Governor Sanwo Olu Donates 1 Billion Naira Seed Fund to LASRIC to support Startups.

19 Jun 2024

The Lagos State Science, Research & Innovation Council (LASRIC) was officially inaugurated today. The event, attended by key dignitaries and stakeholders in the science and technology sectors, marks a significant stride in Lagos State's commitment to fostering innovation and research.

Council members were introduced, setting the stage for a video documentary showcasing the achievements thus far, with commentary provided by the Honourable Commissioner for the Ministry of Innovation, Science, and Technology, Mr. Tunbosun Alake.


The inauguration ceremony included the formal induction of the Chairman and members of LASRIC by the Governor of Lagos State, Babajide Sanwo-Olu. In his acceptance speech, Prof. Olumuyiwa Odusanya, the newly appointed Chairman of LASRIC and Vice Chancellor of Lagos State University of Science & Technology, expressed his gratitude and outlined his vision for the council's future.


Governor Sanwo-Olu announced a significant investment in his speech, pledging 1 billion Naira as an investment fund for startups through LASRIC. He emphasized the state's commitment to supporting innovation, acknowledging Lagos as the home to many promising early-stage and unicorn startups.


“So today, as we reconstitute the LASRIC Council with a stellar team and a renewed commitment to enhancing the state's educational capacity, we firmly believe that the evaluation needed for this economy will require significant investment in science, innovation, and technology. Therefore, at the reconstruction of this body today, I want to emphasize the key areas that we should focus on. 


We, as the state government, are committed to significantly increasing our investment in research and innovation. This means more grants, more science and innovation-related programs, and more financial support with patents and projects that demonstrate the potential of this economy,” Deputy Governor Babafemi Hamzat stated.

Deputy Governor of Lagos State, Dr. Hamzat Olufemi


Deputy Governor Babafemi Hamzat, during his keynote address, reinforced this commitment by saying, “We, as the state government, are committed to significantly increasing our investment in research and innovation. This means more grants, more science and innovation-related programs, and more financial support with patents and projects that demonstrate the potential of this economy.”


Newly Inducted Members:

The event was graced by several notable figures, including:

  • Dr. Kadri Obafemi Hamzat, Deputy Governor of Lagos State

  • Engr. (Mrs.) Ibilola Kasunmu, Permanent Secretary, Ministry of Innovation, Science and Technology

  • Prof. Folashade Ogunsola, Vice Chancellor, University of Lagos Yaba

  • Prof. Peter Bamkole, Chief Operating Officer, Pan Atlantic University, Lekki Epe Expressway

  • Prof. Benjamin Aribisala, Director, Centre of Excellence for Sargassum Research and Lecturer, Lagos State University, Ojo

    Prof Olumuyiwa Odusanya

    Vice Chancellor Lagos State University of Science & TechnologyMrs. Nkemdilim Begho, CEO, Future Soft Resource Ltd

  • Mr. Kola Aina, Founding Partner, Venture Platform

  • Mrs. Oreoluwa Somolu Lesi, Founder, Women Tech Empowerment Centre

  • Mr. Sulaimon Abubakar, CEO, Sterling Bank

  • Mr. Victor Afolabi, Founder, Eko Innovation Centre

  • Mr. Tomi Davies, Collaborator In Chief, TVC Lab