In response to the welfare need of Officers and Airmen, a Board of Officers headed by Group Captain EC Uzowuru was set up on 13 November, 2003 by the order of the Commander of then 88 Military Airlift Group, Air Commodore SI Awofodu with a view to assembling an Implementation Committee for 88 MAG Cooperative Welfare Society. The Implementation committee began to operate on 22 March, 2004. A cooperative specialist in the person of FS Da-Costa Olu serving at the then 99 AWS assisted the Committee with professional advice.

The Implementation Committee went ahead and registered pioneer members and facilitated the commencement of monthly subscription. It also organised a colourful inauguration ceremony and launching of Cooperative Retail Shop on Friday 20 August, 2004. The then Air Officer Commanding Logistics Command, Air Vice Marshall J Etsu Ndagi DSS, FSS, FWC, psc(+) and all Commanders of Sister Units in Lagos Area were in attendance. Manufacturing firms such as WAMCO, Cadbury Nigeria Plc., De-United Food Ind. Ltd, Flour Mills of Nig Plc, Nestle Food Nigeria Plc among others were conspicuously present.

In October 2004, Group captain AY Bello took over as the Chairperson. On 02 November, 2004, the Implementation Committee submitted an interim report to an Audit Committee headed by Flight Lieutenant GO Olubodun. Subsequently, Management Committee headed by Group Captain AY Bello came into place in July 2005. Group Captain EC Uzowuru took over as the President of the Executive Management Committee in October 2005. Group Captain JD Lawrence took over when the incumbent was leaving for Defence College. Squadron Leader OO Obasa took over in acting capacity when the incumbent was posted to Kaduna. And then came the present President in the person of Group Captain S Olatunde.

By May 04 the strength of the Society was 156 members comprising 11 officers, 144 airmen and 1 Rtd Air Warrant Officer. Members’ subscriptions are deducted directly by HQ PAG and remitted to the Bank account. Subscriptions were in the range of N300 to N500 for Airmen and N2,000 to N10,000 for Officers. The decision to extend membership to personnel of other sister NAF Units was taken at the second AGM on 19 July 07

The first General Meeting was held on 6 June 2005 culminating in the first Annual General Meeting on Wednesday 11 January 2006. Representative of the Area Officer in charge of Cooperative Societies in Ikeja was in attendance. This paved way for the approval for supervision and development under Lagos State Ministry of Agric and Cooperative with effect from 06 April 2006. Consequently, the Society was registered as 88 MAG Consumer Credit and Thrift Society.

Second AGM was held on 19 July 2007 where far reaching decisions were taken such as adding it to members' saving instead of giving it to them in form of cash.

Third AGM was held on 03 September 2008, Thereafter, the Society was upgraded to 88 MAG Multipurpose Cooperative Society.
Fourth AGM was held on Friday, 03 September, 2010. Today, the name has been changed to 201 HAG Cooperative Multipurpose Society in line with the change in the name of the mother unit.

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