The All Progressives Congress (APC) alleged cronyism is posing serious obstacles to the state’s ambitions to become a worldwide financial centre, according to Gbadebo Rhodes-Vivour, the Labour Party’s candidate for governor of Lagos State in the general election of 2023.

In a statement released on Monday, the Labour Party candidate attacked Governor Sanwolu for his attempts to draw investors to London, calling them “underwhelming, dishonest, and incoherent.”

He said that the state government’s contradictory policies were demonstrated by the destruction of a $10 million tech investment that was supposed to revolutionise bike-hailing services in Lagos.

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He declared, “Young Nigerians who are determined to make a global impact are the main force behind the success of the tech ecosystem because they possess talent, perseverance, and a relentless spirit.” Therefore, it should come as no surprise that nearly 80% of Nigerian firms have official US incorporation status.

Rhodes-Vivour underlined the conflict between the policies put in place at home and the governor’s goal of making Lagos a major financial centre.

He claimed that the APC government has implemented policies that have impeded the city’s ability to thrive over the previous 23 years.

Speaking on corruption, Rhodes-Vivour asserted that favouritism and corruption have tainted the state’s investments in vital infrastructure, such as homes, roads, bridges, and rivers.

“His administration and party have pursued policies that hinder the city’s potential over the past 23 years,” he said. Lagos needs top-notch infrastructure, competitive tax rates, an independent judiciary, and a wide pool of top talent to compete with global financial hubs like London, Hong Kong, Zurich, or New York—all of which Sanwolu and his party have vulgarised.

“The state has made pitiful and corrupted investments in vital infrastructure, including houses, bridges, roads, and rivers. We are having trouble finishing important projects and powering lighting because contracts are overpriced, handed to friends, and the majority of the money is taken.

The candidate for the Labour Party emphasised the value of an independent court while highlighting the state government’s opposition to the judiciary’s financial independence.

He maintained that prudent investors would be wary of funding an economy that lacked judicial independence.

“The Lagos state government’s contempt for the judiciary’s independence was so great that the state was the most outspoken opponent of the judiciary’s financial autonomy,” he continued.

Isn’t it disgraceful that a state that considers itself to be the hub of Nigeria’s economy opposes judicial independence? In any economy without an independent judiciary, prudent investors will not place their money.”

In the next 20 years, Lagos “may rival other major global financial hubs, but if led by administrators who lack the vision, competence, and character required to see it through, it will remain a show of itself,” according to Rhodes-Vivour.