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.