WELCOME ADDRESS DELIVERED BY THE LASCOFED PRESIDENT, CHIEF ORIYOMI AYEOLA ON THE OCCASION OF THE VISITATION OF THE HONOURABLE COMMISSIONER FOR THE MINISTRY OF COMMERCE, INDUSTRY AND COOPERATIVES, MRS. A. OLADUNJOYE ON 27TH JUNE, 2018.
On behalf of the Board of Directors and the Cooperative Movement, I heartily welcome you, the Honourable Commissioner and your delegation, to the secretariat of Lagos State Cooperative Federation, the apex body for cooperative organisations in the state.
This Federation evolved from the old, Lagos Co-operative Thrift and Credit Union Ltd which was established in 1952 and registered in 1956 as the parent body for all the cooperative societies in the then Lagos colony. After the creation of Lagos State in 1967, Lagos Co-operative Thrift and Credit Union Ltd became Lagos State Co-operative Union Ltd which was later changed to Lagos State Co-operative Federation Ltd. (LASCOFED).
Lascofed Office Complex & Multipurpose Hall
The Honourable Commissioner, it delights me to inform you and everyone that this land on which this edifice and other buildings stand today is a product of the struggles of cooperative leaders. This struggle was further complemented with the decision to have a befitting edifice as LASCOFED’s secretariat. Thus, the foundation for this edifice was laid on 15th July, 2010 and on 19th July, 2016; it was completed and officially commissioned by His Excellency, the Governor of Lagos State, Mr. Akinwunmi Ambode.
The building was completed at a total sum of N296,624,820.00 (two hundred and ninety-six million, six hundred and twenty-four thousand, eight hundred and twenty Naira). I am proud to say categorically that majority of the funds used for the construction of this building was from income generated internally while the rest was from development levies from cooperative societies and loans from 10 (ten) cooperative societies. I want to inform you that we have fully repaid some of these loans and we are determined to complete payment before the expiration of this tenure in 2020 by the grace of Almighty God. You will in this regard agree with me that the building is a product of our cooperation.
This building consists of a multipurpose hall on the ground floor, offices on the first and second floor; and the last floor which is a pent house. We hope to repay these loans from income generated from the multipurpose hall and the office rentals.
After the completion of the edifice, we never relented on our oars. We made giant strides to improve the well-being of our members in various areas. This resulted in the commencement of a Cooperative Insurance Scheme (CIS) which now has LASACO Insurance Plc as the lead underwriter. We have in the process incorporated LASCOFED Insurance Broker for effective operation of the cooperative insurance scheme.
The Honourable Commissioner, aside the afore-said, I am pleased to also inform you that LASCOFED has 20acres of land at Mojoda, Epe, which we intended to develop for the construction of a cooperative resort. We have been able to do the fencing of the property however we have been having difficulty in taking formal possession of the land in the area of the Certificate of Occupancy. Ma, we would appreciate your assistance in this regard.
Since LASCOFED secretariat moved to this building we have been having challenges with electricity. We have been reliably informed that the solution to resolving these challenges is to obtain a transformer. The Honourable Commissioner ma, we therefore seek your indulgence for your assistance in liaising with the Honourable Commissioner for the Ministry of Energy and Mineral Resources on this issue.
We appreciate the leadership of the Ministry for the cooperation, friendship and constant support to the Cooperative Movement since the cooperative department moved to the Ministry. The enabling environment provided by the government has positively influenced the growth and development of cooperative societies scattered across the state.
The Honourable Commissioner, we are confident that your visitation is an evidence of your avowed determination to acquaint yourself with the affairs and operations of the Cooperative Movement.
Once again, on behalf of all the cooperators in the state, I say thank you for making out time out of your busy schedules to visit the secretariat of the Lagos State Cooperative Movement.
We wish you a successful stay in office and many more years of devoted service to the Ministry of Commerce, Industry and Cooepratives.
Chief Oriyomi Ayeola