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Fashola Inaugurates Board of Trustees of State Micro Finance Institutions

Monday, 12 May 2008

Lagos State Governor, Mr Babatunde Fashola (SAN) on Monday inaugurated the board of trustees of the State Micro Finance Institutions (LASMI) with an assertion that the government is determined to build a new Lagos by helping to create more jobs, encourage entrepreneurial mentality, reduce poverty level and raise the standards of living of the people.

The Governor who spoke at the Governor’s office, Alausa added that with micro finance many of the graduates who are daily roaming about the streets in search of jobs would have a new orientation to start their own businesses and become employers of labour who can generate wealth for themselves, their families and create wealth for the nation.

He added that graduates of the skills acquisition centres who were hitherto handicapped in sourcing capital to set up or practice can now avail themselves of the Micro Finance banks to seek for loans.

The Governor asserted that the setting up of the board is a strong commitment to alleviate poverty, raise the standard of living of the people and help to generate job opportunities in the state.

In his words: “it is our belief that when people are empowered and loans are made easily available to especially poor people to start small scale businesses our society would be better off”.

He explained that as contained in the law setting up LASMI, the functions of the board shall among others be to provide basic financial activities by provision of loans to those who may not normally be in a position to benefit from the services of the orthodox banking system due to their inability to provide collateral/security.

Other functions of the Micro Finance board listed by Governor Fashola are to monitor the records of the Lagos State microfinance fund to ensure disbursement in a way to achieve the aim of government.

Collaborate with local and foreign development finance agencies to co-fund the Lagos State Micro finance fund, attract people oriented development projects and implement and co-ordinate micro finance programmes as well as register and monitor funds.

The board would also provide corporate governance and manage the Lagos State Micro finance fund as well as ensure measurable improvement to the quality of life of micro finance entrepreneurs in the state by conducting impact assessment surveys and receive periodic reports from microfinance banks in order to ascertain their performance on the funds disbursed to them by LASMI.

Governor Fashola recalled that when the scheme was launched, some micro finance institutions were licensed in the three senatorial districts of the state to immediately commence operation.

He listed the micro finance banks to include Integrated Micro Finance Bank, LASU Micro Finance Bank, Ojokoro Micro Finance Bank, Mic Micro Finance Bank and Gapbridge Micro Finance Bank in the Lagos West, Lagos East and Lagos Central Senatorial districts.

Governor Fashola made it clear that the activities of the micro finance banks would be under the close scrutiny of the Lagos State Micro Finance Institution (LASMI) which will administer the loans to the Micro Finance Banks that will in turn administer the loans to beneficiaries.

He added that the inauguration of the board would help strengthen the activities of the micro finance banks and make them to be on their toes to discharge their functions as expected of them.

Governor Fashola said the people on the board are men and women of integrity with wealth of experience who will ensure that the objectives of the Micro Finance scheme are not jettisoned.

Said he: “It is true that through committed leadership, dreams, goals and aspiration are easily realized. And this is true of the members that constitute this board. I believe in them”.

He also disclosed that the supervisory ministry of the micro finance scheme, the Ministry of Women Affairs and Poverty Alleviation will start to hold town hall meetings with members of the public with a view to educating them on how to access the funds.

Governor Fashola added that the micro finance programme represents the administration’s handshake with the poor to take them out of poverty.

The LASMI board is made up of Chief Alabi Macfoy as Chairman, Mr Musiliu Gbolahan Bakare, Managing Director and funds director, Mr Obafunmilayo Agusto, board member, Mr Adelaja Abiodun Olatokun, board member, Commissioner for Women Affairs and Poverty Alleviation, Mrs Joke Orelope-Adefulire member, Commissioner for Finance, Mr Rotimi Oyekan member and Hon Olatunji Eshilokun Sanni as the board secretary.

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