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Lagos govt, businesses suffer amid N4.2b donations to LSSTF

Femi Adekoya

Oct. 23, 2020

Burnt vehicles are pictured at a damaged police station as Nigeria’s Lagos state remains under curfew, Nigeria October 23, 2020. REUTERS/Seun Sanni
Assets and businesses have suffered huge loses from looting by hoodlums leading to severe financial losses despite the private sector’s donation of over N1.5b to the Lagos State Security Trust Fund (LSSTF) within three months in 2019 and N4.2b in 2020.
With the absence of security personnel to check the excesses of hoodlums, several government assets, businesses and malls in Victoria Island, Lekki, Surulere and other areas were looted or burnt, leading to huge losses that could not be immediately quantified.
LSSTF’s 2019 audited financial statement showed that it generated N4.2b for the year with cash donations from the private sector amounting to N1.43b and other takings hovering at N2.74b.
The Organised Private Sector (OPS) lamented that heightened insecurity with its attendant collateral damages to infrastructure and property amounted to higher costs of doing business.
Executive Secretary/CEO of LSSTF, Abdurrazaq Balogun, who appealed for funds last year, noted that there was a setback in the donations between August 2018 and August 2019, disclosing that Governor Babajide SanwoOlu’s intervention attracted donations in excess of N1.5b within three months.
“For a megacity like Lagos, the Police-Personnel-Population ratio of 1: 400 with an estimated population of about 24 million constitutes a security issue that must be the concern of well-meaning Nigerians.
“Hence the LSSTF envisioned more highly trained men and women working with modern logistics support, with cooperation and collaboration with other stakeholders.
Pursuant to this, the LSSTF has been investing hugely in the empowerment of the various security agencies in the state,” he said.
The Guardian recalled that on September 3, 2007, the Lagos State Government established the LSSTF as a public-private-partnership (PPP) initiative to mobilise and provide equipment and resources for effective operations of security agencies in the state.
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