• Proposes five-year single tenure for LASU VC
Lagos State Governor Akinwunmi Ambode has forwarded a bill to the House of Assembly for the establishment of a N25 billion Employment Trust Fund (ETF) in the state.
Entitled Employment Trust Fund Bill 2015, the proposed law is aimed at transforming employment creation in the state over the next four years.
Its major beneficiaries are young entrepreneurs and small business owners.
Also sent to the Assembly for ratification was a bill proposing a single term of five years for the Vice-Chancellor of the Lagos State University (LASU).
Ayorinde said the LASU (Amendment) Bill 2015 is meant to serve as an improvement over the two previous amendments in 1990 and 1992 with the aim of finding lasting solution to the challenges that have plagued the state-owned institution in recent years.
The bill, according to him, “is proposing to amend certain sections of the Law to meet current realities in line with best practices.
“It seeks to review the exercise of general supervision over discipline in the university imposed on the Vice-Chancellor and to propose a single term of five years for the institution’s Vice-Chancellor.”
He added that the LASU Bill also seeks an amendment that will make the appointment of the Pro-Chancellor and Chairman of the Governing Council the prerogative of the Visitor in line with standard practice.
“Yet, it seeks an amendment to Section 36(1) and (2) of the Law which deals with admission policy to place the responsibility of determining the minimum admission requirement on the Senate of the university,” he said.
The Employment Trust Fund Bill on the other hand, he said, is in fulfillment of the campaign promises made by the governor to inject N25bn into job creation and employment opportunities over a period of four years.
The fund will be administered as soft loans to bona fide residents of the state that desire facilities ranging from N100, 000 to N1,000, 000 or more as the case may be.
Ayorinde said the bill seeks the establishment of the ETF to be modeled after the state’s Security Trust Fund, which means it will be funded through joint contributions from the Lagos State government and the private sector.
The fund, he said, will be administered through an independent Trust backed by an efficient structure that will disburse the funds.
The ministry of Wealth Creation and Employment, which was created in June by Governor Ambode, will oversee the affairs of the scheme while the funds will be channelled through the state’s microfinance institutions.
Beneficiaries, he said, would be selected across the five divisions in the state: Lagos Island, Ikeja, Badagry, Epe and Ikorodu to allow citizens in every part of the state enjoy the novel scheme.
“Just about 1% interest rate will be charged on the loan to take care of administrative expenses.
“The state government’s desire is to allow enterprising Lagos residents who do not have access to loans or other forms of finance with stringent conditions enjoy repayable soft loans to establish a business venture or rescue a struggling small concern,” he said.
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