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TINUBU CREATES, APPROVES N150BN TAKE-OFF CAPITAL FOR SOUTH-EAST INVESTMENT COMPANY
President Bola Tinubu has approved the establishment of the South-East Investment Company (SEIC), with an initial take off capital of N150 billion to drive private capital, accelerate industrialisation and enhance competitiveness in the Region.
The establishment of the investment vehicle followed the success of the operation of the South East Development Commission (SEDC), established by Bola Ahmed Tinubu’s Administration.
Presidency, in a statement, said the Federal Government-backed investment vehicle, would be expected to accelerate the Region’s ongoing industrialisation plans, as well as unlock private sector led growth across Nigeria’s South-East Region.
BusinessDay gathered that the company would function as a professionally-governed, private-sector-led institution, operating independently of annual federal budget cycles.
The company, which is wholly owned by the SEDC, is expected to transition into a public-private partnership (PPP), incorporating investments from south-east state governments, private sector players, development finance institutions, and the diaspora.
“The SEIC will also oversee a range of targeted investment portfolios, including infrastructure, entrepreneurship, education, and other strategic interventions”, the statement noted.
BusinessDay also gathered that the President Bola Tinubu’s decision followed the submission of the SEDC’s 100-day performance report and a formal request to create a subsidiary, focusing exclusively on attracting long-term finance and driving transformative economic projects in the region.
“The SEIC is envisioned as a professionally governed, private-sector-led investment company operating independently of annual government budgets. It draws strategic inspiration from the legacy of the Eastern Nigeria Development Corporation (ENDC), which, under the leadership of Dr. Michael Okpara, once spearheaded industrial transformation in the old Eastern Region.
“Establishing SEIC marks a return to long-term economic planning rooted in regional advantage, innovation, and private sector collaboration”, the statement added.
