Lagos State Ministry of Finance convenes stakeholders to harmonise input on the proposed Wealth Fund Bill ahead of legislative consideration

The Lagos State Ministry of Finance on Tuesday convened a one-day retreat to harmonise stakeholders’ input on the proposed Lagos State Wealth Fund Bill.

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The bill seeks to establish a coherent and bankable wealth fund architecture for the state ahead of its consideration by the Lagos State House of Assembly.

The session brought together public sector officials, private sector stakeholders and lawmakers to fine-tune provisions of the draft legislation.

Aligning Stakeholder Feedback

Speaking at the retreat, the Commissioner for Finance, Abayomi Oluyomi, said the exercise followed a public hearing held on November 12, 2025, which generated extensive feedback.

Oluyomi explained that the harmonisation session was designed to align comments and recommendations into a unified framework before final legislative action.

“The task before us today is to harmonise the thoughts and the comments of everyone,” he said, adding that the debate would involve a clause-by-clause review to ensure the bill reflects the collective vision of stakeholders.

Modelled After Sovereign Investment Framework

The commissioner noted that the proposed wealth fund draws inspiration from the sovereign investment structure established through the Nigeria Sovereign Investment Authority.

According to him, the Federal Government’s Sovereign Wealth Fund, created in 2011 with significant initial capital, has remained profitable and provides a strong example of sustainable public investment management.

“What Lagos State is doing today follows that proven model. The Lagos State Wealth Fund Bill 2025 adapts this growing global concept to suit our economic realities as a sub-national government,” he said.

Oluyomi disclosed that the bill proposes four major investment windows aimed at promoting infrastructure development, economic stabilisation, long-term savings and strategic growth.

Private Sector Key to Success

He emphasised that private sector participation was central to shaping the framework, describing it as critical to Lagos’ economic strength.

“The private sector is the engine that drives economic growth, particularly in an economy as large as Lagos. That is why their participation in this process is very critical,” he stated.

Oluyomi urged participants to contribute actively, noting that the retreat represented the final opportunity for stakeholders to influence the bill before it is transmitted for passage.

Legislative Backing and Legal Framework

The Speaker of the Lagos State House of Assembly, Mudashiru Obasa, represented by Chairman of the House Committee on Finance, Femi Saheed, described the retreat as a landmark engagement aimed at carving a legal niche for the fund.

Presenting the executive summary, the Attorney General of Lagos State, Lawal Pedro (SAN), said the initiative would mark Africa’s first sub-national wealth fund structure.

He said the proposed fund would enhance revenue maximisation and economic diversification, stressing the need for a strategic approach to managing the state’s commercial assets.

Governor Babajide Sanwo-Olu was commended for driving economic reforms aimed at securing the state’s long-term financial stability.

The retreat featured detailed clause-by-clause deliberations, with participants expressing confidence that the refined framework would position Lagos as a model for sub-national wealth fund management in Nigeria.

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Among other attendees were the Deputy Chief of Staff to the Governor, Sam Egube, and Deputy General Counsel of the Nigeria Sovereign Investment Authority, Suleiman Omotosho.