Anambra State Government boosts Development Corporation, approves capital base

By Ebuka Onyekwelu, Ph.D

The Government of Anambra State has approved a capital base of ₦200 billion for the Anambra State Development and Investment Corporation – ADIC. This approval was secured at the last State Executive Council meeting, as part of the necessary approvals to enable the Corporation to commence full operation. Earlier, an initial sum of ₦5 billion was appropriated by the State Government for ADIC, as its first tranche of equity subscription in the first phase of raising capital, as part of requisite processes. Overall, the Anambra State Government led by Professor Charles Chukwuma Soludo has affirmed interest in contributing not less than 30% of the Corporation’s capital base.

The ADIC was established by the Soludo-led Anambra State Government as an expansion of the former Anambra State Investment Promotion and Protection Agency – ANSIPPA, which was envisioned by the previous administration of Chief Willie Obiano, as a one-stop-shop for investors interested in Anambra State.

However, ADIC is established as a commercially viable State Investment Corporation that not only attracts investors and investments, but also warehouses investments within and outside Anambra State as a viable commercial entity. According to the pioneer Managing Director of ADIC, Mr. Nwabunwanne Okonkwo, in a statement on Monday, “ADIC has been established as a professionally managed and commercially driven institution, operating under sound corporate governance principles and investment discipline.” He also hinted that the Corporation would partner with willing development institutions, commercial banks, pension funds, sovereign investors, infrastructure funds, as well as other strategic partners.