The Inauguration of the Lagos International Financial Centre Council (LIFC) and The State’s Participation at The Lord Mayor’s Show 

Your Excellencies, esteemed guests, and distinguished members of the press, I stand before you today with a profound sense of honour as the Chairman of EnterpriseNGR, a non-profit private sector Group dedicated to driving transformative change in Nigeria’s Financial and Professional Services sector.

As the renowned strategist Paul Drucker once wisely remarked, “The best way to predict the future is to create it.” This guiding principle echoes in the fabric of my being as I constantly strive to shape a future that not only works for us but also paves the way for generations yet to come. It is this ethos that underpins EnterpriseNGR’s mission and fuels our collaborative efforts with Lagos State.

Reflecting on my career, I can’t help but notice the clear parallels with that of His Excellency, Governor of Lagos State, Mr. Babajide Sanwo-Olu. It was within the realms of Law, Banking, and Finance that I embarked on the transformative journey that would see me acquire Access Bank Plc.in partnership with Herbert Wigwe, 21 years ago—an institution that has since left an indelible mark on Lagos, Nigeria, Africa, and beyond. Much like Mr. Governor, my ‘time’ in the private sector, spanning banking, law, and finance, provided me with a profound understanding of the far-reaching impact that the Financial and Professional Services sector can have on individuals, states, and our nation’s economy.

Believing fervently in the potential of Nigeria’s financial sector as a key driver of economic transformation, my career has seen me chairing the Nigerian Stock Exchange leading to its demutualization, and founding FMDQ’s OTC Exchange as it’s pioneer Chairman. More recently, I have founded the Coronation Group—a technology-driven ecosystem covering all facets of finance. In 2021, I assumed the role of Chairman of EnterpriseNGR, a responsibility I hold with an immense sense of responsibility and pride.

EnterpriseNGR goes beyond advocacy; we are architects of transformation in Nigeria’s Financial and Professional Services sector, with a revolutionary mission to propel Nigeria to become Africa’s premier Financial Services Centre. Our presence here today is a testament to the power of belief, collaboration, vision, and unwavering commitment to showcasing Lagos on the global stage.

Before I delve into the details of our collaboration and the ambitious mission to position Lagos on a global stage, let us celebrate the recent achievements of Lagos State. These milestones are not just markers of progress; they signify the resilience, vision and unwavering commitment of the people and leadership of Lagos.

Lagos, the economic heartbeat of Nigeria contributes over 20% to the country’s GDP, 60% of its energy demand, and according to National Bureau of Statistics (NBS), Lagos was responsible for 90% of foreign trade flow in Q1 2023. Recent achievements, such as the $1.35 billion facility dealwith Afreximbank for infrastructure and food security, highlight Lagos State’s commitment to sustainable development and excellence.

Lagos is not merely a city; it is a melting pot of people and culture, fostering an environment ripe for enterprise, innovation, and creativity. Our diverse and dynamic ecosystem is not merely a characteristic; it is our strength. Our city has a well-established financial sector, boasting numerous banks, investment firms, and insurance companies. This robust financial infrastructure ensures seamless access to essential services for businesses, facilitating their operations and growth.

I previously mentioned how our backgrounds in Law, Finance, Banking, and Accounting paved the way for the duo to join forces. at Access Bank and how, ultimately, His Excellency’s own background as a financial services professional paved the way for his current position as the number one citizen of Lagos State. In the quest for excellence, Access Bank between 2002-2007 raised over $2 billion in equity investment from local and foreign investors. All this whilst operating from our 4 storey headquarters at Oyin Jolayemi Street,  Victoria Island, Lagos. Our equity raising efforts saw ustraverse the International Financial Centers of the world, showcasing our Lagos address on the global stage, underscoring the city’s tremendous investment potential.

Reflect on this: if two Nigerians in their late thirties had the audacity to raise billions of dollars in equity for what was then considered a ‘small up and coming’ institution, imagine what can happen with the collective power of Lagos State Government led by His Excellency, and the members of the Financial and Professional Services sector coordinated by EnterpriseNGR. Together, we have the potential to raise hundreds of billions of dollars for Nigeria, ushering in a truly transformative era for Lagos State and our country. Let’s proudly display our green, white and green, embracing the investment revolution that commences today.

Mr. Governor, Mr. Deputy Governor, Cabinet members, if you open for business, Nigeria opens for business. As Mr. Governor just said, the infrastructure that ensures smooth access to vital services for business must be elevated in Lagos. We cannot afford to be complacent; Nigeria’s journey has just commenced. Where we have tall buildings, let’s aspire for skyscrapers. If we possess four-lane highways, let’s envision 8-lane expressways. With one airport today, our vision must see us build multiple airports.

