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Tag: LSETF

  • LSETF enrols candidates for skills’ training

    The Lagos State Employment Trust Fund (LSETF), through its Employability Support Project, has begun free skills training for the first batch of beneficiaries in the state. The exercise was in line with its objective of building on its mission to improve the local economy by creating a skilled and experienced workforce.

    Launched in partnership with the United Nations Development Programme (UNDP), the employability support project provides six to eight weeks of vocational training to Lagos residents between the ages of 18 and 35 years. The project aims to empower its beneficiaries with industry relevant skills which will improve their chances of gaining employment.

    The Executive Secretary, LSETF, Akintunde Oyebode, explained the role of the project in addressing unemployment in the state, while also creating active youths that can contribute to the socio-economic development of their communities.

    “The Employability Support Project addresses sectors of the economy that require highly skilled workforce to spur innovation, creativity and business growth. Our first batch of beneficiaries will graduate by the end of February, 2018 and by the end of the 18-month project, we aim to train 10,000 Lagos residents.  We expect that the successful trainees, with their newly-acquired skills and personal commitment, will help entrepreneurs and investors in the state to create new businesses and grow the local economy,” he said.

    He added that LSETF has engaged several Vocational Training Centres across the state to facilitate the free skills training course in manufacturing, entertainment, garment making, hospitality, healthcare and construction. Oyebode called on business owners and corporate organisations in Lagos state to take advantage of the employability support project to improve their work force and accelerate the growth of their businesses.

     

  • LSETF launches ‘Lagos Innovates’ for tech startups

    The Lagos State Employment Trust Fund (LSETF) has announced Lagos Innovates, a package aimed at promoting technology- and innovation-driven startups.

    LSETF said the programme will assist startups in drawing from the experience of similar government-led initiatives, such as Startup Chile, Startup India and Startup Singapore.

    It said Lagos Innovates recognises that network-building is key to innovation and creativity, adding that it has three programmes: Workspace Vouchers, Hub Loans and Events Sponsorship.

    In the first half of next year, more programmes will follow, including a scale-up accelerator program, a co-investment scheme and a second, learning-focused, voucher scheme, the LSETF said.

    “Lagos has, perhaps, the most exciting startup ecosystem of any city in Africa. The investment case is clear, and driven primarily by the size of the market and accessibility as an entry-point for Nigeria and a springboard for the rest of West Africa. If we get our model for innovation-driven enterprises right, Lagos State has the potential to exponentially increase opportunities and jobs for its residents in the medium- to long-term,” LSTF Executive Secretary, Akintunde Oyebode, said.

    Lagos State Governor, Akinwunmi Ambode, last January promised to  support the startup ecosystem.

    “It’s exciting to see the Lagos State Government show support for the startup community in this way. There’s always more that could be done, but these are a thoughtful set of programmes. I am excited to serve on the advisory council for Lagos Innovates and look forward to working with LSETF to ensure that over time, we can point to real outcomes from these programmes,”  Olumide Soyombo, CEO, Bluechip Technologies, and founder of Leadpath (a seed fund investing in local tech startups), said.

    CEO of Amari (an investment and consulting firm focused on the innovation-driven enterprises and tech startups), Eloho Omame, said: “Lagos Innovates is the first step on a journey for the Lagos State government, through LSETF, to show that it respects the achievements of Lagos’ vibrant tech startup community, understands that tech entrepreneurship is a different, new way of building companies and that it is excited by the enthusiasm of Lagos’ community of startup founders.”

     

  • LSETF, UNDP, Arc Skills host entrepreneurs in Lagos

    The Lagos State Employment Trust Fund (LSETF), in partnership with the United Nations Development Project (UNDP) and Arc Skills, a global skills training provider have hosted entrepreneurs and business leaders in Lagos.

    The three-day ‘Industry Engagement Forum’, which cuts across key sectors in the economy, was meant to ensure the realization of the objectives of the recently-launched Lagos State Employability Support Project.

    The forum was attended by industry executives in construction, manufacturing, hospitality, healthcare, entertainment and fashion sectors. It provided an effective platform to identify, analyze, and discuss opportunities to improve skill acquisition and employment in the state, while leveraging on recommendations and feedback from stakeholders.

    Executive Secretary, LSETF, Akinwale Oyebode, said the industry engagement will help address issues of capacity building in Lagos, while providing skilled and trained workers to meet job demands in both the public and private sectors.

    “Through the feedback and recommendations gathered from this event, we hope to understand the challenges faced by key stakeholders in the economy and also get suggestions that will ultimately build the scope of the initiative,” he said.

    Giving a speech at the opening event, the Chief Executive Officer, Arc Skills Nigeria, Amit Washington, acknowledged the urgent need for an innovative learning approach that will motivate young people in the society, which the organization will implement over eighteen months.

