President Welcome Address at 2021 AGM

Welcome Address By The President, Mrs. Olabisi Oshodi-Bakare At The 21st  Annual General Meeting Holding On Thursday 16th December 2021 At Lascofed Complex , 13 Isaacstan  Close Off Wempco Road Agidingbi, Ikeja Lagos.

  • The Chairman of this occasion,
  • The Permanent Secretaries in our midst
  • The seasoned and delectable Director of Cooperatives
  • All other directors present
  • All our founding fathers and Elders of our great society
  • The distinguished and amiable past presidents of LASCOMED
  • Trustees of other cooperative societies present
  • The Representatives of Finance houses,
  • Our dear sponsors
  • The Gentlemen of the Press
  • Distinguished ladies and Gentlemen
  • Dear Cooperators,

Awusubillahi Minashitani rajim, Bisimilahi Ramon Raheem.

All glory and honour to our creator, the Almighty Allah who has given us life, good health and the opportunity to gather here to observe our Annual General Meeting today 16th December, 2021.

This is the 21st Annual General Meeting in the history of our great society which was founded about 27 years ago. Our cooperative society has grown in leaps and bounds and has become one of the leading cooperative societies in Lagos State.

This society and many of its leaders have won many awards in Lagos State and National.

Today is a day of joy for all of us, let us celebrate with one another that our society is still waxing strong and relevant in the business of meeting members’ financial needs.

In the past two years, our cooperative society The Medicals (LASCOMED) has paid loans meant for:

  • Thousands of business entrepreneurs (especially the startup capitals).
  • Thousands of members’ children school fees
  • Thousands of members house rents
  • Hundreds of members building mortgage funds
  • Hundreds of retirees savings packages (usually as their first bulk fund)
  • Hundreds of overseas vacations and trips
  • Hundreds of members medical bills
  • Hundreds of children wedding ceremonies
  • Hundreds of electronics supply to members.

We also buy and distribute thousands of bags of rice and oil to our members. And so on and so forth.

Thank you, for thinking in your heart that LASCOMED is truly great, but God bless you as you celebrate and clap for yourselves for being a part of this success.

The LASCOMED executives would have loved all our esteemed members to be present in this hall to grace this occasion but the incursion of the Corona Virus pandemic and the Government stipulations could not allow all our members to be invited here. We therefore, appeal to those who were not invited by their unit representatives to kindly bear with us.

In LASCOMED, our sky has its dark cloud, join me to remember and appreciate the solid and unforgettable contributions of our late  presidents and past heroes – Dr. S. A. Sodiq and Pharm J. O. Oyelakin. Their memories will be evergreen because of their indelible foot prints in the sand of time. May their souls continue to rest in peace. Amen.


In  this period under review, we have achieved more than what we set out to do because of the wonderful cooperation we got from you people.

Our world was rocked violently in the year 2020 by the sudden emergence of Corona Virus pandemic with all its negative Socio economic  characteristics. Notwithstanding, the executives did not relent in the pursuit of the mandate given to us by you our esteemed members.

The following are some of our achievements;

  • LASCOMED has been registered under a new name – The Medicals (Lagos Island) Multipurpose Society Limited.
  • We delivered a medium size packs of Semolina palliative to all our members across the state during the Covid-19 lockdown period.
  • We have paid three dividends within these 2years – 2018, 2019 and 2020 dividends.
  • Held regular meetings-real and virtual including major hospital tours to educate and dialogue with our members.
  • We have sent a large number of our members for cooperative training and seminars.
  • We operate an open door policy with our members.
  • We have commenced the production of LASCOMED bread as a pilot study and extended its marketing to all our hospitals and held business talks with some MDs.
  • We have started the construction of our facility at Campbell Street Lagos Island to serve as our future storehouse for commodities due to lack of space, after we were sent out of GHLagos because of their demolition and construction works.
  • We participated in all cooperative activities of LIMCU and LASCOFED being our parent bodies.
  • Send forth and counselling programme held in honour of our members who retired in 2018,2019 and 2020 with presentation of gifts.
  • LASCOMED deceased members were not forgotten as  their families were offered gifts too.
  • Not forgetting prompt payments of loans (some members get their loans within 24 to 48 hours).
  • We sold electronics to members including solar panels and inverters.
  • Intervention in the recovery of our land under encroachment in Badagry.
  • LASCOMED scholarship awards for members children also got a priority  attention this year (this is 2nd edition of such scholarship).The presentation of this year scholarship will be done today in this hall.
  • A few meetings were held with the residents of the LASCOMED Estate at Erunwen Ikorodu and work has started on the completion of the perimeter fence especially at the back bushy parts.

We are grateful to all our business partners who were there for us at all times. Many thanks to:

  • Sterling Bank
  • First Bank
  • Polaris Bank
  • Olams
  • Kenning Homes
  • Lasacco Insurance
  • Grand cereals
  • Aladejesu ICT Company

Other details of our activities shall be given in subsequent reports. Once again, Ladies and Gentlemen you are welcome.


Mrs. Olabisi Oshodi-Bakare


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