What you Need to Know About the Lagos State Employment Trust Fund LSETF What is LSETF? The Lagos State Employment Trust Fund LSETF is a N25
What you Need to Know About the Lagos State Employment Trust Fund LSETF
What is LSETF?
The Lagos State Employment Trust Fund LSETF is a N25 billion Naira Trust fund set up by Governor Akinwunmi Ambode of Lagos State after signing into law the Lagos State Employment Trust Fund bill 2016.
LSETF was established and inaugurated at the Banquet Hall, Lagos House, Ikeja, on Thursday, March 03, 2016.
The governor’s vision is to use the LSETF to create 100,000 entrepreneurs by 2019
Purpose of LSEFT
- Provision of financial support to residents of Lagos State
- Provision of jobs to Lagos State residents
- Provision of wealth creation opportunities to Lagos State residents
- Provision of avenues to create employment to Lagos State residents
- To tackle unemployment in Lagos State
The LSETF is an instrument to inspire the creative and innovative energies of all Lagos residents and curb unemployment across Lagos.
Mandate of LSEFT
The mandate of the Fund is to directly invest N25Billion in:
- Helping Lagos residents grow and scale their Micro Small and Medium Enterprises (“MSMEs”) OR
- Learning the employable skills to get better jobs
LSETF Execution Strategy
The N25 Billion Fund will be disbursed basically through Lagos State Employment Trust Fund official partners by leveraging their experience & competencies to achieve its goals.
Focus of LSETF
The focus of the LSETF will be on:
- Promoting entrepreneurship by making it easy to access to business financing
- Strengthening the institutional capacity of MSMEs
- Formulating policies designed to improve the business environment in Lagos State
Expectations of the LSETF
In three years, the LSETF is expected to:
- Create 300,000 (Three Hundred Thousand) direct jobs
- Create 600,000 (Six Hundred Thousand) indirect jobs
This will be achieved by supporting at least 100,000 (One Hundred Thousand) MSMEs.
How the LSETF initiative was founded
The LSETF initiative is the brainchild of Akinwunmi Ambode, the visionary and inspirational governor of Lagos State.
It was created to:
- Bridge the employment gap in Lagos State
- Serve as an instrument to galvanise the creative and innovative energies of all Lagos residents
Expected effects of the LSETF initiative on Lagos State economy
The LSETF will strengthen the economy in many ways by:
- Eliminating the constraints to production
- Backing up businesses to grow
- Making sure a capable work force is available
- Ensuring businesses find the right people to hire
Benefits of LSETF to Lagos Residents
Lagos residents will benefit from the LSETF because the fund will:
- Use several interventions to enhance job creation in Lagos State
- Strengthen the Lagos economy to enhance the state’s production
- Support initiatives designed to make Lagos the investment destination of choice for foreign and domestic investors
- Support Lagos residents looking to begin or run their own businesses
- Support training of unemployed Lagos residents without the skills to take existing jobs
Board Members of the LSETF
Mrs Ifueko Omoigui Okauru, Chairman LSETF
Mrs. Ifueko Omoigui-Okauru was the first female Executive Chairman of the Federal Inland Revenue Service (FIRS) and Chairman of the Joint Tax Board (JTB) made up of representatives from all taxing tiers of government of Nigeria from May 2004 to April 2012.
Currently, she is the Managing Partner of Compliance Professionals PLC.
- Member, Board of Trustees of DAGOMO Foundation Nigeria.
- Non-Executive Director of Nigerian Breweries PLC
- Non-Executive Director Central Securities Clearing System (CSCS) PLC
- Independent Director of Seplat Petroleum Development Company PLC
Read the LSETF Chairman’s Profile
Mr Akintunde Oyebode, Executive Secretary | Twitter: @AO1379
Akintunde Oyebode was the Head, SME Banking at Stanbic IBTC. Akintunde has over 10 years experience in banking with First City Monument Bank (FCMB) and Stanbic IBTC Bank.