    Team Leader, Inclusive Growth Unit, UNDP, Robert Asogwa said, “As the continent’s most populous country and biggest economy, there are opportunities to improve earnings and income through skills that affect people’s economic and social wellbeing in many ways. By working with industry groups and organizations, we can easily implement recommendations that will tackle insufficiency of skilled labour and ensure social mobility.”

  • ‘LSETF has impacted on employment, job creation’

    The Executive Secretary of the Lagos State Employment Trust Fund (LSETF), Mr. Akintunde Oyebode, has said in just one year of operation of the Fund, Lagosians have been empowered to start up their own business and also be employers of labour. This, he said, is in line with the vision of the state government while establishing the Fund on March 5, laast year.

    Oyebode, who was on a courtesy call to The Nation office in Lagos at the weekend, disclosed that in its short period of operation so far, approval has been given for 6, 500 loans, but the actual disbursed loans is to about 4, 200 people, at five percent interest rate.

    He further revealed that compliance to repayment has been encouraging, considering that the Fund’s credit losses currently stand at 5.5 percent, a figure he termed “still okay.”

    This low level, Oyebode said, is as a result of the stringent due diligence the administrators of the Fund carries out on applicants before granting them loans. He said that although no collateral is demanded from applicants before granting them loans, however, the conditions required ensures that beneficiaries of the loan cannot elope with the money as their guarantors are usually people of good standing in the society, who would not want their integrity damaged.

    “Physical collateral doesn’t give confidence that there won’t be default, but getting credible people to stand for applicant is more effective; this is evident in the level of compliance to repayment of loans by the beneficiaries,” Oyebode said.  He however said the Fund administrators are not resting on their oars as they are still working hard to recover all outstanding loans.

    As part of efforts towards recovering the loans, he said defaulters are being charged to court. This, he explained, is to let beneficiaries and the public know that the LSETF facility is not ‘jamboree money’ and to let people know that there is a consequence for not paying back.

    The Executive secretary said apart from the impact of this fund on the borrower, there is also the impact of being able to create more jobs and employment for more people. This, he referred to, as “the social impact on the society.”

    He further said that for beneficiaries, whose businesses have grown beyond the N5 million limit, the Fund can grant, the LSETF could assist by introducing them to another layer of financing from other financial institutions to source for credit based on the fact that they were forthright in their loan repayment.

  • Three ‘defraud’ LSETF loan applicants

    An Ikeja Magistrates’ Court will on Wednesday begin the trial of two men who allegedly posed as Lagos State Employment Trust Fund (LSETF) officials to defraud loan applicants of thousands of naira.

    Prince Akintayo Akinjide and Adesoji Adeyele were arraigned by the police on July 24, before Mrs L. I. Balogun on a charge of obtaining money under false pretences contrary to Sections 285, 311, 312 (1), (a) and 409 of the Criminal Law of Lagos State, 2011.

    According to prosecuting Inspector Babajide Williams, the defendants presented themselves as LSETF officials and promised to assist their victims to obtain loans at a cost of between N4,500 and N12,000.

    “About 300 persons are believed to have fallen victim to this scam,” Williams said.

    Akinjide and Adeyele pleaded not guilty.

    Magistrate Balogun granted them N200,000 bail with two sureties each in the like sum. The sureties must be gainfully employed and have evidence of three-year tax payment.

    Last April 6, the police brought a 32-year-old man, Emmanuel Olajide, before Mrs G. O. Anifowoshe of the Ikeja Magistrates’ Court for allegedly printing and selling fake LSETF application forms.

    Olajide was arraigned for alleged forgery and obtaining money under false pretences contrary to Sections 285, 361 and 363 of the Criminal Law of Lagos State, 2011.

    Prosecuting Inspector E. Victor told the court that the defendant printed LSETF logos on fake loan application forms, “which he sold at the rate of N10, 000 each to his innocent victims.”

    Victor said the defendant promised his victims assurance of a successful loan application process knowing same to be false.

    The defendant pleaded not guilty.

    Magistrate Anifowoshe granted him N200,000 bail with two sureties in the like sum. The sureties must be gainfully employed and have evidence three-year tax payment.

    Olajide’s trial continues on September 4.

    Meanwhile, the LSETF, which confirmed the defendants’ prosecution, said the form and the process for the loan scheme are “absolutely free of charge” for all Lagos residents.

    Its Executive Secretary, Akin Oyebode, urged the public to report to the police anyone making a request for payment or inducement of any kind “as such request is nothing but fraudulent.”

    He said: “For the avoidance of doubt, every member of the public should note that the process for accessing the LSETF loans is administered transparently, devoid of any consideration of ethnicity, religion, gender or political affiliations.

