President Bola Tinubu has sanctioned the creation of the South-East Investment Company (SEIC), an ambitious initiative under the South East Development Commission (SEDC) designed to unlock economic potential and speed up industrialization in the region.
This decision comes after the SEDC submitted its 100-day performance report and a formal proposal to establish a subsidiary focused on mobilizing private capital and driving transformative development projects throughout the South-East.
In a statement released on Friday, the presidency announced that the establishment of SEIC is in harmony with the Renewed Hope Agenda and demonstrates the administration's strong commitment to fair growth and inclusive regional development.
The SEIC is designed to function as an independently managed investment company, driven by the private sector and separate from yearly government budgets. It takes strategic inspiration from the Eastern Nigeria Development Corporation (ENDC), which was led by Dr. Michael Okpara and played a significant role in industrial transformation in the former Eastern Region.
"Creating SEIC signifies a return to long-term economic planning based on regional strengths, innovation, and collaboration with the private sector," it stated.
According to the approved framework, SEIC will initially operate as a wholly owned subsidiary of SEDC. The plan is for it to eventually transform into a Public-Private Partnership (PPP), integrating efforts from the SEDC, South-East state governments, private investors, diaspora stakeholders, and development finance institutions.
The company will manage separate investment portfolios focused on infrastructure assets, entrepreneurship development, global reserve holdings, and specialized initiatives in skills and education.
"SEIC anticipates a combined capital base exceeding N150 billion, which will be raised through hybrid bonds, equity investments, and callable capital arrangements. Initial pilot investments and organized fundraising efforts are slated to start in Q4 2025. These activities will be underpinned by robust governance practices involving independent fund managers, custodians, and auditors," the statement concluded.
In a short ceremony at the State House, President Tinubu officially handed over the Certificate of Incorporation for the SEIC to the South East Development Commission.
In attendance at the ceremony were Engr. Abubakar Momoh, the Minister of Regional Development; Mr. Mark Okoye, Managing Director and CEO of SEDC; along with members of the Commission’s Executive Management Team.
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