The Medicals Cooperative Multipurpose Society Ltd popularly known by majority as LASCOMED came into being in 1992 after some strategic pre-inaugural meetings of various head of units in the Lagos State Hospital Management Board, over the need to set up a cooperative society that would serve the financial needs of senior staff members of the board.

The meetings were successful and thus the birth of Lagos state Management Board Staff Cooperative Thrift and Credit Society Ltd. The staff that came together as pioneer members nominated some members to be the management committee. The pioneer board of trustees were Late. Dr. S.A. Sadiq – President, Alhaja. A.A. Ajala – Vice President, Mrs. T.O. Olupitan, – General Secretary, and Mrs. A.A. Adeniyi – Treasurer and others that were Ex-Officio.

The membership of the society grew fast, within one year of its existence (1993) because of the dedicated and selfless effort of the founding members and executives, who saw to the welfare of members by ensuring they get credit and loan facility on time to meet their economic and social needs and aspirations.

Today, LASCOMED has over 3,600 members whom the leaders serve well, which has led to them winning many awards in the state and nationally. LASCOMED and its leadership is now the toast of every cooperative in Lagos State because it’s a reference point for other cooperatives. They have a vision to be the reference model for cooperatives in Nigeria.

LASCOMED believing in the principles of Co-operation among Co-operatives and is a member society of Lagos Island Multipurpose Cooperative Union Ltd (LIMCU), Lagos State Cooperative Finance & Investment Society Ltd (LASCOFIS) and the Lagos State Cooperative Federation Ltd (LASCOFED) the Apex body of Co-operatives in Lagos State.

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