FBNQuest to Manage Lagos State Rebuilding Trust Fund

Adekunle Awojobi FBNQuest Trustees

By Modupe Gbadeyanka

The Lagos State Rebuilding Trust Fund established by the Lagos State Governor, Mr Babajide Sanwo-Olu, has been put under the management of FBNQuest Trustees, a subsidiary of FBN Holdings Plc.

This month, Mr Sanwo-Olu signed an executive order to establish the Lagos State Rebuilding Trust Fund dedicated to rebuilding the state following the destruction of public and private assets in the state as a result of the hijacking of the peaceful #EndSARS protest.

The Governor inaugurated an 8-man Board of Trustees (BoT) of the fund with members of the private sector and a representative of an international donor agency on the team.

The funds donated into the account would be used for the rebuilding and retooling of the security infrastructure of the state and to ensure the highest standards of probity, transparency and accountability, FBNQuest Trustees was selected to oversee the Lagos Rebuild Trust Fund Committee.

The FBN Holdings subsidiary was established to provide trust solutions to individuals, corporate and government institutions and its selection for this job did not come as a surprise.

Speaking on the nomination, the Managing Director of FBNQuest Trustees Limited, Mr Adekunle Awojobi, stated that, ‘‘We are pleased to have partnered with the Lagos State government on this important initiative, which will contribute significantly to the development of the state.”

“Proceeds of the trust fund would be channelled towards the strengthening of the public transportations system, restoring judiciary and local government systems, and the rebuilding of public monuments in accordance with the mandate of the BoT,” he added.

FBNQuest Trustees’ role will include taking custody of the assets of the trust, managing its assets, monitoring the utilization of the assets disbursed to ensure it is used for the intended purpose, providing periodic detailed reports on the management of the assets of the trust and ensuring strict compliance with the terms of the guiding documents.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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