LSETF partners Access Bank to launch LSETF-W Initiative

…Earmarks N4 billion for women entrepreneurs in Lagos to grow their businesses


… As Fund Disburses cheques to 600 beneficiaries of the LSETF scheme

AgegePulse Magazine

In furtherance of its commitment to driving equality through gender inclusion, the Lagos State Employment Trust Fund (LSETF) in a partnership with Access Bank on Wednesday, September 4, 2019, launched the ‘LSETF W-INITIATIVE’ to provide funding for women entrepreneurs in Lagos State to achieve their growth objectives and create jobs for the youths. 

The ‘LSETF W Initiative’ has set aside a 4 billion Naira special intervention fund, contributed equally by the LSETF and Access Bank, to provide access to affordable finance for female-owned businesses in Lagos State.

The initiative will also provide business support to these businesses to stimulate growth and consequently create employment for the teeming young population in Lagos State. The intervention is expected to deepen the entrepreneurship ecosystem in the State, whilst helping to stem the tide on its unemployment rate. 

Women-owned businesses or enterprises with at least 50% women ownership and have been in business for one to five years are eligible to apply for up to N5mllion loan from the programme.

At the launch of the ‘LSETF W-INITIATIVE’ at the Blue Roof, LTV 8, Agidingbi, Ikeja, Lagos, the Governor of Lagos State, His Excellency Mr. Babajide Sanwo-Olu expressed the commitment of his administration to tackle unemployment in the state adding that creating opportunities for small businesses and ensuring that women are in alignment with the THEMES objectives of the administration.

According to the Governor, “There is no argument that climes, where young people and women are at the centre of economic planning, have emerged prosperous, progressive and remain the model of development. In Lagos State, the Government’s strategy is to optimise and sustainably grow our local economy, projected to be the fifth-largest economy in Africa, by creating access to funds for our women entrepreneurs. We are confident that it is an intervention that would create wealth for small businesses and consequently put our young and productive youth to work.”   

In his remarks, the CEO and Group Managing Director of Access Bank Plc, Herbert Wigwe said, “Access Bank is fully committed to bridging the existing gap and provide women with the support they need to successfully implement their business ideas.”

“Looking at the number of women present here today, I don’t think the initial N4billion we set aside to help women will be sufficient and based on that, the initiative fund will be increased to N10billion. Through partnerships with organisations such as LSETF, Access Bank will continue to help women break boundaries, reinvent the status-quo and take advantage of opportunities provided by technology and quality financial systems to make significant impact on the economy of Lagos State and Nigeria as a whole,” Wigwe added.

According to him, Access Bank has a long history of supporting female empowerment, offering over 8,000 personal loans valued at over N10.6billion since 2018, with over 330 loans given to women in business valued at over N16.6billion.

Also commenting, the LSETF Board of Trustees Chairman, Mrs Ifueko Omoigui-Okauru, said “The LSETF W Initiative aligns with the Fund’s strategic efforts to actualise the commitment of the State Government of ensuring that at least 50% of the beneficiaries of LSETF programmes are women.”

The BoT Chairman revealed that the Fund is incrementally achieving this objective through its three core programmes. Women represent a total of 5,263 or 50% of the total number of loan beneficiaries and account for 43.54% of the Fund’s total loan portfolio with (approximately N3.07billion) so far.

Also, over 74% of the beneficiaries in our Micro-Enterprise Start-Up Programme are women. Furthermore, 49% of the total 4,909 people trained through our Employability Programme are women.

“That is not all. We have supported 16 female-led start-ups with workspace vouchers as part of the Fund’s Lagos Innovates programme which seeks to make Lagos State the tech-hub of Africa”, she added.

In addition to the unveiling of the LSETF W Initiative at the event, 600 beneficiaries of the LSETF’s flagship Loan Programme were presented with cheques in a symbolic ceremony led by the Lagos State Governor. The new beneficiaries join 10,753 other entrepreneurs who have successfully been credited with N7.5 billion in the last 4 years.

Lagos Parleys Investors on Cleaner Lagos Initiative (CLI)

CLI is designed to harness the great potentials and economic capacity of Lagos.


To ensure the success of the Cleaner Lagos Initiative (CLI) as an extensive and sustainable waste management system, the Lagos State Government has sought partnership with the private sector.

