President Tinubu approves South-East Investment Company with N150 billion capital base
President Bola Ahmed Tinubu has approved the creation of the South-East Investment Company (SEIC), a federal-backed initiative with a projected capital base of N150 billion. The company is designed to drive industrialization and stimulate private sector growth in Nigeria’s South-East region.
The development was announced on Friday through an official statement shared via the Presidency’s social media platforms.
”President Bola Ahmed Tinubu, GCFR, has granted executive approval for the establishment of the South-East
Investment Company (SEIC), a dedicated investment vehicle under the South East Development Commission (SEDC) designed to mobilise private capital, unlock regional competitiveness, and fast-track industrialisation in the South. The President’s decision follows the submission of the SEDC’s 100-day performance report and a formal request to create a subsidiary focused exclusively on attracting long-term finance and driving transformative economic projects in the region. The creation of SEIC aligns with the Renewed Hope Agenda and reflects the administration’s commitment to equitable development and regional economic inclusion.
”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 SElC marks a return to long-term economic planning rooted in regional advantage, innovation, and private sector collaboration. At a brief ceremony at the State House, President Tinubu presented the Certificate of Incorporation of the SEIC to the South East Development Commission. In attendance were the Honourable Minister of Regional Development, Engr. Abubakar Momoh, the Managing Director/CEO of the SEDC, Mr. Mark Okoye, and members of the Commission’s Executive Management Team.
