By Chizoba Njaka
The Anambra State Government has issued further clarification on the operations, leadership and funding structure of the Anambra Development and Investment Corporation (ADIC), following growing public interest and questions about the corporation.
In a Public Service Announcement issued on July 5, by the Ministry of Information and Value Reformation, the government stated that the appointment of Mr. Nwabunwanne Okonkwo as the Managing Director and Chief Executive Officer of ADIC followed due process and fully complied with the law establishing the corporation.
The government explained that ADIC is governed by its own constitutional documents and does not fall under the direct oversight of the Anambra State House of Assembly. It emphasized that the corporation is not a ministry, department or agency of government, but a state-promoted investment and development corporation designed to partner with the private sector.
According to the statement signed by the commissioner, ADIC’s primary objective is to attract investors, mobilise capital and invest in projects capable of creating jobs and generating economic value for the people of Anambra State adding that the corporation would operate with private-sector efficiency while maintaining strong corporate governance standards.
The government also addressed concerns surrounding ADIC’s announced N200 billion capital base, explaining that the figure represents the corporation’s authorised capital base rather than funds already provided by the state government.
It noted that the capital is intended to be raised over time from private investors, financial institutions and development partners, with the majority of the funding expected to come from the private sector as stipulated by law.
On governance, the statement disclosed that ADIC currently has a preliminary board overseeing its takeoff, while a full board of directors will be constituted after the first phase of capital raising. It added that both the state government and private investors would participate in board appointments in line with global best practices.
The commissioner reiterated the Anambra State Government’s unwavering commitment to upholding transparency and accountability, as well as strengthening institutions that will drive sustainable prosperity throughout the state.
Chizoba Njaka is of the Ministry of Information and Value Reformation, Anambra State
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