Members of the Lagos State House of Assembly on Thursday adopted the recommendations of the House Committee on Finance on the Lagos State Wealth Fund Bill, 2025, as the resolutions of the House, with amendments.
The resolution followed the presentation of the committee’s report during plenary by the Chairman of the Committee on Finance, Hon. Saheed Obafemi.
The report was on “A Bill for a Law to Establish the Lagos State Wealth Fund to Receive, Manage and Invest in a Diversified Portfolio of Medium and Long-Term Assets for the Benefit of Lagos State and Future Generations of Its Indigenes and Residents, and for Connected Purposes.”
The bill had earlier passed its second reading and was subsequently referred to the Committee on Finance for further scrutiny and recommendations.
Following the presentation of the report, lawmakers extensively debated the proposed legislation and made several observations aimed at strengthening its provisions.
Speaking during the plenary, the Speaker of the House, Rt. Hon. Mudashiru Obasa, emphasized the need for a governance structure that reflects competence, experience, and inclusiveness in the management of the proposed fund.
Thereafter, the House adopted the committee’s recommendations after amendments, as its official resolutions on the bill.
