Lagos Appoints Seven Insurance Firms to Manage Cooperatives’ Losses

By Gboyega Akinsanmi

Consequent on the recurring cases of accidents and deaths among members of registered cooperative societies in the state, the Lagos State Government has disclosed that it has appointed a consortium of seven insurance companies to mitigate losses that they might incur.

However, the Lagos State Cooperative Federation (LASCOFED) put the capital bases of cooperative societies in the state at over N100 billion, which it said, had been on steady increase despite the economic recession that has crippled governance in almost all states of the federation.

The Special Adviser to the governor on Commerce, Industry & Cooperatives, Mr. Benjamin Olabinjo, justified the decision to appoint a consortium of seven insurance firms at a news conference he addressed to mark the 2017 International Day of Cooperative Societies in Alausa Thursday.

He explained the significance of the day, which he said, had been endorsed by the United Nations and International Cooperative Alliance to increase awareness on cooperatives and promote its success and ideal of international solidarity, economic efficiency and world peace. 

Olabinjo, who addressed the conference in company with the President of Lagos State Cooperative Federation, Mr. Oriyomi Aiyeola, and the Permanent Secretary, Ministry of Commerce, Industry & Cooperatives, Mr. Olalekan Akodu, said the decision became imperative to reduce losses.  

Details later…