The Commissioner for the Environment, Dr. Babatunde Adejare, while speaking at the Cleaner Lagos Initiative investors’ roundtable in Victoria Island on Thursday, maintained that the partnership had become necessary for people to become more responsive and protective in respect of issues relating to their environment.

Adejare said CLI had been designed to harness the great potentials and economic capacity of Lagos by creating an enabling environment for non-governmental agencies, the private sector and the government to harness international best practices in the vital area of infrastructure.

The Commissioner stressed that both the public and private sectors can work together to achieve a common good.

His words, “Today’s roundtable is just one example of the way in which the public and private sectors can work together effectively for a common good.  It is expected that working together, we can begin to shift the attitude of the people to be more responsive/protective of their environment through stringent legislation, enlightenment campaigns and strict enforcement.”

Adejare told the investors that for the initiative to succeed there was the need to have a sustainable long-term funding at both the State and Local Government levels to support the efforts needed to reach the State’s goals, stressing that meeting these goals was critical to ensure continued process, development and economic growth.

While maintaining that government had budgetary constraints to fund its activities,  the Commissioner informed that, “budgetary constraints and an acknowledgement of private sector efficiencies and know-how were two principal reasons why this administration had taken the economic and political decision to accelerate the use of private sector finance and adopt a Public Private Partnership model in order to deliver solid waste management infrastructure”.

He said that to fund these reforms as a whole, the government had come up with is the Public Utility Levy (PUL) which is a subsidized property-based charge designed to pay for these and other environmental interventions.

“The PUL will be a major contribution to the State’s ongoing efforts to address severe challenges that are unique to Lagos as a result of rising urbanization,” he said.

He maintained further that the money would not be paid into government accounts but would be held in the Environmental Trust Fund (ETF) and managed meticulously by an independent Board of Trustees.

The Commissioner reaffirmed confidence in the competence and capacity of the concessionaires to transform the landscape through the provision of the Transfer Loading Stations, Waste Depots and the provision of Engineered Sanitary Landfills, as well track-able waste bins and over 500 compactors of varying sizes and capacity.

Ambode disburses N1bn to 705 beneficiaries of N25bn ETF

Lagos State Governor, Mr. Akinwunmi Ambode on Thursday, January 26, 2017, presented cheques worth over N1billion to 705 beneficiaries of the Lagos State Employment Trust Fund (ETF) pilot scheme, charging them to utilise the funds responsibly to grow their businesses, create jobs for the unemployed youths and contribute to the growth of the Lagos economy.

Governor Ambode, who made the presentation at the LTV Blue Roof, Ikeja,

Lagos, said his administration identified unemployment as a major socio-economic challenge facing Lagos State and Nigeria as a whole in the course of the electoral campaign, and thus prioritised job creation.

He said the setting up of the ETF was a direct response to address the challenge of unemployment as well as provide support to the youths, entrepreneurs, artisans and other unemployed residents of the State.

“We have kept our word. We created a dedicated Ministry of Wealth Creation and Employment, whose mission is to promote and sustain entrepreneurship and employment,” the Governor said.

Governor Ambode, while commending the Board and Management of the Fund for embarking on a comprehensive review of the business environment and developing a strategic framework and operating guidelines to ensure the sustainable and successful management of these funds, said the successful disbursement was a product of the painstaking effort.

He said the funds are targeted at small and medium scale businesses and individuals including carpenters, hairdressers, electricians, automobile parts repairers, block makers, bakers, fashion designers, cake makers, food sellers, kerosene retailers, mobile money agents, painters, plumbers, photographers and light manufacturers of liquid soaps and water among others.

“These beneficiaries are making history as the first set of beneficiaries of this Employment Trust Fund, and my charge to you is simple: You must use these funds responsibly, grow your businesses, create jobs for our unemployed youths and contribute to the growth of the Lagos State GDP. The idea is that for every N1million we disburse, we should create a minimum of five jobs around that business value chain.

“These loans have been provided at a very affordable rate of 5% per annum, far cheaper than the prevailing bank interest of 25% per annum. This is our modest way of reflating the Lagos economy, creating jobs and getting our youths gainfully occupied. Those of you here today, the first beneficiaries of this initiative, will be the agents through which our country can overcome its current economic challenges,” Governor Ambode said.

