By Funke Cole
There are many reasons why the tagline for Lagos State is her simple description as the “Centre of Excellence”.
The reason for this tagline is not far-fetch. Lagos State has many firsts behind it. If you talk about infrastructure, whether it is in the modelling of roads, superhighways designed with aesthetics, state of the arts with latest technology or hitech, Lagos State surely leads the pack!
Still wondering whether all these are all about making vacuous pontification? A penny for your thoughts: no capping. Lagos State has its winning ways and that’s what makes the city centre unique in itself!
In case you missed this: Lagos State has just signed a Memorandum of Understanding (MoU) to cite an International Financial Centre (IFC) in the state. And wait for this: this is going to be the first of its kind in the entire sub Saharan Africa!
Yes, you heard right: Lagos State will boast of the first IFC in sub Saharan Africa and that surely means a lot.
IFC is a financial hub of sorts where everything finance from raising capital, equity for mega deals and turnkey projects are easily accessed without any encumbrances. The centre has legal sectors, judiciaries, and law enforcement authorities that are robust and reliable.
To be successful, IFCs must have high-quality legal institutions that can be trusted by investors to be fair and impartial and can be relied on by regulators to be rigorous and transparent. These legal and financial institutions give IFCs their credibility and encourage people to do business there.
Giving more insights on the proposed IFC being planned for Lagos State, Governor Babajide Sanwo-Olu said his administration was committed to achieving the Lagos IFC and therefore sought everybody’s support to make the vision a reality.
He said: ‘The signing of the MoU signposts the beginning of another level of engagement in establishing Lagos International Financial Centre and making Lagos the first in sub-Saharan Africa that will get an international financial centre.
‘It is not just about us; it is about the conversation of putting our country and both local and international investors on a platform that will make businesses work better and create an ambiance of a more predictable and reliable financial centre in this part of the world.
‘We are localising our idea and initiative to be able to also put Lagos and, by extension, Nigeria, on the world map of cities that have international financial centres’.
The governor expressed appreciation to the partners for their financial and technical support towards the establishment of an IFC in Lagos.
The Co-Chairman of LIFC, Mr. Aigboje Aig-Imoukhuede, hailed Sanwo-Olu and his team for their courage in driving the dream of the LIFC, noting, ‘the gift of Babajide Sanwo-Olu to Lagos State is one that we in the capital market also enjoy’.
He said the MoU was a very important signpost for the LIFC project. ‘Today, we are carrying the flag of Lagos State, Nigeria, and indeed Africa. We are getting to the promised land of having an international financial centre in Lagos and for Nigeria’, he said.
Aig-Imoukhuede also commended the media for balanced and educative reporting and urged them to do more, as he called for their continuous support in every way possible.
The Director of International Development of The City UK, Rogers, said the partnership would bring everybody together to make Lagos a successful powerful house on the African continent.
The signing of the MoU by the Commissioner for Finance, Mr. Yomi Oluyomi; CEO EnterpriseNGR, Mrs. Obi Ibekwe; Head, Eurasia, Middle East and Africa of The City UK, Chika Mourah; and Director, International Development of The City UK, Anna Rogers, was witnessed by the Governor, who is also Chairman of LIFC; Aig-Imoukhuede; Charge d’Affaires, British Deputy High Commission Lagos, Mr Simon Field; Secretary to the state government, Mrs. Bimbola Salu-Hundeyin and Head of Service, Mr. Bode Agoro, among others.
With the benefits of hindsight, financial pundits who understand the intricacies of operating an international financial centre of the nature being proposed by the state government say that it will bode well for the economy ultimately.