2024 International Cooperative Day: How MedLab Practitioners Multipurpose Cooperative Society Is Set to Transform Nigeria’s Socio-Economic Landscape

By Abdulrahman Aliagan

In the bustling heart of Africa, Nigeria, the Africa’s commercial hub, a group of Medical Laboratory Practitioners came together to form what is today known and called Medical Laboratory Practitioners Multipurpose Cooperative Society Limited (MLPMCSL). This group of people huddles around a table, both in the days and in the nights to discussing the latest ways, ideas and innovations of making savings and loan working for the best for its members.

This is not a typical business meeting, but rather a gathering of Medics and non-medics alike, as one of the thousands of cooperative groups that are quietly revolutionizing the socio-economic fabric of Africa’s most populous nation.

Without a doubt, cooperative societies have long been the unsung heroes of Nigeria’s development story. These member-owned and democratically controlled organizations have been providing vital financial services, empowering entrepreneurs, and fostering community resilience in ways that formal financial institutions have often failed to do.

Instructively, “MLPMCSL within its shortest time of existence, it has been a lifeline for members” says, Mr Kingsley Okpala, the Secretary of MLPMCSL FCT Branch and Chairman, MEDLAB Estate. According to him, “It allows us to save regularly, acquire shares, access loans, when we need them, and support each other through difficult times. Without them, I don’t know how we would manage.”

Indeed, the impact of cooperative societies in Nigeria cannot be overstated. With an estimated of over 10 million members across the country, these organizations are playing a crucial role in promoting financial inclusion, reducing poverty, and driving sustainable economic growth.

“Cooperatives are the backbone of Nigeria’s informal sector,” explains Dr. Adesoji Adelaja, a professor of public policy at Michigan State University who has studied the cooperative movement in the country.

“They provide access to credit, business training, and other essential services that are often out of reach for the country’s marginalized communities.”

Take the case of MLPMCSL for instance. This cooperative, which is made up of predominantly Medical Lab practitioners average-income earners, has been using its collective savings and loan scheme to help its members start and expand their businesses, as well as to weather economic shocks and personal emergencies.

“Through the cooperative, we’re able to access small loans at affordable interest rates,” says Abubakar. “This has allowed us to invest in our businesses, send our children to school, and even at the verge of owning to ourselves new homes, the initiatives that has brought about MEDLAB Estate, a project that is going to set a standard for cooperative societies in Nigeria. It’s a game-changer for us.”

The transformative power of cooperative societies is not limited to the informal sector, however. Across Nigeria, from rural farming communities to urban professional circles, these organizations are driving innovation and social change.

For example, a cooperative of Medicals has been using its collective bargaining power to negotiate better prices for their crops, as well as to access improved agricultural inputs and technologies, affordable Housing and food interventions to cushioning the Nigeria’s present economic reality. This, in turn, has led to increased productivity, higher incomes, and greater food security as well as enabling members to fund their professional development and personal aspirations.

“Cooperatives are truly the unsung heroes of Nigeria’s development story, “Say Mr John Chidi, a Medical Lab practitioner, “They are empowering individuals, strengthening communities, and contributing to the overall socio-economic growth of the country in ways that are often overlooked.”

As Nigeria grapples with the challenges of youth unemployment, economic inequality, and social fragmentation, the cooperative movement offers a glimmer of hope. By fostering a culture of self-help, mutual aid, and democratic participation, these organizations are demonstrating the power of collective action to drive positive change.

“Cooperative societies are not just about money and business,” reflects Maryam Abubakar. “They are about building a better future for all of us – one that is more inclusive, resilient, and just. And that, to me, is the true significance of what we do.”

Meanwhile, on Saturday, the 6th of July, 2024, MLPMCSL has highlighted programmes to join the global community to commemorate the International Cooperative Day under the theme “Cooperatives Build a Better Future for All.” This significant event, spearheaded by respected figures such as Alhaji Idris Ali Sanni, emphasized the critical role that cooperative societies play in empowering members and driving economic progress.