The Governor also enjoined market women and female artisans to take advantage of the opportunity as his administration was particularly interested in supporting women in business.

“I also implore the Employment Trust Fund to pay special attention to the Entertainment Industry and the Tech Hubs in Sabo, Yaba area. These are new areas with huge potential for growth and job creation,” he said.

Governor Ambode also expressed optimism that the target by the Board to empower at least 100,000 micro, small and medium enterprises in due course was achievable and that the multiplier effect would be the creation of over 300,000 direct and 600,000 indirect jobs by 2019.

In her opening remarks, Chairman, Board of ETF, Mrs. Ifueko Omoigui-Okauru said the presentation of cheques to beneficiaries was in fulfillment of the promise made by Governor Ambode during the electioneering and a confirmation of many to come.

She recalled that while canvassing for votes, the need to provide jobs was clearly on the mind of the Governor, and according to her, he wasted no time in setting up the ETF Board made up of people with proven track record, as well as transferring N6.25billion for the initiative to kick off, while the Board ensured that the process was fair and transparent with no favour as to party, religion, tribe or faith, and covered all the 57 Councils in the State.

“While we were trying to come up with the necessary procedures, Governor Ambode kept telling us to hurry up to start disbursing the loans to residents which signified his good intention and he has also given us the mandate to make the disbursement a monthly affair to make the fund get to as many residents as possible,” Omoigui-Okauru said.

Responding on behalf of others, one of the beneficiaries, Ahmed Ojikutu thanked Governor Ambode for the initiative, saying that it was gratifying to note that the process was very transparent.

He said: “This is indeed a promise kept by the Governor. When next the Governor tells us anything, we will believe him and I want to sincerely thank him on behalf of all the beneficiaries.”

Education: Capacity Building

Agege LGA Mobilizes Youth for Vocational Training

A new batch of youth in Agege Local Government Area has been mobilized for new session at the world class Agege Vocational Training Centre. This is coming after the graduation of about 400 youth that have been trained on various vocations over the year.

In a chat with AgegePulse at the sensitization cum orientation exercise organized for the new intakes, the Sole Administrator of Agege LGA, Hon. Olugbenga Abiola stated that acquiring a vocational skill is necessary to impart positively on the youth especially those who live and reside in Agege, stating that this type of initiative would re-orientate, reshape and redirect the youth by giving them a sense of belonging towards achieving success and enjoyment of the dividend of democracy.

He revealed that the new session is part of his plan to ensure an intensive youth empowerment programme with a curriculum to instill discipline in the youth.

 “It is more intensive than just a regular vocational training. For instance, we have tailoring programme which is a year course, the hairdressing /cosmetologist section is a 6 mo

nths course, computer studies is a three months course, computer engineering takes three months, phone engineering is three months, catering is 6 months and after the training, participants get certificate just like a diploma” S.A highlighted .

Speaking on the theme; Youth Unemployment & Role of Vocational Training to Nation Building, Agege LGA Head of Education, Mr. Peter Bamidele Adetimeyin noted that financial crisis, lack of adequate skills, as well as skills and education mismatched are major causes of unemployment in Nigeria.

detimeyin stressed that the consequences of the aforementioned causes of unemployment should endeared youth to take advantage of the practical system of vocational training, adding that university undergraduates should also consider acquiring practical skills to give them edge upon graduation. 

He affirmed that vocational training is the key to solve youth unemployment.

Ambode Employment Trust Fund: Prospects for Agege

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.

Why We Spearhead Inauguration of VPS - Baale Gbogunleri Isale-Oja, Alh. Rasheed Kuku

The inauguration of Voluntary Policing Sector (VPS) -

It is imperative for us to consider the best way to protect ourselves. The then DPO of Iso-Ikoko police station, Monday Agbonika brought the initiative which was later embraced by Lagos State Governor, Akinwunmi Ambode. However, as God would have it; Agbogunleri Isale Oja community embraced the initiative because it came in the way that we have always wanted to protect ourselves.

The policemen cannot afford to protect all of us at the same time. We felt it is time for the neighbourhood to help ourselves in ensuring safety of lives and properties. It is obvious that before you even get to the police station during distress, it might be difficult but if the neighbourhood is composed and secured, evil perpetrators will be scared off. This is the reason why we inaugurated the Voluntary Policing Sector (VPS) to serve as our community's watchdog.