Royal Exchange Finance and Investment Host Co-operative Societies in Lagos State

“Partnership for wealth creation” was the theme of an interactive business luncheon session hosted by Royal Exchange Finance and Investment Ltd for major co-operative societies in Lagos State.

The meeting, which was held at the Control Office of Royal Exchange, was designed to explore ways in which co-operative societies could take advantage of the product offerings of Royal Exchange Finance and Investment Ltd to enhance the welfare of their members.

Speaking at the occasion, the Group Managing Director of Royal Exchange Plc, Mr. Allan Walmsley stated that there are two very important pillars for national development in any society – a savings culture using cooperative societies and a vibrant insurance industry with its ability to underwrite risk. According to Mr. Walmsley, “The cooperative movement is one of the oldest means of enhancing a savings culture and it has, and will always be, a very vibrant industry in Nigeria. It therefore makes a lot of sense for the insurance sector and cooperative societies in Nigeria to partner with each other for the mutual benefit of the nation.”

Also speaking at the event, the Chief Registrar of Cooperatives, Mr. Akorede Ojomu, representing the Director of Cooperatives, Ministry of Agriculture and Cooperatives, Lagos State, observed that the idea of cooperative societies started as people realised that they could not achieve their economic goals without coming together  as a group or cooperative to help one another when in need. He further commented that in the past, the Federation and its members have had sour relationships with insurance and finance companies, but he was optimistic that with Royal Exchange Plc, the situation will be very different.

In the same vein, Mr. Lanre Oki, President of the Lagos State Cooperative Federation (LASCOFED), said “Cooperative societies cannot do it alone as they seek to develop their members, because their income cannot satisfy their needs.  Therefore, they need a strong partner that will enable members to achieve their financial goals and aspirations”.

In his welcome address at the event, Mr. Hosea Y. Boman, Managing Director, Royal Exchange Finance and Investment Ltd, said “Royal Exchange Finance is seeking to build and establish a partnership between not only Royal Exchange Finance and cooperative societies in Lagos State, but with every member of the Royal Exchange Group. Royal Exchange Finance is one of the top 3 finance and investment companies in Nigeria and it has the financial capacity to do business with the

numerous cooperative societies in Lagos State”. Mr. Boman further stated that Royal Exchange has been in existence for close to 90 years and has the long-standing reputation and financial wherewithal to meet its clients’ requirements.

Royal Exchange Finance and Investment Ltd was incorporated as a wholly owned subsidiary of Royal Exchange Plc in October 2004 and licensed in April 2005 by the Central Bank of Nigeria (CBN) to provide a wide range of professional services in the areas of finance and financial advisory services.

The company is a member of the Finance Houses Association of Nigeria (FIHAN), a body recognized by the CBN, and also a corporate member of the Equipment Leasing Association of Nigeria (ELAN).

For more information, please contact:

Corporate Affairs Department
Royal Exchange Plc

34/36 Oshodi-Apapa Expressway
Oshodi, Lagos
Phone: 01 7939432
Email:  Austin.Agbareh@royalexchangeplc.com or Wilson.Okoh-Esene@royalexchangeplc.com
Web: www.royalexchangeplc.com