    “It is merit-based and open to all Lagos residents who desire to secure financing to grow their businesses and consequently create jobs for many unemployed youths.

    “All persons interested in applying for the loan can either pick up the form at LSETF liaison offices in their nearest local government office or download from the LSETF website free of charge.”

  • LSETF seeks funding partners to combat unemployment

    The Lagos State Employment Trust Fund (LSETF), an initiative of the Lagos State government, has launched a funding partnership programme targeted at high net worth individuals, private organisations, donor agencies, non-governmental agencies and international development organisations. The Fund, which already has N25 billion commitment fund from the Lagos State government, plans to double the figures through the funding partnership arrangement as it seeks to expand its operations to benefit more businesses and people in the state.

    The LSETF, which is backed by the Lagos State Employment Trust Fund Law 2016, has a strategic target to create and sustain 300,000 direct and up to 600,000 indirect jobs by 2019 and provide loans to at least 100,000 MSME by 2019.

    Commenting on the call for partnership, LSETF’s Executive Secretary, Mr. Akin Oyebode, said: “According to the National Bureau of Statistics, 35% of Nigeria’s productive population are either unemployed or underemployed. This is especially worrisome when the youth, have an unemployment/underemployment rate of over 50%. This means one of every two persons under the age of 35, are unable to access sustainable employment.

    “The LSETF has been working to combat the employment scourge in the state through its various programmes; such as its single-digit interest bearing (5%) loan schemes to help Micro, Small & Medium Enterprises (MSMEs) fund their growth and consequently create job opportunities for the people of Lagos state. In addition, youth who have completed vocational trainings can also access loans in the Micro Business Start-Up Program to help them start their own small businesses, whilst the unemployed can get training and subsequent job placements opportunities.

    “However, to ensure the LSETF creates as many jobs as possible, it will require additional funding from individuals, private organisations, donor agencies and other partners.

    “The United Nations Development Programme (UNDP) has already set the ball rolling in this direction by entering into a $4 million partnership with the LSETF to provide support to its Employability Programme.  The agreement, which was signed in May 2017, will see the UNDP and LSETF commit substantial financial and technical resources to the Lagos State  Employability Support Project between May 2017 and April 2019. This partnership is aimed at training over 10,000 youth in the state.

    “The project will improve the quality of vocational training programmes for the manufacturing, health care, construction, entertainment, tourism and hospitality sectors; upgrade training content to make the labor force more competent; strengthen vocational instructor training and improve the capabilities of the participating technical colleges and vocational training centers (VTCs) to plan and manage the training programmes.

    “The public and private organisations can support the work of the LSETF by making a commitment to donate a specific amount and the LSETF will match this sum and design a lending or employability program to support their target segment. They can also make a grant towards LSETF lending, employability or innovation programmes; commit to employ youths trained by LSETF or to admit LSETF loan beneficiaries as vendors to serve your organisation”.

  • LSETF partners lawmaker on women empowerment scheme 

    The Lagos State Employment Trust Fund (LSETF) has signed a partnership agreement with Hon. Wale Raji Women Empowerment Scheme, a brain child of the lawmaker representing Epe Constituency in the House of Representatives, Hon. Wale Raji.

    The Memorandum of Understanding on the partnership agreement was signed at the weekend in Epe, Lagos.

    As part of the partnership arrangement, the lawmaker will provide N10,000,000, which will be matched by the LSETF with another N10,000,000 to fund the Hon. Wale Raji Women Empowerment Scheme. The LSETF will act as the administrator of the scheme and the Ibile Microfinance Bank will be the custodian of the pool of funds.

    Under the partnership arrangement, business owners and promoters specifically women operating within Epe Constitency can get loans from the Lagos State Employment Trust Fund (LSETF) to invest in their businesses at interest free rates. With this agreement, the 5% interest rate originally meant to be paid per annum on loans serviced to the LSETF will be paid by Hon. Wale Raji to ease the burden on applicants of the loans.

    Speaking on the development, the Executive Secretary of the Lagos State Employment Trust Fund (LSETF), Mr. Akintunde Oyebode said the project is a step in the right direction as it answers the LSETF’s call for funding partnership from in dividuals,  private  organisations,  donor agencies,  not-for-profit  organisation for its various programmes aimed at combating unemployment.

    “Today we are signing an agreement between the Lagos State Employment Trust Fund (LSETF) and Hon. Wale Raji’s Foundation. Under that agreement, we will offer loans of up to Five Hundred Thousand Naira (N500,000) to constituents in Epe with Hon. Wale Raji paying the interest on behalf of the beneficiaries. As a result of this arrangement, the loans will be available to the beneficiaries at no interest rate.

