Ambode Inaugurates Board For Lagos Employment Trust Fund

BEVERLY HILLS, March 03, (THEWILL) – The Lagos State Governor, Akinwunmi Ambode, has inaugurated the board of the N25 billion Lagos Employment Trust Fund (ETF) on Thursday to widen opportunities for self-employment for persons with business ideas and entrepreneurial skills.

The ETF is designed to advance loans to propel self-employment as the state is setting aside N6.25 billion annually for the next four years, amounting to N25 billion to fund the ETF, which is to be managed by the board just inaugurated.

Ifueko Omoigui-Okauru was named Board Chairman while the members are Dele Martins; Bilikis Adebiyi-Abiola; Otto Orondam; Olufunmi Olatunde Daudu; Tunde Bank-Anthony; Michael Popoola Ajayi; Tunde Durosinmi-Etti, and Mustapha Akinkunmi. Akintunde Oyebode to serve as the executive secretary of the fund.

Inaugurating the members of the ETF board, Ambode said they were carefully selected based on their track records of professional integrity and selflessness, and therefore charged them to make transparency and accountability their watchwords.

“I urge all Lagosians, especially our young entrepreneurs and artisans to embrace this opportunity. The process of accessing the fund must be transparent, and beneficiaries will be chosen only on the strength and quality of their applications. The management of this fund will be guided by global best practices and strict adherence to the rules and procedures spelt out in the law,” he said.

“Fellow Lagosians, this initiative has been designed to succeed. Our government will commit N6.25 billion every year within the Four years of this administration to a total of N25 billion.

“Realizing that the first year of this administration is just 3 months away, precisely on May 29, 2016, the Commissioner for Finance is hereby directed to transfer the sum of N6.25 billion to the ETF immediately, today.

“Every senatorial zone of the State must feel the positive impact of the Fund. The Board must ensure that the distribution of the fund is evenly spread across the State.”

Responding, Omoigui-Okauru thanked Ambode for the opportunity and assured that she would work hard with members of the board, not only to fulfil the governor's campaign promises, but would bring hope to the teeming youths of the state.

Omoigui-Okauru, who is the former Chairman of the Federal Inland Revenue Service (FIRS), also assured that the board would ensure full compliance with the provisions of the law setting up the ETF.

Story by David Oputah