Growth and Development Limited (GDL) has stress the need to substantially remodel the Nigerian financial services industry to provide support for growth of the middle class.
Kola Ayeye, managing director of GDL said this at official opening of the Mainland office. GDL is a nascent financial services group with interests in asset management, finance and stock broking.
“A situation where critical social infrastructure has collapsed, the middle class is almost totally emasculated, but banking sector profit is approaching N1 trillion is unacceptable”, he said.
A major strategic intent of GDL’s asset management business is to create unique private-sector led frameworks to pool capital from both private and public sector and innovatively deploy same to deliver good financial returns while simultaneously solving problems that have defied government solutions notably education, healthcare and housing.
The niche, which it has christened high-impact finance requires bringing the resources of both the public and private sector under private sector leadership to achieve both decent financial returns and compelling social dividends.
GDL Asset management is licensed by the Securities and Exchange Commission (SEC) to manage financial and non-financial assets through collective investment schemes and specialised vehicles.
GDL finance and leasing, a subsidiary, will focus transforming medium scale and eligible small scale enterprises to trans generational institution; fully persuaded that prosperity is perpetuated and sustained by creating trans generational wealth through strong institutions.
Ayeye, who voluntarily resigned his last position as an executive director at Asset Management Corporation of Nigeria (AMCON) said he felt compelled by the imperatives of middle class expansion and societal which are core to the GDL vision.