd, Adewole played a pivotal role in driving the organization’s mission of providing affordable housing solutions. He also held the position of Ag. Managing Director at Shelter Afrique, a Pan African Housing Development and Finance Institution based in Nairobi.

Adewole’s career extends to influential roles in some of the largest housing companies in the United Kingdom. Notably, he served as the Group Operations Director at Notting Hill Housing Group, overseeing a staff of over 1,500 individuals. Additionally, he held the position of Investment Director at the Guinness Partnership, further solidifying his expertise in the field. With a focus on developing afro-centric housing finance solutions tailored to the unique context of predominantly low-income and informal economies in Sub-Saharan Africa, Adewole’s emergence as Chairman of Coop Mortgage Bank highlights the institution’s commitment to innovative housing finance strategies.

As a member of the board of Africa International Housing Show and with his extensive experience in the housing sector, Adewole is poised to provide valuable insights and expertise to Coop Mortgage Bank. His appointment marks a significant step for the institution as it seeks to bolster its position in the housing finance market and drive sustainable development in the region.

LASCOFED Resuscitates Lagos State Association of Cooperative Thrift and Credit Societies (LASACCS)

A Stakeholders meeting was held on Thursday 7^th March 2024 at LASCOFED Secretariat with leaders of registered Cooperative Thrift and Credit Societies (CTCS). The objective of the meeting was the resuscitation of Lagos State Association of Cooperative Thrift and Credit Societies (LASACCS).

The President of Lagos State Cooperative Federation (LASCOFED) Barrister Oladipo Shobule, informed members at the meeting that financial cooperative at the international level form the body known as World Council of Credit Union (WOCCU) while the regional body for Africa is known as African Confederation of Cooperative Savings and Credit Association (ACCOSCA). During the active days of LASACCS it was a member of the Nigerian body known as National Association of Cooperative Credit Unions in Nigeria (NACCUN). NACCUN is now known as National Cooperative Financing Agency of Nigeria (CFAN).

LASCOFED is committed to ensuring that the Association is functional again after over a decade of being in comatose. Therefore a 5-man committee was inaugurated to resuscitate the Association. The committee was given 6months to mobilize members and organize election of officers for the association.

The President charged members of the committee to see the assignment as a call to service while also encouraging members of single purpose cooperative in Lagos State to cooperate with the committee for success of the assignment.

Permanent Secretary, Ministry of Commerce, Cooperative, Trade and Investments charges Co-operators on Financial Literacy

The President-in-Council paid a courtesy visit to the newly appointed Permanent Secretary of Ministry of Commerce, Cooperative, Trade and Investments, Dr. Olugbemiga Ayoola Aina in February 2024.

The leader and President of LASCOFED team Barrister Oladipo Shobule, said that the purpose of the visit was to welcome Dr. Olugbemiga Aina to the Cooperative family and to request for a good working relationship between the Cooperative Movement and the regulatory ministry.

The President informed the Permanent Secretary that, cooperative societies operate in formal and informal sectors of the economy and contribute immensely to economic activities in Lagos State and to the welfare of members.

The President identified non remittance of deductions to cooperative societies by host organizations and some government parastatals as a major challenge facing cooperative societies operating in the state. He appealed for the intervention of the ministry in this regard.

Dr. Olugbemiga Ayoola Aina who had been in the Public Service of Lagos State Civil Service for 32years. welcomed the entourage warmly, stating that as a co-operator himself, he was conversant with co-operative activities and the importance of co-operative societies in the economy of Lagos State. It is expedient for both the Ministry and LASCOFED to work together to promote financial literacy amongst members.

He encouraged cooperatives across the state to be more business oriented and innovative. He then appealed to the leadership of LASCOFED to emphasis to members the need to follow due process while investing, obey laws and regulations and shun white elephant projects.

The Permanent Secretary assured the President-in-Council of LASCOFED that the Ministry will take up the issue of non-remittance of deductions with relevant authorities. He also promised continuous support for the advancement of cooperatives activities in Lagos State.

Electricity cooperative model, potential solution to ailing energy sector – Lagos commissioner

The Lagos State Government has said its new electricity cooperative model initiative is a potential solution to the ailing energy sector in the country, particularly in the state. The Commissioner for Commerce, Cooperatives, Trade & Investment, Mrs Folashade Ambrose-Medebem, made this known during a one-day maiden symposium in Lagos recently. The symposium was organized by the Lagos State Cooperative College with the theme: “Venturing into Power Sector: The Electric Cooperative Model”. The Electric Cooperative is a private, not-for-profit company whose purpose is to safely deliver electricity to its consumers or members at the most affordable price possible.

