Lagos State Governor, Mr. Akinwunmi Ambode, on Thursday inaugurated the board of the N25 billion Employment Trust Fund (ETF), expressing optimism that the initiative, which was one of his campaign promises, will positively and productively engage teeming youths in the state.
The former Chairman of the Federal Inland Revenue Service (FIRS), Mrs. Ifueko Omoigui-Okauru, will serve as chairman of the board, while members include Engr. Dele Martins, 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 will serve as the Executive Secretary of the Fund.
The Governor, who inaugurated the board at the Banquet Hall, Lagos House, Alausa, said the establishment of the Fund marked a turning point in the responsiveness of his administration to the yearnings of youths and unemployed persons in the state.
He described the ETF as an instrument designed to galvanise the creative and innovative energies of all Lagosians, noting that the Fund would only be available to Lagosians and residents of the state.
He said members of the ETF board were carefully selected based on their track record of professional integrity and selflessness, and therefore charged them to make transparency and accountability their watchword.
“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 N6.25billion every year within the four years of this administration to a total of N25billion.
“Realizing 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 N6.25b to the Employment Trust Fund immediately, today.