LASG urges cooperative societies to embrace insurance

Special adviser to the Lagos State governor on commerce, industry and cooperatives, Benjamin Olabinjo, has stressed the need for cooperative societies in the state to have insurance policies in order to mitigate losses in event of crisis in their operations.

Olabinjo said the government has made this a policy in Lagos State, and expects all existing cooperative societies to embrace it. He stated this while addressing a news conference to herald the 2017 cooperative week celebration the state. The three-day event which started on Friday, June 29, would be rounded off on Sunday, July 2nd, with the theme “inclusion.”

“We embarked on awareness drive amongst cooperative societies of the need to embark on insurance to mitigate losses that might occur from their operations, such as sudden death, accidents. Consequently, it has become a state policy into the insurance programme which is being handled by a consortium of 7 insurance companies, with Staco insurance as the lead underwriter,” said Olabinjo.

He explained that the cooperative week celebration has been put together by the ministry of commerce in collaboration with the Lagos State Cooperative Federation (LASCOFED), which recently attained a feat with the opening of its office complex and multipurpose hall in the state.

“The office complex is the first of its kind in the country by a co-operative body and it would raise the bar in cooperative operations and organisation. In addition to this, the state executive council has also approved the Lagos State Cooperative College Bill which is currently with the House of Assembly for passage into law,” he said, adding that when passed, the law will further promote cooperative activities in Lagos.

The special adviser noted that the theme of this year’s celebration not only captures the people-focused nature of co-operative enterprises, but also echoes the co-operative principles of voluntary and open membership, democratic members control and members economic participation. “Co-operatives provide a space where all people regardless of race, gender, culture, social background or economic circumstance, can meet their needs and build better communities,” he said.

Some of the activities lined up to mark the week, include quiz competition between cooperative schools club members and co-operators, visits to selected charity homes, procession by the 21 Multipurpose Cooperative Union (MCU), novelty match, lecture/raffle draws among others.

 

JOSHUA BASSEY