At the heart of the event is a focus on innovative excellence and the empowerment of members to achieve economic leadership through unity and performance. Muhammed S. Bello, the esteemed Founder/CEO of the Cooperative & Labour Education Research Centre (CLERC) in Lagos, will deliver a compelling address as the Guest Speaker, that will emphasizing the need for cooperative unity in fostering growth and development.

The energetic Elder IO Benjamin, the Project Manager/President of the MLPMCSL will serve as the Chief Host and Co-Speaker to the upcoming event, it is going to shed light on the enduring and endearing nature of cooperative societies and the pivotal roles playing by both members and management in nurturing a thriving cooperative environment.

Guiding the proceedings are experienced moderators Mr. Abdullahi Abdullahi Samaila and Uba Cornelius Ekenedilichukwu, who would ensure a smooth flow of discussions and engagements throughout of the event.

As part of the programme schedules, attendees are therefore invited to join this global event, at 8:30 pm via Google Meet. The event promises to be an enlightening and enriching experience that will showcasing the collective efforts towards advancing socioeconomic growth and development through cooperative initiatives.

In conclusion, the International Cooperative Day 2024 celebration is going to serve as a testament to the vital role that cooperative societies is playing in building a better future for all. Through unity, innovation, and a commitment to excellence, these cooperative entities continue to drive positive change and transformation in communities, ultimately shaping a brighter tomorrow for generations to come. Let us all heed the call to embrace the cooperative spirit and make every day count towards a more inclusive and prosperous society.

Experts Converge for Harmony Gardens’ Inaugural Housing Summit & Lekki Aviation Town Estate Launch in Lagos

It was a moment of joy and happiness for realtors, stakeholders, prospective customers, and attendees on Tuesday, July 2nd, 2024, as Harmony Gardens and Estate Development LTD hosted the maiden edition of its annual Bridging Housing Deficit Summit 2024 (BHDSummit2024) and the grand launch of the highly anticipated Lekki Aviation Town Estate, Ibeju-Lekki, Lagos State. The event, held at the estate premises, marked a significant milestone in the Nigerian real estate sector.

The event kicked off a few minutes before noon, with Gbenga Adeyinka, the master of ceremonies, setting a lively tone with his hilarious remarks that had both local and international participants bursting into laughter.

Hon. Dr. Audullahi Saheed Mosadoluwa, MD/CEO of Harmony Gardens and Estate Development LTD, delivered the opening speech. The energetic real estate expert explained the rationale behind organizing the summit and the importance of inviting foreign experts to address Nigeria’s housing deficit.

“Bridging the housing deficit is part of navigating economic challenges, and the only solution is to provide a platform for sustainable housing development that ensures adequate, secure, and affordable housing,” Dr. Mosadoluwa stated. “Home ownership can be complex, but there are strategies to consider. That’s why I brought in experts from different parts of the world, leaders, captains of industry, and stakeholders to debate and offer solutions to these problems.”

Harmony Gardens’ management emphasized the urgent need to accelerate residential construction to curb the widening gap between housing demand and supply, particularly in Lagos State, Abuja, and Asaba. The company acknowledged the Federal Government’s efforts through the Ministry of Housing’s Renew Hope Mass Housing Project, which aims to significantly increase housing supply and stabilize rental housing vacancy rates by 2025.

The event’s moderator, Dr. Reuben Abati, ensured robust and insightful discussions, while hosts Mrs. Kikelomo Atanda-Owo and Nollywood actress Nancy Isime carried out their duties with aplomb.

The first session, “Solution to Inadequate Housing for Nigerians: Strategies, Commitments, and Innovation for Sustainable Housing,” saw panelists discussed and proposed solutions to housing challenges.

Harmony Gardens’ brand ambassador, Abolore Akande, popularly known as 9ice, delivered a professional musical performance that captivated the audience.

Subsequent sessions addressed topics such as fostering inclusive nature-based solutions for low-income Nigerians, building inclusive cities and solidarity communities around the Free Trade Zone, and innovative housing for the urban population. Nollywood actress Iyabo Ojo moderated these segments.

