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Lagos Deputy Governor Obafemi Hamzat says private sector investment is critical to economic growth and financial services development.
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Lagos State is open to partnering with Canary Point Holding on mortgage financing and real estate to improve access to affordable housing.
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Canary Point Holding says its businesses span foreign exchange, lending, digital payments and banking, with Nairagram facilitating payments across 37 African countries.
October 29, (THEWILL) – Lagos State Deputy Governor, Dr Obafemi Hamzat, has called for stronger private sector investment and government collaboration to stimulate economic growth, expand financing opportunities and improve access to affordable housing.
Hamzat spoke on Tuesday at the inauguration of Canary Point Holding Limited’s new headquarters in Lagos, where he highlighted the role of indigenous businesses in creating economic opportunities and strengthening the financial services sector.
He said collaboration between government and private institutions could produce practical financing solutions that would make homeownership more accessible, particularly for low- and middle-income earners.
Hamzat also said the Lagos State Government was willing to explore partnerships with Canary Point Holding in mortgage financing and real estate to help residents access affordable housing.
He commended the group’s expansion across several business segments, describing its growth as an example of how entrepreneurial initiatives and strategic investments could contribute to the economy.
Hamzat urges investment in technology
The deputy governor urged the company to deepen its investments in technology and cybersecurity, citing the growing importance of innovation, digital resilience and the protection of financial transactions to the competitiveness of financial institutions.
He also challenged Canary Point Holding to encourage healthy competition among its subsidiaries, improve operational efficiency and strengthen service delivery.
According to him, sustained growth would depend not only on expanding the group’s businesses but also on developing solutions that respond to changing customer needs.
Hamzat is the All Progressives Congress governorship candidate for Lagos State in the 2027 election.
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Canary Point outlines expansion across financial services
The Group Managing Director of Canary Point Holding, Idris Ibrahim, said the company’s development had been shaped by efforts to understand the needs behind financial transactions and build services around them.
He cited his experience at Sebastian Bureau de Change, where customers’ foreign exchange transactions often supported wider economic activities, including payments to overseas suppliers, school fees and remittances to family members.
Those experiences, he said, helped inform the establishment of Swift & Allied Partners Limited in 2014 to provide lending services.
The group subsequently established Nairagram in 2016 to build an African-owned payments network with international reach.
According to Ibrahim, Nairagram currently facilitates payments across 37 African countries and operates with licences in Nigeria, the United States, the United Kingdom and Canada.
In 2018, the group acquired Assets Microfinance Bank and began transforming it into a digitally enabled bank, further extending its presence in financial services.
At the inauguration, Senator Tokunbo Abiru, Chairman of the Senate Committee on Banking, was represented by Senator Abass Iya of Adamawa State.
Abiru commended Canary Point Holding for its contributions to the financial services and technology sectors.
The event also highlighted the potential for collaboration between financial institutions and government in expanding access to mortgage financing and other services.
However, no specific partnership agreement, funding commitment, or implementation timeline for the proposed housing collaboration was announced in the information provided.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