Akin serves as the Executive Secretary of the Fund. He is a trained Economist and was a Research Assistant at the Lagos Business School.
Mr Dele Martins
Dele Martins is the CEO, HFP Engineering Plc and a trained lawyer who got called to the Bar of England and Wales in 1986.
He enrolled as a Solicitor and Advocate of the Supreme Court of Nigeria in 1992.
In addition, he is also the Chairman of Yoruba Tennis Club, President of the Methodist Boys High School Lagos Old Boys Association.
Mrs Bilikiss Adebiyi-Abiola |Twitter: @realwecyclers
Bilkis Adebiyi-Abiola, a social entrepreneur and CEO/Co-founder of Wecyclers, who has grown a successful business outfit of recycling waste plastic bottles
Bilikiss is a graduate of Fisk University, Vanderbilt University and MIT’s Sloan School of Management.
Before co-founding Wecyclers, she was an IBM Software Engineer. She is a:
- Legatum Fellow at MIT’s Legatum center for Development and Entrepreneurship
- Carroll Wilson Fellow, an Echoing Green Fellow
- The 2013 recipient of the Cartier Women’s Initiative Awards
Mr. Akinyemi Ashade | LinkedIn
Mr. Akinyemi Ashade is the current Commissioner for Finance for Lagos State. Before this, he was a Partner at KPMG Professional Services with over 16 years experience in the financial services industry, project and quality assurance management and public private partnership.
He became a Fellow, Institute of Chartered Accountants of Nigeria in 2015.
Mr Tunde Durosinmi-Etti | LinkedIn
Mr Durosinmi-Etti is the current Lagos State Commissioner for Employment. He has over thirty years experience in both public and private sector roles. He was formerly the Managing Director of Ibile Holdings, and Special Adviser to the National Assembly on Economic Policy.
Mr Tunde Bank-Anthony
Tunde Bank-Anthony is a public affairs commentator with more than twenty years experience across public and private sector roles in Lagos and the UK and was the immediate past Executive Secretary of the Lagos State Sports Endowment Fund. He is also a sports enthusiast.
Mr Otto Orondaam | Twitter: @Otto_Orondaam|IG: @Otto_Orondaam
Otto Orondaam is a young Nigerian, social entrepreneur and founder of Slum2School Africa. His passion for social reform and international development led to starting Slum2School Africa in 2012 during his national youth service.
Slum2School is a volunteer-driven organization that has provided academic scholarships and psycho-social support for disadvantaged children in slums and remote communities.
Till date Otto has worked with over 5000 volunteers from over 25 countries. Otto Orondaam is:
- A member of the Human Capital Development commission of the Nigerian Economic Summit Group (NESG)
- A member of the The Education Reform Team
- An Ambassador for Junior Achievement Nigeria
- A Social Innovator Fellow
- A 2016 Mandela Washington Fellow
Comrade Michael Popoola Ajayi
Michael Popoola Ajayi is the CEO of Vital Heritage Renaissance Enterprise and an Executive Director at Centre for Democracy and Socio-Economic Rights, which are both platforms for the promotion and enhancement of social and economic values of individuals, government and corporate entities.
He has thirty years’ experience participating in civil society activities in Nigeria.
Pastor Funmi Dawodu (FCA)
Funmi Dawodu is the CEO and Managing Partner of Funmi Dawodu & Co, an accounting, audit and management consultancy firm. He is a:
- Fellow, Institute of Chartered Accountants of Nigeria (ICAN)
- Member, Institute of Chartered Management Accountants UK (ICMA)
Official partners of LSETF
After a very competitive tendering process, the following institutions have been declared as the official LSETF fulfillment partners.
These different categories of partners were carefully chosen based on competence levels as well as their commitment to financially empowering Lagos State residents.
Social Media Handles of LSETF
List of All First Batch Winners
LSETF published a list of the 705 winners here