Dignitaries and panelists at the event included May Christopher Lance, MD/CEO of Golden Trust Capital UK, Roger Fysh, MD of HBSI LTD UK, H.E. Dr. Sania A. Ansari, Chairperson of the Ansari Group United Arab Emirates, HRM Alh. Dr. Yahaya Abubakar CFR, Etsu of Nupe, Mrs. Feyisola Adeyemi, CEO of Luxury by Feyi UK, HRM Alh. Dr. Usman Nga-Kupi, Sa’ Peyi of Garki HRM, Mrs. Folashade Tinubu-Ojo, Iyaloja of Lagos, Mr. Mogaji Wole Aare Arisekola, RTEAN boss,Alh. Dr. Musa M. Maitakobi, Amanda Muesli, Founder/CEO of Green Tech Global & Natrix Holdings Swiss/Thailand, Mrs. Sandra Foster Joane, Principal Managing Partner of Avaero Capital Partners UK, Mr. Rana Shoaib, City & Regional Planner/NbS for Housing Sector Researcher, Abdul Razzaq Town Planner CPC Pakistan, Dr. Emmanuel A. Abikoye, President of Billionaire Realtor Group (BRG) and Co-founder of Tribitat Real Estate, and Dr. Tony Kolawole Aspire, Chairman of REDAN Lagos State Chapter.

Musical performances from various artistes, including Small Doctor, added vibrancy to the event. Brand ambassador Anita Joseph Olagunju thrilled guests with her Igbo dance steps. The presence of top Fuji music stars Alhaji Abass Akande Obesere and Alhaji Wasiu Alabi Pasuma was also felt by the audience. Top socialite and real estate player Abu Abel, along with the Onibeju of Ibeju-Lekki, and many more graced the event, making it truly memorable.

Fidelity Bank Affirms Industry Leadership with Publication of Its ISSB-Compliant Sustainability Report

In demonstration of its leadership in the Sustainability space, leading financial institution – Fidelity Bank Plc – has emerged the first bank to publish its 2023 ISSB-Compliant Sustainability and Climate Report in the Nigerian banking industry.

Hosted on the bank’s website on 30 June 2024, the report provides insights into the Bank’s Governance, Strategy, Risk Management, Metrics and Targets around Sustainability and Climate-related risks and opportunities, Human Capital, Community Efforts, amongst others in the 2023 financial year.

“2023 marked a pivotal point in our sustainability journey. We became a signatory of the UN Environment Programme Finance Initiative (UNEP FI) Principles for Responsible Banking (PRB) and the UN Women’s Empowerment Principles (WEP). These associations go beyond mere statements of membership – they actively integrate sustainability and climate-related goals into our core business strategy and daily operations.

“We believe innovation and transparency are essential for building trust in our strategies and achievements. As we progress towards sustainability, we remain committed to our diverse stakeholders including our dedicated workforce, esteemed shareholders, and valued customers”, remarked Mr. Mustapha Chike-Obi, Chairman, Board of Directors, Fidelity Bank Plc in the report.

The document, which was prepared in accordance with the requirements of IFRS S1 and S2, highlights the bank’s achievements and aspirations as pacesetters within the financial services sector.

Speaking on the bank’s strategy on Sustainability and Climate change, Mr. Kevin Ugwuoke, Executive Director/Chief Risk Officer, Fidelity Bank Plc, stated, “Our 2023 Sustainability and Climate Report details our commitment to continually situate ESG and Climate-related risks & opportunities considerations at the core of our business operations and activities as we constantly explore means of meeting our corporate objectives in a manner that significantly reduces the negative environmental and social effects. We are glad to be the first bank to publish its report as this emphasizes our market leadership in the Sustainability space and we commit to do more to increase our positive impacts in all aspects of sustainability.”

It will be recalled that Fidelity Bank was recently listed amongst the top Nigerian banks in ESG performance according to a survey commissioned by the Independent Project Monitoring Company (IPMC) Limited.

To access the Fidelity Bank 2023 Sustainability and Climate Report, please visit https://www.fidelitybank.ng/documents/Fidelity_Bank_Sustainability_Climate_Report_2023.pdf

Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged commercial bank with over 8.3 million customers serviced across its 251 business offices in Nigeria and the United Kingdom as well as on digital banking channels.

The bank has won multiple local and international awards including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023 and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.