The Anambra State Government has made further clarifications on the Anambra Development and Investment Corporation (ADIC), following public interest and questions.
Making the clarifications in a public service announcement, the State Commissioner for Information and Value Orientation, Dr Law Mefor noted:
- On the Appointment of the Managing Director
The appointment of Mr. Nwabunwanne Okonkwo as Managing Director/CEO of ADIC followed due process and is in full compliance with the law that established the Corporation. ADIC is governed by its own constitutional documents and is not under the direct purview of the State House of Assembly. - What ADIC Is
ADIC is not a ministry, department, or agency of government.
It is a state-promoted investment and development corporation set up to work with the private sector. Its goal is to attract investors, mobilise capital, and invest in projects that will create jobs and economic value for Anambra people. It will operate with private-sector efficiency and strong corporate governance. - On the N200 Billion Capital Base
The N200 billion is the authorised capital base of ADIC. It is not money already paid by the Anambra State Government.
It is the framework for ADIC to raise funds over time from private investors, institutions, and development partners. By law, the majority of this capital must come from the private sector. - On Governance and Oversight
ADIC has a preliminary board in place to oversee its takeoff.
A full Board of Directors will be constituted after the first phase of capital raising. Both the State Government and private investors will participate in board appointments in line with best global practices.
The Commissioner assured that the State Government remains committed to transparency, accountability, and building institutions that will deliver sustainable prosperity for our people.
For further information, please contact the undersigned or Managing Director, ADIC.
