Lagos, UK sign MoU to establish international financial centre

The Lagos State Government, in partnership with EnterpriseNGR under the platform of the Lagos International Financial Council (LIFC), on Monday signed a Memorandum of Understanding (MoU) with the City of UK and the Foreign, Commonwealth, and Development Office (FCDO) for the development of an International Financial Centre in Lagos to drive economic growth in the state.

Governor Babajide Sanwo-Olu, who also serves as Chairman of LIFC, alongside the Co-Chairman of LIFC and Chairman of Access Holdings, Mr Aigboje Aig-Imoukhuede, witnessed the signing by the State Commissioner for Finance, Mr Yomi Oluyomi; CEO of EnterpriseNGR, Mrs Obi Ibekwe; Head of Eurasia, Middle East, and Africa at The City UK, Chika Mourah; and Director of International Development at The City UK, Anna Rogers.

Others who also witnessed the signing included the Chargé d’Affaires of the British Deputy High Commission in Lagos, Mr Simon Field; Secretary to the Lagos State Government (SSG), Mrs Bimbola Salu-Hundeyin; and Head of Service (HOS), Mr Bode Agoro, among others.

Governor Sanwo-Olu, in his remarks at the event, pledged his administration’s commitment to achieving the Lagos International Financial Centre, urging everyone’s support to make the vision a reality.

The governor said the signing of the MoU signalled the beginning of another level of engagement in establishing LIFC and making Lagos the first in sub-Saharan Africa to host an international financial centre.

According to him, the move is not just about Lagos but about putting Nigeria—and both local and international investors—“on a platform that would make businesses work better and create an ambiance of a more predictable and reliable financial centre in this part of the world.”

“We are localising our idea and initiative to be able to also put Lagos and, by extension, Nigeria, on the world map of cities that have international financial centres,” he said.

Sanwo-Olu expressed appreciation to all the partners for their financial and technical support towards the establishment of an International Financial Centre in Lagos.

Speaking earlier, the Co-Chairman of LIFC, Mr Aig-Imoukhuede, commended Governor Sanwo-Olu and his team for their courage in driving the dream of the LIFC, noting that “the gift of Babajide Sanwo-Olu to Lagos State is one that we in the capital market also enjoy.”

Aig-Imoukhuede described the MoU as a very important signpost for the Lagos International Financial Centre project, noting that Nigeria was getting closer to the promised land of having the centre in Lagos.

“Today, we are carrying the flag of Lagos State, Nigeria, and indeed Africa. We are getting to the promised land of having an international financial centre in Lagos and for Nigeria,” he said.

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The Chairman of Access Holdings also commended the media for balanced and educative reporting and urged them to do more, calling for their continuous support in every way possible.

Also speaking, the Director of International Development at The City UK, Rogers, said the partnership would bring everyone together to make Lagos a successful powerhouse on the African continent.

Rogers expressed the excitement of the City of UK in being part of the journey, describing the decision of the Lagos State Government as highly commendable.

“The City of UK is proud to be a strategic partner for the development of Lagos International Financial Centre. The decision of the Lagos State Government is highly commendable, and we are very excited to be part of the journey.

“We are delighted that through our partnership, we’ll continue to provide an avenue for UK and Nigerian financial professional services practitioners, policymakers, and regulators to share knowledge on best practices in areas such as corporate governance, financial services, regulation, technology, innovation, and many others.

“These will lead to increased trade and an increase in investment and partnership between the two countries as well as internationally,” she stated.

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