Firm to create sustainable income opportunity for middle class

Growth and Development Limited (GDL), has unveiled plans to create wealth for the middle class in Nigeria, through the provision of a variety of asset management offerings.

The Chief Executive Officer, GDL, Kola Ayeye, said this while addressing journalists at a media conference to announce the opening of the asset management firm’s mainland office in Ilupeju, Lagos.

He pointed out that the middle class must grow in tandem with infrastructure, adding that social infrastructure must be in good condition in a society where there is a thriving middle-class.

Ayeye, who recently left the Assets Management Corporation of Nigeria (AMCON) as an Executive Director, said it was illogical for the middleclass to remain weakened, noting that it could lead to a total collapse of social infrastructure.

He explained: “Our country Nigeria is really punching below its weight and I think that is something that is obvious and needs no further explanation.

“We have the substantial collapse of social infrastructure. The middle class is very thin and continues to get thinner.

“We think it is a contradiction for social infrastructure to collapse, for the middleclass to remain emasculated and for profits of the financial system to be approaching N1trillion,” he said.

Commenting about his firm, he said the company was set up to deliver strong social impact, but also to make money, stressing that GDL is not a charity organisation.”

Ayeye said over the next few months, specific funds and products to actualise GDL’s mission would be unveiled.

“We have started business. We are a financial institution, we are here to make money but we are not only here to make money, we are here to deliver strong social impact.

“We want to be a leading diversified financial institution, creating wealth and transforming society. We want to provide unique financial solutions, which strengthen and expand the middleclass.

“We are doing the things that other financial institutions do, but re-inventing the middle-class is part of the things that will differentiate us. And we are confident that we will succeed,” he added.