After years of working in investment banking, Feyisayo Alayande found herself craving a more impactful role, one that goes beyond making the rich richer. Now, as Executive Secretary of the Lagos State Employment Trust Fund, she uses the same sharp tools of corporate finance to create jobs, support entrepreneurs, and rebuild confidence for the average Lagosian, Vanessa Obioha writes
Feyisayo Alayande’s modus operandi has always been to help people. She’s the kind of friend who, when you go out for dinner, quietly picks up the tab or makes sure no one feels the weight of the bill. When it comes to organising or solving problems, she moves with the ease of someone who’s done it a thousand times. That instinct has its roots in her upbringing. She grew up seeing her parents, who both worked in the finance sector, always lending a hand, offering support, and opening doors to people. Surrounded by such acts of generosity, it was only natural for Alayande to follow suit.
But that was not the only thing she inherited from them. Like her parents, she also toed the finance path, studying Business Economics at the University of Reading in the UK, followed by a Master’s in Management at Imperial College London.
She began her career as an investment banker, working with institutions such as the Royal Bank of Scotland (RBS) in the UK and FBNQuest, the investment arm of First Bank Nigeria Plc. But somewhere along the way, Alayande began to crave more than what she described as “making rich people richer.”
“I actually want to be able to take those skills and make a difference to my society at large,” she said during a recent encounter in her office. Alayande identifies as a development finance expert whose core focus is using corporate finance tools to solve everyday problems, with an impact that extends beyond business into society at large.
“It’s beyond just their business,” she explained. “It affects residents in Lagos. It affects people in Nigeria. It affects people globally because it’s what is helping to build the economy, helping to help individuals and residents in a particular economy. Development work is work that helps us as a nation and a community. The finance aspect is about using core corporate finance skills to create that level of development.”
With this purpose in mind, Alayande began researching institutions such as the World Bank and the African Development Bank (AfDB). She later joined inclusive finance bank Letshego, where she held various roles, including Country Project Manager and Head of Products, Digital and Marketing.
When the opportunity came to work with the Lagos State Government in a role that aligned with her passion, she didn’t hesitate. In January 2024, Alayande was appointed acting Executive Secretary of the Lagos State Employment Trust Fund (LSETF) and confirmed in December of the same year.
The LSETF was established to provide financial support to residents of Lagos State, to tackle unemployment through job and wealth creation. It is a task that Alayande and her ‘A team’ are taking seriously, focusing on the two broad demographics of the agency: job seekers and entrepreneurs.
For instance, in the one and a half years since she assumed office, the agency trained about 20,000 residents in Lagos last year, placing 60 per cent in jobs.
“We’re looking to increase that number this year,” she added.
On the entrepreneurial side, the agency has supported the creation of 250,000 jobs.
“We give access to finance as one of our interventions. We give loans from N50,000 to N5 million. Interest is about nine per cent per annum, which is about 0.75 per cent monthly. It’s probably the only single-digit loan you can find out there. That’s because Governor Sanwo-Olu has insisted that we do not go beyond single digits. And thankfully, we actually had a good collection rate.”
Last year, the agency recorded a 90% repayment rate, which rose to 92% in Q1 2025. Thanks in large part to technology.
“We leveraged tech to help us with upfront assessments,” she explained.
Partnerships with credit bureau agencies have also been key to verifying applicants and conducting KYC. LSETF now has liaison offices in 28 LCDAs across the state to ensure businesses exist and residents can easily access support.
“There’s been a marked improvement in our processes over time. The automation and tech help us make more accurate assessments.”
But Alayande is clear that finance alone is not enough. Many entrepreneurs, she said, are also seeking guidance on how to run a business.
“It’s not only access to finance that is an issue for entrepreneurs. There’s also, how do I structure my business? What does that look like? How do I register my business? How do I get access to the market? How do I get digital literacy skills such as financial planning, insurance, investments, all of those other things beyond finance and loans? It has been the value-add that we’ve been able to put on the table on our business support program and that’s been a very successful one.”
Next on the agenda for her is an Export Readiness Program, supported by partners like AfDB and AfreximBank.
“The whole idea is to help beneficiaries who have successfully paid off their loans get access to markets in maybe three or four trade fairs. There’s no reason why their products cannot be ready, quality-wise and presentation-wise, to an international market, or Pan African market. That’s the kind of role that we’re playing to get our beneficiaries beyond Lagos.”
Certain criteria must be met before applicants can access the loan such as providing their details and bank statements. But the most critical is that they must be a resident of Lagos. The agency has therefore partnered with the Lagos State Residents Registration Agency (LASRRA) to help identify residents of Lagos. Equally important is the tax ID.
“We don’t necessarily have control over what you’re paying in taxes. We just need to confirm that you’re a registered taxpayer.”
Alayande’s role also involves building partnerships to help the agency expand its reach.
“The government obviously cannot do it alone but one thing we find that’s consistent across bodies is that Lagosians are resilient. They want to work. They want to make a difference. That’s what has helped our journey so far, in terms of the demand for our solutions. The demand for our programs is extremely high, and we have limited resources, so we’re constantly having to manage the small money we have. How do we make sure it goes far and helps people in Lagos who want to work? We’re thankful we have a good brand. We have a support network of well-meaning Lagosians who give their time for free, and they actually partner with us to give free master classes and free advisory sessions. That helps you understand that Lagosians are helpful. They’re willing to help, and that marries the gap we’re trying to fill, because if you find people that are willing to help and people that want to work, we will be able to get things going.”
Partners include the United Nations Development Programme (UNDP), the German development agency GIZ, and King’s Trust International (KTI).
Alayande strongly believes that the unemployed in the state need urgent attention. And her message is very simple:
“No one should suffer in silence. Speak up, ask for help. Reach out to any of the Lagos state agencies. There are so many options out there for support. And once you can upskill, re-skill, or get access to the right support, then you can either get access to a job, start or scale your business.”
The experience so far for Alayande has been mixed. On one hand, it gives her immense purpose.
“Being able to get up every day and see that the decisions you’re making are actually helping people’s lives, transforming lives, and making a difference is genuinely rewarding.”
But as it has been fulfilling, it has been challenging. She shared that she works three times as hard as when she was in the private sector. Yet, she is grateful for the opportunity.
“I’m thankful that I get to work in purpose.”
Despite her busy schedule, Alayande still has time to unwind. She calls herself a plant mum – evidenced by the plant decor in her office – and a foodie. “I love to eat. I love to explore new cuisines. So I’m constantly trying out new food and restaurants.”
Nothing, however, compares to her family, particularly her two children.
“They are my pride and joy,” she said with a smile.
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