Parallex Bank Limited has unveiled a new N4 billion financial support programme aimed at boosting the capacity of all 20 Local Government Areas and 37 Local Council Development Areas in Lagos State.
The announcement was made during a retreat organised for newly elected local government chairmen in Lagos.
The Managing Director and Chief Executive Officer of Parallex Bank, Dr. Olufemi Bakre, who was represented by the bank’s Chief Digital Officer and Head of Retail and SME Banking, Mr. Frank Alarapon, explained that the initiative reflects the bank’s continued commitment to grassroots governance and local economic growth.
Alarapon stated that the programme is designed to empower local authorities with the necessary financial resources to deliver improved services, stimulate business opportunities, and enhance community development across Lagos State.
According to him, “Local governments are the closest tier of governance to the people, and their success directly impacts the well-being of millions of Lagos residents. 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 revealed that a global facility limit of N4 billion has been set aside for this programme with flexible terms and a 30-day clean-up cycle. This, he said, will ensure financial discipline and sustainability across the supported councils.
The support package will also extend to employees, contractors, and suppliers of LGAs and LCDAs, thereby ensuring liquidity and financial flexibility across the entire local government value chain.
Alarapon further described the initiative as more than a lending programme, stressing that it is a partnership to promote fiscal responsibility, infrastructural growth, and improved delivery of essential services.
He said, “Our goal is to see Lagos State’s local governments succeed in their mandates. 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.”
He concluded that the programme aligns with Parallex Bank’s broader mission to redefine relationship banking, support sustainable development, and contribute to Nigeria’s socio-economic transformation.