Ekiti Set to Establish State Wealth Fund

Gbenga Sodeinde in Ado Ekiti

Ekiti State Government is set to establish the Ekiti State Wealth Fund, designed to receive, manage and invest in a diversified portfolio of medium and long term assets for the state and for future generations of indigenes and residents.

The approval for the establishment of the Fund was one of the decisions reached at the meeting of the state executive council held at the executive chamber, Governor’s Office, Ado-Ekiti, yesterday.

The Council gave an approval for a bill on the establishment of the Ekiti State Wealth Fund to be presented to the State House of Assembly for legislative processing and subsequent passage into law.

It would be the first executive bill to be presented to the Assembly this year.

This was contained in a statement made available to journalists in Ado Ekiti, at the end of the executive meeting chaired by Governor Biodun Oyebanji, and signed by Special Adviser to the Governor, Yinka Oyebode.

The Ekiti State Wealth Fund would among other things, build a savings base for the indigenes and residents of the state; provide for investments in the promotion of research and development in modern technologies and innovations.

It would also provide stabilisation support to the state government in times of economic stress as well as manage other funds and investments for the state.

The Commissioner for Finance and Economic Development, Mr. Akintunde Oyebode explained that the Fund was a clear sign that Ekiti State was not only committed to fiscal discipline by saving for the rainy days, but has also prioritises investments by committing a portion of the wealth fund to catalysing private investments.

“By sending such an important piece of legislation to the House of Assembly for consideration, Ekiti has again shown its willingness to lead the way on good governance and fiscal responsibility in Nigeria, Oyebode added.

In a similar vein, the State Executive Council approved the establishment of the Ekiti State Environmental Protection and Watershed Management Agency at the meeting.

It approved the repealing of the Ekiti State Environmental Protection Agency 2009 and re-enacting of the Ekiti State Environmental Protection and Watershed Management Agency Law 2003. It also approved the presentation of the bill to the state assembly for legislative processing and passage into law.

When it becomes operational, the agency would be expected to, among other responsibilities, initiate policies and carry out environmental research and acquisition of relevant environmental technology and report on the state of the environment; carry out public enlightenment and staff capacity development on sound methods of environmental protection and management, erosion prevention and control, watershed and catchment management.

The meeting also deliberated and approved the appointment of Ogundana Akinwande Moses as the new Onikoyi of Ikoyi-Ekiti in Ikole Local Government Area of the state.

By the approval, Prince Ogundana of the Iledin ruling house is to succeed the late Onikoyi, Oba Julius Olalere Falaki who passed on August 25, 2022.