Lagos seeks investment in cooperative-led Louisville project

Lagos State Director of Cooperatives, Dr Adeyemi Adeyinka, has praised the ambition behind Louisville, a mixed-use development by TotalEnergies Staff Housing Cooperative Multipurpose Society Ltd, following a visit to its Eko Atlantic City site on Monday, 2 November, 2026.

The delegation met TEHC officials for a presentation and site inspection covering construction progress, financing, safety practices and planned facilities. The visit gave the state’s cooperative authorities a first-hand account of how a member-owned organisation is mobilising resources for large-scale real estate investment.

Dr Adeyinka called Louisville “a laudable project” and said its approach could improve members’ lives while generating income for the cooperative. He noted that projects of this scale could contribute to economic activity beyond the membership of a society.

He also urged TEHC to anticipate financing risks and maintain arrangements that would prevent construction from stalling because of funding constraints.

Deputy Director, Cooperative Services, Mr Omotayo Kazeem, singled out the scale and vision of the project, particularly its location in Eko Atlantic. He said the initiative demonstrated what organised cooperative investment could achieve in a location often associated with major corporate and institutional investors. He encouraged other societies to look beyond traditional thrift and credit activities and explore well-structured investments capable of delivering long-term returns.

Both officials said cooperative investment could play a wider role in addressing housing needs and supporting economic development when backed by effective leadership and financial discipline.

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During the roundtable session, TEHC representatives outlined the project’s development strategy and its emphasis on creating lasting value through collective investment. Louisville occupies approximately 22,000 square metres in Eko Atlantic and is being developed in phases. The first residential phase comprises 157 apartments, ranging from two to five bedrooms, currently under development.

TEHC said its financing approach combines members’ contributions and property subscriptions with institutional financing arrangements. The project team also briefed the delegation on delivery challenges, construction safety and the intended commercial contribution of the non-residential components.

The President of TEHC, represented at the visit by the Chief Operating Officer, Ehima Uwumarogie, emphasised the potential of collective investment in delivering long-term economic value.

“Louisville represents what is possible when people come together with a shared vision, a clear purpose and the commitment to turn collective resources into lasting value.”

TEHC welcomed the delegation’s visit as an opportunity to showcase the progress recorded at the site and deepen understanding of its investment and development model.

“With the right leadership, governance and institutional support, cooperatives can play an even greater role in Nigeria’s economic development,” the cooperative added.