Press Releases

Fashola Inaugurates Sports Endowment Fund
…Says initiative will provide support for Nigerian athletes

Oct 19, 2009 - Lagos State Government on Monday kick started a major initiative to enhance youth development through Sports with the inauguration of the State Sports Endowment Fund.

Speaking at a well attended event which took place at the Lagos State House, Ikeja, Lagos State Governor, Mr. Babatunde Fashola (SAN) said the inauguration of the Board represents yet another block to the building of youth development in Lagos especially through Sports.

However while thanking members of the Board, made up of distinguished men and women from the corporate world for accepting to serve despite their tight schedules and urging the support of everyone for them, Governor Fashola reminded all that investment in Sports is not quick fix.

While asserting that the Sports endowment will help to address the shortcoming of providing support for Nigerian athletes, Governor Fashola said though the investment of time and money in sports usually takes time to manifest, it is a worthy, result yielding endeavour.

Said he: “The investment in sports either time or money is not a quick fix issue. It may not even manifest in someone’s lifetime. It usually takes a long time to yield results”.

He added that now when the sporting fortune of Nigeria seems to dipping is the most auspicious time to put in place an endowment for funding sports.

He urged Nigerians to take consolation in the fact that even if the country is not winning laurels, it has won the hosting rights for the FIFA U-17 World Cup among several contending countries.

Governor Fashola added that Nigeria stands a chance to make the U-17 World Cup an African success story just as Ghana did a couple of days ago in the U-20 finals in Egypt.

The Lagos State helmsman explained that the on-going Governor’s Cup Lawn Tennis championship in Lagos is a plus for the organizational ability of the State Government.

He added that while many are complaining that Nigerian representatives at the competition were eliminated in the preliminaries, they have failed to reckon with the fact that many of the Nigerian athletes are playing without institutional supports.

He said most of the foreign participants at the competition were provided with institutional supports which take care of hotel bills, accommodation, travelling expenses and kitting as well as training, adding that without such institutional support, the local athletes cannot develop.

He said the present Government in Lagos does not see anything as being an impossibility, stressing that in the not too distant future, Lagos will be able to host an Olympic event, adding: “If Rio in Brazil can, Lagos can”.

Earlier, in his address, the Commissioner for Youth, Sports and Social Development, Prince Ademola Adeniji Adele said with the inauguration of the fund the law will now enable the Government to harness enormous potential to achieve its vision for sports.

He added that with the inauguration of the fund, the opportunity is now rife for a conclusion of the process of obtaining Tax exempt status for donations made to Lagos State Sports Endowment Fund (LSSEF).

He informed that the State has won the hosting rights for the 2012 National Sports Festival and intends to use its experience in hosting the U-17 World Cup to develop its capacity to host the Sports festival.

Said he: “With the fast pace of development in the state, it is not farfetched to say that Lagos will be in the race for the first African City to host the Olympics”.

The Lagos State Sports Endowment Fund is made up of the Mr. Wale Edun, former Commissioner for Finance as Chairman, President of Lagos Tennis Club, Rt Admiral Oni, a banker, Rasheed Kolarinwa, President of Alaba Traders Association, Chief Emeka Dike, Sports writer and former Chairman of Ejigbo Local Government, Chief Ayo Ositelu, Chairman of Guinness Nigeria Plc, Chief Tunde Savage, Chairman of Dansa Foods, Sanni Dangote, C.E.O of HITV, Mr. Toyin Subair, a telecommunication executive, Mr. Okundayo Bamgboye and a prominent Lagosian, Mr. Demola Azees.

There are six other members representing statutory institutions namely, Ministry of Finance, Ministry of Information and Strategy, Tourism and Inter-Governmental Affairs, Home Affairs and Culture, Youth, Sports and Social Development and Local Government and Chieftaincy affairs while Mr. Babatunde Bank Anthony would serve as the Executive Secretary.

Later, in his response, the Chairman of the fund, Mr. Wale Edun thanked the Governor for the opportunity given to the members to contribute their quota to the development of sports in the state and creating a platform for everybody to participate.

He added that the members would get cracking to ensure that it utilizes the economic power of sports to put Lagos on the kind of buoyant financial footing that organizations like the Federation of International Football Association (FIFA) currently enjoys.

The inauguration was attended by members of the State Executive Council.