Another Milestone For Lagos, As Sports Trust Fund Kicks Off Operations

Though the law setting up the LSSTF was signed by Governor Ambode in 2017 and the Board headed by the former Deputy Governor, Chief Femi Pedro was sworn in March, 2018,  the members immediately went down to work, putting up the machinery in motion leading up to Tuesday’s media briefing to sensitise the sporting media of its plans to change the face of Lagos Sports.

Chief Pedro told his guests who are Sports Editors of various media in Lagos at the Corporate Office of the LSSTF that “This Sports Trust Fund is the first of its kind in sub-Sahara Africa. It is therefore imperative that we build a solid foundation for its existence. In the last few months, we have painstakingly embarked on strategic exercise to craft  our vision, mission and core values. We have also developed our fund raising and communication strategies and established our corporate governance principles, organisation structure and operating model.”

He revealed that the Board of Lagos State Sports Trust Fund is “now set to commence our core business of  creating adequate funding for sports development and manage these funds effectively.”

With the vision to be a world class trust fund,  propelling Lagos to become the leading sports hub in Africa, Pedro said the job of funding Lagos Sports will be done using the Public Private Partnership (PPP) Model.

“We are therefore set to collaborate with the private sector, non profit organisations, sports equipment manufacturers, sports betting companies, donor agencies, high net worth individuals, high profile elites athletes, media organisations and the public,” Pedro said.

According to Pedro, whose background cut across both public and private sectors, the Governor of the state, Mr. Ambode had made the jobs of the Board easy by providing the take-off grant, staffing and facility support at the take-off, even as the law has mandated that 10 percent of funds generated by the Lagos State Lottery Board and one percent of the Internal Generated Revenues of all the Local Governments in the state be paid into the Trust Fund.

“These represent the Public Sector part of the  PPP model,” Pedro said.

On the management of the funds, the former Deputy Governor, said the Board contains men and women of proven integrity, hence transparency and accountability will be the hallmark of the Board’s operations. He added that the Core Values of the Trust Fund which are Trust, Innovation, Collaboration, Accountability, Resourcefulness, Excellence, Integrity, Inclusiveness will endear the public and more important the private sector to rally support for the Trust Fund.

Members of the Board include Dr. Kweku Adedayo Tandoh, the Executive Chairman of Lagos State Sports Commission, Mr. Enitan Oshodi, former Lagos State Sports Commissioner for Sports and President International Table Tennis Federation, Africa-Western Region, Mr. Babatunde Bank-Anthony, Director General of Lagos State Sports Commission, Mrs. Omotola Essien, Chairperson of Lagos Mainland Local Government, who is representing all Lagos local governments on the board, Mr. Kenneth Odusanya, a fellow of the Institute of Chartered Accountants of Nigeria, ICAN, Barrister Oladipo Awe, a foremost legal practitioner and consultant, Ms. Moyo Ogunseinde, chairman of Lagos State Gymnastics Association, Mr. koye Adejumo, a businessman of repute, Mr. Akin Ogunlana, an agro entrepreneur and retired public officer, Mr. Pandonu, Permanent Secretary, Ministry of Local Government and Chieftaincy Affairs and the Executive Secretary of the Board, Mr. Olaposi Agunbiade.