Secretary to Lagos State Government, Mrs. Folashade Jaji; Deputy Governor, Dr. Obafemi Hamzat; Governor Babajide Sanwo-Olu and Attorney General/ Commissioner for Justice, Mr. Moyosore Onigbanjo, SAN, during a press conference on the signing of an Executive Order to establish Lagos State Rebuilding Trust Fund, at the Lagos House, Alausa, Ikeja, on Wednesday, November 4, 2020. (Photo: NAN)
Lagos State Governor, Babajide Sanwo-Olu, has signed an executive order to establish the Lagos State Rebuilding Trust Fund.
He said the trust fund would look into rebuilding the state after suspected hoodlums destroyed public and private facilities in the state.
The governor signed the executive order at the Lagos House, Alausa, Ikeja, on Wednesday.
Among those present during the signing are Lagos State Deputy Governor, Dr. Obafemi Hamzat; and Attorney General/Commissioner for Justice, Mr. Moyosore Onigbanjo.
Buildings in Lagos were torched on Wednesday, October 21, and sporadic clashes erupted after the shooting of peaceful #EndSARS protesters by security forces at the Lekki toll gate.
The Speaker of the House of Representatives, Femi Gbajabiamila, had said Sanwo-Olu told him the state would need N1trn for reconstruction in the aftermath of the destruction caused by hoodlums who hijacked the #EndSARS protests.
The Lagos Chamber of Commerce said, in a statement, that estimated economic losses during the #EndSARS protests were at N700 billion.
The Governor also announced an eight-man Board to coordinate efforts to restore lost assets.
Citibank Nigeria Chairman, Mr. Yemi Cardoso will head the Board of the Lagos Rebuild Trust Fund.
He said, “In the last few weeks, we have been inundated with local and global offers of assistance to rebuild our State and recover all we lost to arson and violence in October. It is obvious that we can no longer wait to begin the onerous task of reconstructing Lagos. In the next few days, our Government will be sending a bill to the House of Assembly for the establishment of a Trust Fund to Rebuild Lagos.
“Today, I am signing an Executive Order to set up an eight-man Lagos Rebuild Trust Fund Committee, which will begin to oversee our recovery process. To ensure the highest standards of probity, transparency and accountability, FBN Trustees headed by Mr. Kunle Awojobi will oversee the Lagos Rebuild Trust Fund Committee. The Committee will comprise five members from the private sector, two members from the public sector and one member from the International Donor Aid Community.
“We will embrace new standards of governance and build stronger partnerships, stronger people, stronger institutions, and stronger Lagos. Our strength lies in our uncanny ability to overcome the most complicated challenges because we have people who genuinely love Lagos State and will assiduously do all they can to preserve its peace and unity.”
Other members of the Trust Fund’s Board are the Managing Partner, Olaniwun Ajayi LP, Prof. Konyinsola Ajayi, SAN; Chief Executive Officer of Sterling Bank, Mr. Abubakar Suleiman; Co-Founder and CEO, Flutterwave; Mr. Gbenga Agboola; Vice Chairman, Standard Chartered Bank, Mrs. Bola Adesola – all representing the private sector – and a representative of an International Donor Agency.