Seven insurance firms to manage Lagos cooperatives’ liabilities

Seven insurance firms to manage Lagos cooperatives’ liabilities
Akinwunmi Ambode

The Lagos State Government on Thursday said it had appointed a consortium of seven insurance companies to manage losses that cooperative societies in the state might incur.

The government added that it had sent a bill titled: ‘The Lagos State Cooperative College Bill’, to the state House of Assembly for passage.

The Special Adviser to the Governor on Commerce, Industry and Cooperatives, Mr. Benjamin Olabinjo, said this at a news conference to mark the 2017 International Day of Cooperative Societies.

He said the United Nations and the International Cooperative Alliance had endorsed the day to increase awareness on cooperatives and promote the ideal of international solidarity, economic efficiency and world peace.

Olabinjo said, “The administration of Governor Akinwunmi Ambode has initiated a state policy to mitigate losses from the operations of cooperative societies in the state, sudden death and accidents, among others.

“It has become a state policy to introduce an insurance programme, which will be handled by a consortium of seven insurance companies.”

He explained that the insurance scheme became necessary to drive awareness among cooperative societies that they could mitigate losses that might arise from their operations.

The special adviser also explained that the Lagos State Cooperative College Bill was initiated after the Federal Government directed all states in the federation to establish cooperative colleges.

He added that the college must be established by law before it could award certificates.

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