Oniru of Iru Kingdom, Oba Abdulwasiu Omogbolahan Lawal (Abisogun II), yesterday announced the maiden Oniru Business and Cultural Day and the launch of Iru Business Network, a new platform aimed at formally linking culture, commerce and community development in Iruland area of Victoria Island, Lagos.
Unveiled at a news conference in Lagos, the initiative is designed to provide a structured and trusted framework for sustained engagement among traditional institutions, businesses, government agencies and residents, as Iruland continues to experience rapid urban and commercial expansion.
The monarch said the initiative was a direct response to repeated calls from stakeholders for a credible mechanism that moved discussions beyond dialogue to measurable action.
According to him, business owners, community leaders, corporate executives and public officials have long sought a predictable and well-governed space where interests can be clearly articulated and translated into interventions that improve livelihoods.
“The Iru Business Network is designed to build bridges between culture, commerce and community development. It provides a trusted platform where traditional institutions, the private sector and government can engage transparently and constructively.” Oba Lawal said.
He said the palace would serve as a stabilising anchor amid Iruland’s fast-changing demographic and economic landscape, ensuring development remained guided by shared values, mutual respect and community cohesion.
At the centre of the new framework is the Oniru Business and Cultural Day, a flagship one-day event that will bring together indigenous and expatriate businesses, creative, artisans, entrepreneurs, corporate organisations and development partners operating within the kingdom.
The event, scheduled for February 14, 2026, will feature curated exhibitions, enterprise showcases, business dialogues, networking sessions and cultural performances reflecting the heritage of the Oniru people and the diversity of residents in Iruland.
Organisers said the goal was to present Iruland as a living ecosystem where commerce, creativity and culture coexisted.
The initiative is embedded in the kingdom’s broader development vision tagged #LeGIT — Let’s Grow Iruland Together, which emphasises deliberate, inclusive and people-centred growth. Within this framework, the Business and Cultural Day is expected to align diverse interests around shared priorities, link economic opportunities to community needs and position Iruland as a destination for responsible investment and long-term partnerships.
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The project has secured the backing of Lagos State Ministry of Commerce, Cooperatives, Trade and Investment, signalling policy alignment with the state’s private sector development and investment promotion agenda under Governor Babajide Sanwo-Olu.
Speaking on behalf of the governor, Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Ambrose, described the programme as a strategic intervention to strengthen the interface between culture and commerce, using traditional institutions as trusted conveners for economic dialogue and partnerships.
She says the initiative goes beyond ceremony, positioning the palace as a centre of legitimacy, continuity and trust, while recognising culture as a practical tool for inclusion and economic growth.
Placing the programme within the wider Lagos context, Mrs. Ambrose noted that the state contributed about one-third of Nigeria’s Gross Domestic Product and boasted an economy valued at over $250 billion, driven largely by enterprise and innovation.
She said Victoria Island and Iru Land occupied a strategic position ‘’within this ecosystem, hosting major corporate headquarters, financial institutions, hospitality assets and creative enterprises.’’
She added that while micro, small and medium enterprises (MSMEs) accounted for over 90 per cent of Nigerian businesses, many still struggled with access to finance, infrastructure and market opportunities.
To address this, she cited state-led initiatives such as BOS Meets the Business Community, the Ehingbeti Economic Summit, LASMECO and the Lagos State Export Readiness Programme (LASERP), implemented with partners including the Bank of Industry and Afreximbank.
According to her, the Oniru Business and Cultural Day complements these efforts by offering a platform for indigenous and expatriate businesses to showcase their products, engage regulators and financiers, and address practical issues ranging from compliance and financing to tourism, digital adoption and youth employment.
She said continuity would be ensured through the Iru Business Network, which would maintain a directory of businesses, host periodic forums and facilitate structured engagement between enterprises and government agencies.
“This is about institutional memory and follow-through. Ensuring that conversations translate into commitments and measurable outcomes,” Mrs. Ambrose said.
Oba Lawal clarified that the palace would not function as a regulator or commercial gatekeeper. Instead, it would act strictly as a neutral convener, providing a transparent and law-compliant environment for relationship-building, while preserving the integrity of traditional authority.
Beyond the flagship event, the Iru Business Network will operate as a year-round platform, supported by a dedicated website and digital channels for registration, information sharing and follow-up on commitments. A joint Oniru–Ministry of Commerce partnership desk is also planned as an immediate outcome.
Stakeholders, particularly indigenous and expatriate businesses operating within Iruland, have been invited to register, participate in the Business and Cultural Day and join the Network as partners in the Kingdom’s development.
