Tinubu approves establishment of new company in South-East with N150bn projected capital base

President Bola Tinubu has approved the establishment of the South-East Investment Company (SEIC), a bold new initiative under the South East Development Commission (SEDC), aimed at unlocking the region’s economic potential and accelerating industrialisation.

The move follows the SEDC’s submission of its 100-day performance report and a formal proposal to set up a subsidiary dedicated to mobilising private capital and advancing transformative development projects across the South-East.

According to a statement from the presidency on Friday, the creation of the SEIC aligns with the Renewed Hope Agenda and signals a firm commitment by the administration to equitable growth and inclusive regional development.

“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,” it said.

Under the approved framework, SEIC will launch as a wholly owned subsidiary of the SEDC, with plans to evolve into a Public-Private Partnership (PPP) that brings together the SEDC, South-East state governments, private investors, diaspora stakeholders, and development finance institutions.

“The company will operate through distinct investment portfolios, targeting infrastructure assets, entrepreneurship development, global reserve holdings, and special interventions in skills and education.

“With a projected blended capital base of over N150 billion, SEIC will mobilise resources through hybrid bonds, equity participation, and callable capital structures. Pilot investments and structured fundraising activities are expected to commence in Q4 2025, supported by strong governance systems including independent fund managers, custodians, and auditors,” it added.

During a brief ceremony at the State House, President Tinubu formally presented the Certificate of Incorporation for the SEIC to the South East Development Commission.

Present at the ceremony were the 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.