Ambrose-Medebem, represented by the Director of Cooperatives, Mrs Zulhikah Ibrahim, said by the deregulation and signing of the Electricity Act, 2023 by President Bola Tinubu on June 2023, the electricity cooperative model would resolve the energy challenges in the generation, distribution, and transmission chain.

The commissioner said electricity cooperative model would further increase private sector investment and solve the epileptic power supply given the country’s unpalatable experiences in the area of power supply over the years. She observed that the aptness of the theme and the auspiciousness of its timing, was coming at a time when Nigerians appeared fed up with the seeming intractability of the energy challenges as a country. The commissioner added that the multidimensional epileptic power supply had affected quality of life, capacity utilization and productivity.

Ambrose-Medebem said the listing of power generation and distribution as a concurrent item and the subsequent enactment of the Electricity Act, 2023, clearly attested to the readiness of the Federal Government to address the problem of power sector.

According to her, this has made the state to be proactive in the establishment of the Lagos State Electricity Board under the Ministry of Energy and Mineral Resources in anticipation and readiness for the devolution of power supply to the federating units. The commissioner said power was needed to drive and sustain economic growth and as such, the current attempt at full liberalization and deregulation of the power sector is highly welcomed.

She said: “In developed climes, power supply is accorded so much priority with commensurate multi-sectoral investments in cost-effective power solutions to guarantee stability in supply for productive purposes. “I believe it is safe to infer that the extant regulatory framework in the power sector can prove to be a major game changer going forward, if only we can begin to seize the available opportunities in taking the right business and investment decisions.

With over 3,000 active membership and an annual financial turnover in excess of N70 billion, the cooperative movement has what it takes to venture into the power sector value chain to deliver this essential public utility and improve the quality of life of its teeming members. In the United States, United Kingdom, Europe and even some African Countries, electric cooperatives have been successfully established and sustainably managed. “This is to bridge the shortfall in electricity supply particularly through the establishment of mini grids for power generation and distribution to rural communities and enclaves not accommodated in the national grids.”

The Provost of the college, Mr Akorede Ojomu in his welcome address said the college was ready to contribute its own quota to the trending issue of electricity deregulation. Ojomu said the college would do this through the promotion of the adoption of electric cooperative model in the generation, transmission and distribution of electricity in the state and country at large.

He noted that the symposium was organized pursuant to the provisions of Section four of the law that established the college. Speaking, the Special Adviser on Energy Resources to Sanwo-Olu, Mr Abiola Olowu said electricity cooperatives though still novel, were not new to countries with rich cooperative practice and history where it had been in the business of providing utility services.

Olowu noted that an electricity cooperative was a private, not-for-profit company whose purpose was to safely deliver electricity to its consumers or members at the most affordable price possible.

Also, former managing director, Transmission Company of Nigeria (TCN) Dr Usman Mohammed identified a lack of investment and managerial capacity as problems crippling the Nigerian power sector. Mohammed said the electricity cooperative model would help in resolving the epileptic power supply in the state and in the country in general.

GROUNDBREAKING OF LASCOFED CO-OPERATIVE VILLAGE, MOJODA, EPE

Taking the bull by the horn, LASCOFED Board under the leadership of Barrister Oladipo Shobule laid the foundation for LASCOFED Co-operative village located at Mojoda, Epe, Lagos State. At the groundbreaking ceremony were representative of LASCOFED Board, Lagos State Women-in-Cooperatives and leaders of other cooperative societies in the state. The 20acre parcel of land on which cooperative village is located was acquired over 15years ago.

The project which is of a mixed design will be developed in partnership with some housing financing institutions and developers. The President at the occasion assured cooperators that all necessary regulatory requirements were been put in place to ensure a hitch free development. He also used the opportunity to acknowledge the contribution of cooperative societies across the state to provision of housing to members and urged them to scale up their participation in the housing sector, thereby reducing the housing shortage in the state. He reminded members that Epe axis was the new Lagos with the presence of Lekki free trade zone, Dangote refinery and the proposed Lekki/Epe International airport.

CFN President Charges Cooperators on Food Security

The National Broccoli and Cauliflower Producers, Processors and Marketers Association of Nigeria (NABCAPPMAN) recently had its Executive Committee inaugurated at the Federal Ministry of Trade, Commerce and Industry. The inauguration, which was presided over by the Permanent Secretary of the Ministry, was attended by the Chairman Alhaji Isa Yuguda and other members of the board of trustees of NABCAPPMAN.

In his address, the Permanent Secretary, represented by the Director Industrial Inspectorate Department, Mrs Annietie Emobong Umoessien,  highlighted the importance of promoting the production, processing, and marketing of broccoli and cauliflower in Nigeria. He emphasized the need for collaboration between the government and the private sector to boost the growth of these nutritious vegetables.

