Parallex Bank Limited has introduced a N4 billion financial support programme aimed at boosting the operations of local governments across Lagos State. The initiative, which targets all 20 Local Government Areas (LGAs) and 37 Local Council Development Areas (LCDAs), is designed to strengthen grassroots governance and promote sustainable development.
The announcement was made during a retreat organised for newly elected local government chairmen in Lagos. Speaking at the event, the Managing Director and Chief Executive Officer of Parallex Bank, Dr. Olufemi Bakre, represented by the Chief Digital Officer and Head of Retail and SME Banking, Mr. Frank Alarapon, explained that the initiative reflects the bank’s strong commitment to empowering local authorities. He said the fund would help councils improve service delivery, stimulate economic growth, and enhance the welfare of residents across Lagos State.
Mr. Alarapon revealed that a global facility limit of N4 billion has been set aside for this programme. He said the support package comes with flexible terms and includes a 30-day clean-up cycle to ensure financial discipline and long-term sustainability. According to him, the fund is not only a loan package but a strategic partnership to help local governments achieve their mandates.
“Local governments are the closest tier of governance to the people, and their success directly impacts the well-being of millions of Lagos residents,” Alarapon said. “At Parallex Bank, we are committed to giving them the financial tools they need to thrive, whether through direct council funding, support for elected officials, or facilities for contractors and suppliers who bring development projects to life.”
He further explained that Parallex Bank’s financial support extends beyond the councils themselves. The programme also covers employees, contractors, and suppliers working with LGAs and LCDAs, ensuring that the entire local government value chain enjoys improved liquidity and financial flexibility. This, he added, would help accelerate the execution of community development projects and improve the pace of governance at the grassroots.
Alarapon stressed that the initiative should not be seen as just a lending programme but as part of a broader partnership. According to him, the bank is committed to promoting fiscal responsibility, driving infrastructure development, and supporting the delivery of essential services such as healthcare, education, waste management, and housing.
“Our goal is to see Lagos State’s local governments succeed in their mandates,” he said. “This is why our lending approach is complemented by other value-added products such as asset-backed financing, mortgage services, digital revenue collections, and trust and legacy planning. All these services are designed to support local government leaders and ensure sustainable development in their communities.”
The bank emphasised that the initiative forms part of its mission to redefine relationship banking in Nigeria. By focusing on grassroots governance, Parallex Bank aims to make a meaningful contribution to socio-economic transformation while also ensuring financial inclusion at the community level.
Observers note that the programme comes at a critical time when local governments in Lagos are under pressure to deliver on electoral promises and address growing challenges in infrastructure, population growth, and urban services. With the support of the bank, councils may now be better positioned to deliver on their responsibilities and improve the quality of life for residents.
Parallex Bank, which has been positioning itself as one of Nigeria’s most innovative financial institutions, has over the years introduced several products targeting small businesses, individuals, and government institutions. The latest initiative for Lagos councils is expected to set a benchmark for other states and create new opportunities for partnership between banks and local governments nationwide.
By supporting grassroots governance, Parallex Bank is not only boosting financial access but also contributing to Nigeria’s long-term socio-economic goals. With proper implementation, the N4 billion support fund could serve as a catalyst for stronger service delivery, improved infrastructure, and greater trust between citizens and their local leaders.
