It is no more news that the Lagos State governor, Akinwunmi Ambode recently flagged off the Employment Trust Fund, an initiative designed to empower unemployed youth, business owners and entrepreneurs. Also, the Lagos State Civic Engagement in Collaboration with The Lagos State Ministry of Wealth Creation and Employment swung into action to sensitize the public on how unemployed youths could tap into the initiative, what is new is that it is an avenue for the hardworking artisans, and Small and Medium Enterprises that litter Agege LGA and Orile-Agege, LCDA to witness massive turn around if they key into the initiative and consequently, gainfully employ the thousands of unemployed youth in the area. Therefore, it is imperative to breakdown how to access the N25billion Lagos Employment Trust Fund to the people comprehensive.Below are steps you need:
1. The Lagos State Employment Trust Fund is an Act of the Lagos State House of Assembly
2. The Fund is administered by a Board of Directors headed by Mrs. Ifueko Omogui Ukauru other members include reputable entrepreneurs, businessmen, youth representatives, civil society organization, women representatives & two representatives of the Lagos State Government.
3. The Operational Guidelines for accessing the Fund has been worked out awaiting the approval of the Lagos State House of Assembly.
4. The loan will attract 3% rate.
5. LASRRA registration is a requirement.
6. Lagos State Government Tax Card is required.
7. Two Tax Paying Guarantors must be presented.
8. The earliest feasible probable date for disbursement is September.
9. Forming Cooperatives is one of the ways for accessing the Fund
10. N6. 25bn is up for disbursement in the first release.
However, as laudable as the good gesture of Governor Ambode appears, it is important to inform you that there are certain offences and penalties designed for beneficiaries that may default the stated rules and regulations of the Employment Trust Fund. They include:
1. Any person who without lawful authority levies or accepts any contribution from any person, purporting such contributions to be made for the purpose of this law commits an offence and shall be liable on conviction to a fine of Five Hundred Thousand Naira (#500,000.00) or two (2) times the value of collections received which is greater, or to Imprisonment for two (2) years or both.
2. Any person who makes a false statement or misrepresents the facts in order to gain momentary or any other form of benefits under this law commits an offence and shall be liable on conviction to a fine or two (2) times the value of the disbursed funds and forfeiture of fund property in his/her care and to any non-custodial sentence
3. Any person who misappropriates funds for purposes other than that for which it was disbursed commits an offence and shall be liable on conviction to a fine of two (2) times the value of the disbursed funds and to imprisonment for two (2) years.
