Friday, 10 May 2019

LAGOS STATE SPORT TRUSTFUND TARGETS N10bn


The Lagos State Sports Trust Fund, LSSTF, is set to raise about N10 billion to invest in sports infrastructure and development across the state.



Chairman of the Board of Trustees of the Fund, Otumba Femi Pedro, who disclosed this yesterday in Lagos, said LSSTF would run on a public-private participation, PPP, model to deliver the projects and services benchmarking global standards.

He also said the enabling law that set up the Fund provided it with enough autonomy to shield it from government interferences that may undermine its core values.

 Government funding of the LSSTF, according to him, is fixed by the enabling law at 10 percent of funds generated by the State Lottery Board and one percent of internally generated revenue, IGR, of local governments in the state.

But buttressing the autonomy and private sector orientation of the Fund, Pedro added that the goal of the Board of Trustees is to secure commercial revenues that will limit the proportion of government’s funding against its total revenue to 10 percent or less.

Consequently, he said the Board has already engaged the corporate Nigeria on how to create value for the private sector participation in the projects and services of the Fund.

He stated:

“The central core of our business is fund raising for sports development using the PPP model. Our target funders, apart from government, are sports focused organizations, other corporate entities, development institutions, faith-based organizations, high net worth individuals, and the general sport loving members of the public.

“Our collaboration and partnership with these entities could be in form of gifts and donations, sponsorship and partnerships, fund raising events, donation of sporting events, media space, etc, branding and naming rights of sports facilities and event venues, sale of sports memorabilia and many more.

“We are committed to ensuring that no less than 10 million Lagosians participate actively in sports. In addition, we plan to deliver at least 10 infrastructure projects annually; develop 10 athletes each from 10 different sports from grassroots to podium; and to train 10 coaches each in different sports annually.”

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