The Finance Committee of Lagos State House of Assembly has urged companies operating under Ibile Holdings Limited to assess the performance of State investments and introduce products that will have a positive impact on the lives of the people, particularly the less privileged.
Addressing the press, Chairman of the House Committee on Finance, Hon. Femi Saheed, representing Kosofe 2, stated that the purpose of inviting Ibile Holdings Limited and its subsidiaries was to assess the level of investment made by the state government into Ibile Holdings Limited.
“The purpose of inviting Ibile Holdings Limited and other investment heads under their umbrella is to evaluate the performance of Lagos State’s investments. Additionally, it is essential to ensure that the objectives of the establishment of Ibile Holdings are meeting the expectations of the citizens,” said Saheed.
When questioned about the evaluation of companies under Ibile Holdings, the lawmaker praised Governor Sanwo-Olu for the Lagride and Lagbuses initiatives, stating that the governor has done an excellent job with these ideas. Saheed emphasized that the role of lawmakers is to ensure that policies are functioning effectively and positively impacting the welfare of the citizens, which is one of the reasons for this evaluation.
“Our responsibility as lawmakers is to assess the functionality of policies and their impact on the citizens’ well-being. We also want to evaluate the level of collaboration between Ibile Holdings and the government to achieve the objectives of the THEME plus agenda as soon as possible. Additionally, we aim to mitigate the effects of fuel subsidy removal,” he explained.
“If we have proactive agencies willing to collaborate and share innovative ideas, Lagosians are in for something significant. Based on their performance review, we will be able to assess the outcomes,” Saheed stated.
The Chairman of the Finance Committee commended Lagos State for establishing the Ibile Holdings Microfinance Bank, emphasizing that it is the only successful microfinance bank established by a sub-national entity.
“I believe the bank’s management, as per the Managing Director’s statement, has been meticulous and cautious in avoiding overdue obligations that could erode their profits. Their high level of performance is commendable worldwide. However, I believe it is high time the bank reaches out to the people and introduces products that will benefit Lagosians, especially the less privileged. This will help them understand the purpose of the microfinance bank and how it aims to support economically active citizens of Lagos State,” Saheed said.
The lawmaker also urged Ibile Holdings Microfinance Bank to introduce products that will assist small and medium-sized enterprises (SMEs) and improve the lives of the citizens.
During the hours-long meeting, Executive Director of Ibile Holdings, Mumeenat Babs-Animashaun, and Managing Director of Lagos Bus Service Limited, Mr. Idowu Oguntona, addressed various challenges faced by the companies and discussed potential partnerships that could assist in resolving them.
Other lawmakers who contributed during the meeting includes: Hon. Desmond Elliott, Hon. Aro Moshood, Hon. Olarenwaju Afinni among others.
