President Bola Ahmed Tinubu has approved the establishment of the South-East Investment Company (SEIC), a strategic investment initiative under the newly constituted South East Development Commission (SEDC).
The announcement was made in a special circular released by the Presidency on Friday via X (formerly Twitter). According to the statement, the SEIC is designed to mobilise private capital, enhance regional competitiveness, and accelerate industrial development across the South-East.
“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-East,” the circular read in part.
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 financing and executing transformative economic projects in the region.
According to the Presidency, the creation of SEIC is in line with Tinubu’s Renewed Hope Agenda and reflects the administration’s broader commitment to equitable national development and regional economic inclusion.
Unlike traditional government-backed initiatives, the SEIC will not depend on federal budgetary allocations. Instead, it will be run as a professionally governed, private sector-led entity. While this model aims to ensure sustainability and efficiency, some critics have raised concerns that it could mirror the shortcomings of past government-linked ventures disguised as private partnerships.
President Tinubu personally handed over the SEIC’s Certificate of Incorporation to the South East Development Commission during a brief ceremony at the State House. Present at the event were the Minister of Regional Development, Engr. Abubakar Momoh, the SEDC Managing Director/CEO, Mr. Mark Okoye, and other senior government officials.
“The SEIC is envisioned as a professionally governed, private-sector-led investment company operating independently of annual government budgets,” the statement added.
The Presidency further noted that SEIC draws strategic inspiration from the legacy of the Eastern Nigeria Development Corporation (ENDC), which, under the leadership of Dr. Michael Okpara, played a pivotal role in the industrial transformation of the old Eastern Region.
“Establishing SEIC marks a return to long-term economic planning rooted in regional advantage, innovation, and private sector collaboration,” the circular concluded.
