Bank Unveils N4bn Financial Support For Lagos LGAs, LCDAs

Parallex Bank Limited has unveiled a N4 billion financial support scheme to strengthen the capacity of 20 local government areas (LGAs) and 37 local council development areas (LCDAs) in Lagos State.

At a retreat organised for newly elected LG chairmen in Lagos, the managing director/CEO of Parallex Bank, Dr. Olufemi Bakre, represented by the bank’s chief digital officer and head, Retail and SME Banking, Mr. Frank Alarapon, noted that the initiative underscores the bank’s commitment to strengthening grassroots governance.

He emphasised that it aligns with the Bank’s vision of empowering local authorities to deliver improved services, stimulate economic growth, and enhance community welfare.

Alarapon said a global facility limit of N4 billion has been earmarked for this programme, with flexible terms and a 30-day clean-up cycle to ensure financial discipline and sustainability.

According to Alarapon, 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 added that the bank’s offerings also extend to employees, contractors, and suppliers of the LGAs and LCDAs, ensuring that the entire local government value chain benefits from improved liquidity and financial flexibility.

He further emphasised that this initiative is more than a lending programme; it is a partnership aimed at promoting fiscal responsibility, driving infrastructural development, and enhancing the delivery of essential services.

“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,” Alarapon added.

He also said this commitment forms part of Parallex Bank’s broader mission to redefine relationship banking, support sustainable development, and contribute meaningfully to Nigeria’s socio-economic transformation.