A/Ibom Assembly amends investment corporation law 2012

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 sequel to the reports presented before the House at plenary on Tuesday by Mr KufreAbasi Edidem, (PDP-Itu), and Chairman, House Committee on Industry, Commerce and Tourism.

Edidem in his report said the amendment of the 2012 AKICORP Law would 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 the present and future corporate demands.

“It will entrench the governance structure of Ibom Airlines Limited to safeguard the investment against undue political interference and instill 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, (PDP -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 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 the state and for other matters connected therewith, sponsored by Mr David Lawrence, (PDP-Eket), was read the first time and committed to a Joint Committee on Lands, Housing, Boundary and Local Government for further legislative actions.

Similarly 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.