Broccoli and cauliflower are known for their numerous health benefits. They are rich in vitamins, minerals, and antioxidants that help to boost immunity, promote digestion, and reduce the risk of chronic diseases. Consuming broccoli and cauliflower regularly can improve heart health, support weight loss, and enhance overall well-being.

In addition to the health benefits, the increased production of broccoli and cauliflower has significant economic benefits for Nigeria especially at such a time when the country is seeking growth of export commodities in order to improve its balance of trade. These vegetables have high demand in both local and international markets, providing opportunities for farmers to increase their income. By promoting the production of broccoli and cauliflower, Nigeria can reduce its dependence on imported vegetables and boost its agricultural exports.

In his remarks, His Excellency Alhaji Isa Yuguda, the Board of Trustees chairman of the association, appreciated the Ministry for the guidance and direction provided towards this great achievement. he reiterated the commitment of the Executives and further assured that all hands are on deck to ensure successful delivery of the Association’s mandate towards purposeful development of set goals and objectives of the Broccoli and Cauliflower value-chain sub-sector that is geared towards exploiting the global market and increasing foreign exchange earnings as well as the Gross Domestic Product of the economy.

On his part, The President of NABCAPPMAN, Mr. Kola Ajayi noted that the Executive Committee of NABCAPPMAN is committed to implementing strategies that will drive the growth of the broccoli and cauliflower industry in Nigeria. This includes providing training and support to farmers, improving access to processing facilities, and expanding marketing channels for these vegetables.

The inauguration of the Executive Committee of NABCAPPMAN marks a significant step towards promoting the production, processing, and marketing of broccoli and cauliflower in Nigeria. By harnessing the health and economic benefits of these vegetables, the association aims to contribute to the growth and development of the agricultural sector in the country.

As a member of the Board of NABCAPPMAN the President of Cooperative Federation of Nigeria, High Chief Tajudeen Oriyomi Ayeola called on Cooperative Societies and Cooperators across the country to invest in Broccoli and Cauliflower value-chain as their contribution to food security in Nigeria.

Honorable Commissioner, Ministry of Commerce, Cooperative, Trade and Investment Met cooperative Stakeholders in Lagos State.

 The Honorable Commissioner, Ministry of Commerce, Cooperatives, Trade and Investments, Mrs. Folashade Ambrose-Medebem met with cooperators in the first townhall meeting of stakeholders for the year 2024.

Being her first official visit to LASCOFED Secretariat since assuming office as the commissioner, Mrs. Ambrose Medebem was received by members of the President-in-Council of Lagos State Cooperative Federation (LASCOFED) led by the President, Barrister Oladipo Shobule.

The Honorable Commissioner in her address to over 600 cooperators from various cooperative societies across the state posited that cooperative societies no doubt plays vital roles in the socio-economic dynamics of Lagos state and is regarded as a machinery for poverty alleviation. Therefore, the government places high premium on cooperatives as partners in progress and drivers of dividend of democracy to the populace. She encouraged the cooperative leaders across Lagos state to continue to scale up and impact their members.

As a way of ensuring that cooperatives continue to deliver quality services to members, Hon. Ambrose-Medebem highlighted the following as expectations of the ministry from cooperative leaders.

Timely Rendition of Annual Account: The Annual Accounts of societies’ previous financial year is expected to be submitted to the Area Office between January and February of the succeeding year, so that the Annual General Meeting (AGM) can be held latest 2^nd quarter of the year.

Tenure Elongation: The tenure of executive as stated in the cooperative society’s byelaw should be adhered to and no executive is entitled to more than 2 terms in a particular position.

Cooperative Insurance Scheme: All cooperative societies are expected to insure the loans given to members with a consortium of insurance companies led by LASACO Assurance Plc paying a premium 1% of the loan granted.

Abuse of the Maximum Credit Limit: Cooperative leaders were advised to stick to the rule on maximum credit limit. Any approval of loan in excess of two times of a members’ savings is an abuse she reiterated.

Fraud/Misappropriation: Honorable Commissioner emphasized that the Ministry of Commerce, Cooperative, Trade and Investments has zero tolerance to fraud and misappropriation. She encouraged all the leaders of cooperative societies to strictly adhere to the cooperative laws and to think proactively on identifying and mitigating the risks involved in their operations in order not to set themselves up for litigations.

Digitization of Cooperative Operations: Cooperative Leaders were encouraged to digitize their operations to enhance efficiency.

She promised that the ministry will work with LASCOFED to ensure prompt and efficient service delivery to cooperators.