WorldStage– 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.
The bill is aimed at designing a coherent and bankable wealth fund architecture for the state.
The session brought together public sector officials, private sector stakeholders and lawmakers, to fine-tune provisions of the bill ahead of its consideration by the Lagos State House of Assembly.
Speaking at the retreat, the Commissioner, Ministry of Finance, Mr Abayomi Oluyomi, said the exercise followed a public hearing held on Nov. 12, 2025, which generated extensive feedback.
Oluyomi said the harmonisation session was designed to align all comments and recommendations into a unified framework that would strengthen the bill before final legislative action.
“The task before us today is to harmonise the thoughts and the comments of everyone.
“It is going to be a very robust debate as we take every clause of the bill one after the other, to ensure it reflects the collective vision of stakeholders,” he said.
He explained that the proposed Lagos State Wealth Fund was modelled after the Federal Government’s sovereign investment structure established through the Nigerian Sovereign Investment Authority.
According to him, the Federal Sovereign Wealth Fund, created in 2011 with an initial capital running into billions of dollars, had remained profitable over the years, and provided 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.
He noted that the bill proposed four major investment windows designed to promote infrastructure development, economic stabilisation, long-term savings and strategic growth.
Meanwhile, be emphasised the need for private sector involvement in shaping the framework, describing it as central 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 said.
Oluyomi urged participants to contribute actively, noting that the retreat represented the final stage for stakeholders to influence the content of the bill before it is transmitted for passage.
“This is the last opportunity to make our voices heard before the House of Assembly incorporates all contributions and proceeds with the legislative process that will eventually turn the bill into law,” he said.
He commended the economic reform drive of Gov. Babajide Sanwo-Olu, describing the wealth fund initiative as part of efforts to secure Lagos’ long-term financial stability and development.
Speaker Lagos State House of Assembly, Mudashiru Obasa, represented by the Chairman House Committee on Finance, Mr Femi Saheed, said the strategic retreat was a landmark event for deliberating on the bill to carve a niche legally.
Giving the Executive Summary of the Fund, the State’s Attorney General (AG), Mr Lawal Pedro (SAN) said the unique proposition would be a legacy achievement for Lagos as Africa’s first sub national wealth fund initiative.
The AG said that it comes with several benefits including revenue maximation and economic diversification, stating that the state needs a strategic approach to managing its commercial assets to meet its growing obligations.
NAN reports that the session featured detailed clause-by-clause reviews of the bill, with extended deliberations aimed at producing a harmonised and investor-friendly wealth fund framework.
Participants expressed confidence that the refined structure would position Lagos as a leading model for sub-national wealth fund management in Nigeria.
Among guests present at resent at the event were: Deputy Chief of Staff to the Governor, Sam Egube, Deputy General Counsel, Nigeria Sovereign Investment Authority, Suleiman Omotosho among others.
