Ambode move to create jobs with 25b trust fund

Ambode Moves To Create
Jobs With N25bn Trust Fund
Ejikeme Omenazu, Lagos
Governor Akinwunmi Ambode of Lagos State, at
the Lagos House, Alausa, on Thursday
inaugurated the board of the Employment Trust
Fund (ETF), with a promise to pump N25 billion
into the agency within four years in a bid to
encourage entrepreneurs and artisans to boost
their businesses and check unemployment in
the state.
Of this amount, N6.25 billion will be released to
the fund to ensure that young, enterprising
Lagos residents are not prevented from realising
their potential due to lack of capital.
Inaugurating the board, chaired by Mrs. Ifueko
Omoigui-Okauru, former head of the Federal
Inland Revenue Service (FIRS), the governor
expressed satisfaction at the actualisation of
his campaign promise to establish an
Employment Trust Fund, saying the initiative
was a paradigm shift in productively engaging
the youths of the state.
He described the ETF as an instrument to
galvanise the creative and innovative energies
of all Lagosians, adding that the Fund would
only be available to the people of Lagos and
residents of the state.
The governor said: “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.
“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.
“Realising that the first year of this
administration is just three months away,
precisely on May 29, 2016, the Commissioner for
Finance is hereby directed to transfer the sum
of N6.25 billion to the Employment Trust Fund
immediately, today.”
Ambode said the effectiveness of the initiative
would not be measured by the number of
beneficiaries, but by the number of successful
businesses created, the number of employment
opportunities offered and the overall multiplier
effects on the state’s economy within a
reasonable period of time.
“Every senatorial zone of the atate must feel
the positive impact of the Fund. The Board
must ensure that the distribution of the fund is
evenly spread across the state,” he said, urging
individuals, corporate organisations and multi-
lateral agencies to join his administration in
turning around the fortunes of the youth and
thereby energise the state,
The governor, who also inaugurated the
chairman and members of the Lagos State Civil
Service Commission, urged them to discharge
their duties with diligence and integrity.
He said the civil service is at the centre of
government and, in Lagos State, the desire of
his administration is to ensure that public
service exudes the highest grade of
professionalism and selflessness in all
ramifications, even as he expressed confidence
in the ability of the members of the commission
to excel.
Apart from the chairman, Mrs. Omoigui-Okauru,
other members of the ETF Board are Mr. Dele
Martins, an engineer, Mrs. Bilikis Adebiyi-Abiola,
Mr. Otto Orondam, Mrs. Olufunmi Olatunde
Daudu, Mr. Tunde Bank-Anthony, Mr. Michael
Popoola Ajayi, Mr. Tunde Durosinmi-Etti and Dr.
Mustapha Akinkunmi. Mr. Akintunde Oyebode is
to serve as the Executive Secretary of the
Fund.