    “We are very excited at what we are doing with Hon. Wale Raji and this indicates a step in the right direction. Hon. Wale Raji indicated his desire to help businesses in Epe grow and for people in his constituents to do well.

    ”This is a great model for proper representation and we also ask well meaning Nigerians in Lagos State who wants to run similar programmes in their communities to please contact us at the Lagos State Employment Trust Fund (LSETF),” Mr. Oyebode said.

    Raji said the partnership was necessary to improve small and medium scale businesses in Epe and Lagos State.

  • LSETF trains 1,300 beneficiaries

    The Lagos State Employment Trust Fund is organising training workshops for over 1,300 of its beneficiaries within this month. The event is fulfillment of its mandate to provide business development support to beneficiaries of the scheme.

    The workshops are organised by the LSETF using various training and skill certification partners, who pass on important skills and knowledge to beneficiaries, that aid the success of their businesses.

    Speaking about the aim of the workshops, the LSETF’s Executive Secretary, Akin Oyebode, said “business development support is a crucial part of what we do. It is not enough to just give individuals funds and have them pay back, but also to instill in them the requisite skills to enable them manage and grow their businesses.”

    “The better they are as entrepreneurs, the greater the chances that their businesses will succeed, be sustainable and create employment opportunities in Lagos State. We are grateful to our partners for their efforts in joining us on this journey to supporting businesses for inclusive growth,” he said.

    The LSETF is poised to provide support to at least 100,000 MSMEs; create at least 300,000 direct and up to 600,000 indirect jobs by 2019. The LSETF is also mandated to provide training and job placements for the unemployed; mentorship for business owners and improvement of the policy environment to ensure a conducive operational environment for small businesses in the state.

  • LSETF plans ‘Made-in-Lagos’ export workshop

    The Lagos State EmploymentTrust Fund (LSETF) will hold  a two-day workshop on export for its beneficiaries next week.

    This is in keeping with its commitment to creating an enabling environment for small businesses to thrive.

    The workshop, in partnership with the Nigerian Export Promotion Council (NEPC), Lagos chapter, is aimed at training LSETF beneficiaries to scale up their businesses for export, take advantage of export opportunities in their line of business as well as receive information on the policies that guide export in their countries of interest.

    The  workshop, LSETF’s Executive Secretary Akin Oyebode, said, is targeted at the Fund’s beneficiaries who qualify for export because of the goods they produce. Asides its mandate, the LSETF intends to provide business support, advisory services and access to new markets for all its beneficiaries. That is why we have partnered with the Lagos Chapter of the Nigerian Export Promotion Council (NEPC) to help achieve this”.

    “In addition to the Nigerian Export Promotion Council sessions, we will also have facilitators from the Nigerian Customs Service and NAFDAC. We believe the timing of this workshop is perfect, especially in this era of low oil prices, and a shift toward non-oil sources of foreign exchange by the Federal and State Governments. Our intention is to position Lagos at the forefront of this shift”. He said

    The Fund is poised to provide support to at least 100,000 MSMEs; create at least 300,000 direct and up to 600,000 indirect jobs by 2019. The LSETF is also mandated to provide training and job placements for the unemployed; mentorship for business owners and improvement of the policy environment to ensure a conducive operational environment for small businesses in the state.

  • LSETF plans ‘Made-in-Lagos’ export workshop

    The Lagos State Employment Trust Fund (LSETF) will hold a two-day workshop on export for its beneficiaries next week.

    This is in keeping with its commitment to creating an enabling environment for small businesses to thrive.

    The workshop, in partnership with the Nigerian Export Promotion Council (NEPC), Lagos chapter, is aimed at training LSETF beneficiaries to scale up their businesses for export, take advantage of export opportunities in their line of business as well as receive information on the policies that guide export in their countries of interest.

    The  workshop, LSETF’s Executive Secretary Akin Oyebode, said, is targeted at the Fund’s beneficiaries who qualify for export because of the goods they produce. Asides its mandate, the LSETF intends to provide business support, advisory services and access to new markets for all its beneficiaries. That is why we have partnered with the Lagos Chapter of the Nigerian Export Promotion Council (NEPC) to help achieve this”.

    “In addition to the Nigerian Export Promotion Council sessions, we will also have facilitators from the Nigerian Customs Service and NAFDAC. We believe the timing of this workshop is perfect, especially in this era of low oil prices, and a shift toward non-oil sources of foreign exchange by the Federal and State Governments. Our intention is to position Lagos at the forefront of this shift”. He said

    The Fund is poised to provide support to at least 100,000 MSMEs; create at least 300,000 direct and up to 600,000 indirect jobs by 2019. The LSETF is also mandated to provide training and job placements for the unemployed; mentorship for business owners and improvement of the policy environment to ensure a conducive operational environment for small businesses in the state.