A’Ibom assembly amends state investment corporation law

A’Ibom assembly amends state investment corporation law

Akpan Umoh, Uyo

The Akwa Ibom House of Assembly has ratified a Bill for a Law to amend the Akwa Ibom Investment Corporation (AKICORP) Law 2012.

This was a sequel to the reports presented before the House at plenary on Tuesday by Mr KufreAbasi Edidem – PDP member representing Itu state constituency and Chairman of the House Committee on Industry, Commerce and Tourism.

Edidem in his report said the amendment of the 2012 AKICORP Law will update the scope of the legal and institutional framework of the Corporation in line with global best practices.

“The amendment will strengthen the corporate governance structure of AKICORP to meet with present and future corporate demands.

“It will entrench the governance structure of Ibom Airlines Limited to safeguard the investment against undue political interference and instil confidence in investors to invest in the state,” he said.

The House also ratified the report of the House Committee on Appropriation and Finance on Akwa Ibom State Bonds, Notes and other Securities Bill 2022.

Mr Uduak Odudoh- a PDP member representing Ikot Abasi/Eastern Obolo and Chairman, House Committee on Appropriation and Finance presented the report at plenary.

After due deliberation and consideration of the Bills at the Committee of the Whole, the House subsequently passed the same into Law with April 4, 2023, as their commencement date.

Also at Plenary, a Bill for a Law to Provide for A Map for Akwa Ibom State and other Matters connected therewith, sponsored by Mr David Lawrence – PDP member representing Eket state constituency was read for the first time and committed to a Joint Committee on Lands for Housing, Boundary and Local Government for further legislative actions.

Also at plenary, A Bill for a Law to Establish Akwa Ibom State Rural Access Roads Agency (Establishment) and Funds 2022, was read the second time and committed to the Committee on Rural Development for further legislative actions.

Meanwhile, the House has adjourned plenary to reconvene on April 11.

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