Lagos State host the continent’s most significant legal, accounting, and consulting practices. The professionals in these fields are not just experts; they are globally sought after for their expertise. Lagos serves as a hub for strategic legal counsel, precise financial advice, and cutting-edge consulting services, offering businesses a competitive edge in the global market. The city’s accessibility and connectivity amplify its allure, positioning it as a pivotal hub for trade, commerce, and investment in Africa. Lagos also houses the busiest seaports in Nigeria, including Apapa and Tin Can Island, which collectively handle over 75% of the country’s imports and exports, making it a strategic gateway to Africa’s markets.

Let me return to the topic of EnterpriseNGR’s partnership with Lagos State. This partnership symbolises unity and shared aspirations. Our collaborative efforts extend beyond borders, as seen in our participation in the prestigious Lord Mayor’s Show in London. This event will see EnterpriseNGR and Lagos State become the first African participants in its 805th procession with countries like China and India (having previously participated), spotlighting their own opportunities to the world. This moment holds immense significance for us and, witnessing Lagos leading the continent fills me with considerable pride.

This ground-breaking collaboration between Lagos State and EnterpriseNGR is built on our shared goal of positioning Lagos as Africa’s economic epicentre. To actualise this vision, Lagos State has inaugurated the Lagos International Financial Centre (LIFC) Council in partnership with EnterpriseNGR. As we stand on the cusp of history, as the first African participant in the centuries old City of London Lord Mayor’s Show, we recognise the profound significance of this moment.

The Lord Mayor, Professor Michael Mainelli’s invitation stands as a resounding endorsement of Lagos State’s commitment to excellence, as well as recognition of its increasing economic prominence. This invitation aligns harmoniously with the Council’s mission to establish Lagos as a global financial hub, attracting investments that will fuel sustainable economic development.

Our participation in the Lord Mayor’s Show is a strategic move to showcase Lagos globally. The newly inaugurated LIFC Council signifies not just an institutional milestone but a commitment to a bold vision – positioning Lagos as the beacon of financial innovation in Africa. Let me reiterate our unwavering commitment to this initiative, for which I am proud to co-Chair alongside Mr Governor.

Our participation at the Lord Mayor’s Show is an extension of welcoming hands to not just the UK audience but to the world at large with a clear message that Lagos is Open for Business. I am confident that our mission at EnterpriseNGR and our collaboration with Lagos State will continue to be a beacon of excellence, driving positive change and growth in our nation.

Renowned scholar Warren Bennis writes that “The strength of a nation derives from the integrity of the home, the prosperity of the enterprise, the honesty of the marketplace, the honour of relationships, and the civility of institutions.” There is no loftier ambition, no more noble a dream than for the progress of one’s nation. It is our collective responsibility to put Nigeria where it deserves to be as Africa’s premier investment destination.

I want to congratulate His Excellency, Governor Babajide Sanwo-Olu, on the stream of landmark achievements he continues to record. I am reminded of a quote Steve Jobs gave in an interview with Fortune magazine over 25 years ago: “Innovation distinguishes between a leader and a follower.”Lagos State indeed has a great leader in Mr. Babajide Sanwo-Olu, and our collaborative efforts to create an ecosystem where businesses can flourish, where success is measured not only in financial terms but in the collective well-being of our people, will pay dividends for generations to come.

In closing, I want to thank the EnterpriseNGR and Lagos State teams for their dedication and unwavering support. I also want to extend heartfelt gratitude to our esteemed sponsors – Platinum sponsors: Coronation Group and Access Corporation; Silver sponsor: Lotus Capital; and our Bronzesponsors: Sterling Bank, Unity Bank and Wema Bank. Your steadfast commitment and support have been instrumental in turning this vision into reality. Because of your commitment and partnership, we are not just participating in a historic event; we are shaping the future of Lagos and Nigeria. Your belief in our mission is a testament to the collaborative spirit that propels us forward.

As we embark on this journey, we carry with us the confidence and assurance that our shared goals are not just aspirations but a mission possible. Your support is not just an investment in a parade but an investment in the future of Lagos and Nigeria. Together, we will create a legacy that generations will look back on with pride, knowing that in this moment, we set the stage for a Greater Lagos and a thriving Nigeria!

Thank you, and may we continue to forge ahead on this remarkable journey of progress and prosperity.