Economy
Hon Orekoya Appreciates Somolu Residents After Winning Fresh Mandate
Hon Orekoya Somolu reelection mandate sees Lagos lawmaker thank residents after victory, promising improved service delivery and development
The lawmaker representing Somolu Constituency 01 in the Lagos State House of Assembly, Hon. Abiodun Orekoya, has expressed appreciation to residents following his reelection, describing the outcome as a renewed mandate built on trust and public confidence.
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Hon. Orekoya secured victory at the All Progressives Congress primary election, where he emerged as the party’s candidate for another term ahead of the next legislative cycle.
Hon Orekoya Somolu reelection mandate, according to the legislator, reflects the collective will of constituents who have continued to support his leadership and legislative efforts within the constituency.
In a statement released shortly after the primaries, he thanked residents, party members and stakeholders for their support, pledging not to take their confidence for granted.
“I am sincerely grateful to the good people of Somolu for once again reposing their confidence in me,” Orekoya said. “This victory belongs to every resident who believes in our shared vision for progress.”
He also commended party leaders, youth groups, women associations and grassroots mobilisers for their contributions, noting that their engagement played a significant role in the outcome of the exercise.
The lawmaker pledged to intensify efforts in key areas including infrastructure development, education, youth empowerment and social welfare, stressing that his next term would focus on more inclusive governance.
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Orekoya further called for unity among residents, stating that sustained cooperation between constituents and elected representatives would accelerate development across Somolu.
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Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa, has declared that no economy can attain enduring prosperity without strong institutions and strategic collaboration between government and private capital.
Delivering a keynote on the theme “Legislative Leadership and the Role of Global Private Capital in Modern Economic Growth,” at the HOC Capital Club in Lekki on Saturday, May 16, Obasa told investors, policymakers, and diplomats that global private capital thrives only where laws are clear, governance is accountable, and policies are consistent.
He emphasized that legislative leadership is central to building such an environment, noting that the Assembly’s constitutional mandate — particularly its control over public funds and oversight powers — is designed to safeguard transparency and strengthen investor trust.
“All the money that comes into the treasury must be legislated upon by the House for transparency. The power of the purse is the most effective weapon for the people’s representatives to control government spending,” he said.
Speaker Obasa stressed further that credible institutions, rule of law, and regulatory predictability are essential to attracting quality investments. However, he noted that while attracting capital is vital, growth must deliver tangible social benefits including job creation, poverty reduction, and improved public services.
He went on to spotlight landmark laws under his stewardship that have reshaped the state’s investment climate, including the Public Procurement Law (2021), Public-Private Partnership Law (2011/2015), and the Electric Power Sector Reform Law (2024). He also pointed to property protection frameworks and the ₦4.44 trillion “Budget of Shared Prosperity” for 2026 — which allocates over 52% to capital expenditure — as deliberate pointers to Lagos’ readiness for global capital inflows.
He further highlighted initiatives such as the Sovereign Wealth Fund, harmonization of taxes, and the proposed Railways Corporation Bill (2025) as evidence of Lagos’ legislative foresight and long-term economic vision.
Speaker Obasa concluded by stressing that the future of growth will depend on the quality of leadership in public institutions and the confidence inspired in the global investment community.
“Together, we can unlock the full potential of Lagos, strengthen Africa’s economic future, and establish a new benchmark for economic and diplomatic engagement on the global stage,” he declared, leaving investors with a clear message: Lagos is ready to lead, and the world is invited to invest in its promise.
The HOC Capital Club in Lekki is an exclusive private capital and global advocacy network, designed for ultra-high-net-worth individuals (UHNWIs) with verified second citizenships and a minimum net worth of $2 million. It serves as a hub where wealth, influence, and policy intersect, connecting investors, policymakers, and global citizens across continents.
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