FBNQuest Trustees, a subsidiary of FBN Holdings Plc dedicated to providing Trust solutions to individuals, corporate and government institutions, has been nominated by the Lagos State Government (LASG) to manage the Lagos State Rebuilding Trust Fund established by the Lagos state governor, Mr Babajide Sanwo-Olu.
The governor of Lagos State signed an executive order in November to establish the Lagos State Rebuilding Trust Fund dedicated to rebuilding the state following the recent destruction of public and private assets.
The governor inaugurated an 8-man Board of Trustees (BoT) of the Rebuild Lagos Trust Fund. The BoT consists of members of the private sector and a representative of an international donor agency. The funds donated into the Fund would be used for the rebuilding and retooling of the security infrastructure of the state.
To ensure the highest standards of probity, transparency and accountability, FBNQuest Trustees will oversee the Lagos Rebuild Trust Fund Committee. Speaking on the nomination, Mr Adekunle Awojobi, Managing Director, FBNQuest Trustees Limited said, ‘‘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’’. He also added that ‘’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.”
FBNQuest Trustees’ role will include taking custody of the assets of the Trust, managing the assets of the Trust, 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.