Tinubu approves establishment of new company in S’east

President Bola Tinubu has approved the establishment of the South-East Investment Company (SEIC), a subsidiary of the South East Development Commission (SEDC), with a projected capital base of over N150 billion.

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 issued by 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 aims to drive industrialization and economic growth in Nigeria’s South-East region by mobilizing private capital and promoting inclusive development.

SEIC will operate independently of annual government budgets, with a professionally governed board ensuring strong governance.

The company will start as a wholly-owned SEDC subsidiary and transition into a public-private partnership, incorporating investments from, South-East state governments, Private sector players, Development finance institutions and Diaspora stakeholders.

Meanwhile, SEIC will focus on Infrastructure assets, Entrepreneurship development, Global reserve holdings and Special interventions in skills and education.

SEIC will mobilize resources through, Hybrid bonds, Equity participation and callable capital structures.

Pilot investments and fundraising activities are expected to commence in Q4 2025, supported by strong governance systems.

The initiative draws inspiration from the Eastern Nigeria Development Corporation (ENDC), which drove industrial progress in the region decades ago.

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