Professionalism ‐ We recognise that only a disciplined adherence to quality standards and due processes can deliver standards and due processes can deliver world class services.
The Akwa Ibom Investment Corporation (AKICORP) was established by a law of the Akwa Ibom State House of Assembly in 2012. This strategic move aimed to create a specialized entity focused on promoting investments, entrepreneurship, and rapid industrial development in Akwa Ibom State. Building on the foundation laid by its predecessor, the Akwa Ibom Investment and Industrial Promotion Council (AKIIPOC), AKICORP was designed to be a more efficient, focused, and effective instrument for driving economic progress. The restructuring and transformation of AKIIPOC into AKICORP marked a significant milestone in the state's efforts to enhance its investment landscape and create an enabling environment for businesses to thrive. With the establishment of AKICORP, AKIIPOC ceased to exist, paving the way for a new era of investment promotion, entrepreneurship, and industrial development in Akwa Ibom State. As a Special Purpose Vehicle, AKICORP is poised to play a pivotal role in attracting investments, supporting innovation, and driving economic growth, ultimately contributing to the prosperity and well-being of the people of Akwa Ibom State.
Vision Statement: To promote sustainable industrial transformation of Akwa Ibom State through entrepreneurship development.
Mission Statement: To offer professional and advisory services to stakeholders for the purpose of facilitating entrepreneurship and industrialization as a catalyst for the transformation of Akwa Ibom State into an industrial society.
The Corporation subscribes to the following core values, tagged PIRI:
Professionalism ‐ We recognise that only a disciplined adherence to quality standards and due processes can deliver standards and due processes can deliver world class services.
Innovation ‐ Because we offer creative solutions to today's problems, none of our clients is left behind in their quest for our services.
Responsiveness ‐ Our reflexes are allured to meeting client's needs on real time basis.
Integrity ‐ We believe that transparency and truthfulness are the soul of the business.
The statutory functions of the corporation include the following:
1. To coordinate and monitor all investment promotion activities in the State.
2. To determine and advise on policies that will best promote the accelerated industrialization and multi-sectorial investment to diversify the economy and enhance the State productive capacity.
3. To provide information and data about investment opportunities and sources of capital investment in the State and advise on joint venture projects development.
4. To carry on the business of an investment trust and holding company and control all the investment and securities of the State Government in various companies, Parastatals and other bodies.
5. To articulate and supervise the reactivation of industries and business concern in which Government has interest or shares.
6. To liaise with other States, Federal and International organizations such as Bureau for Public Enterprises, Nigerian Investment Promotion Commission, Small and Medium Enterprises Development Agency of Nigeria, Nigerian Export Promotion Commission, Bank of Industry, Nigerian Export-Import Bank, United Nations Industrial Development Organisation to enhance economic development in the State.
7. To liaise with the State Ministries, Departments and Agencies initiating investment projects to allow for smooth take-over of such investment at the financial close.
8. To undertake the preparation of State-owned enterprises for the capital market through initial public offer or private placement or venture capital as part of government’s exit strategy.
The Board and Management of the Corporation subscribe to the Principles of Good Corporate Governance required to promote high standards, accountability, probity and due process in the way the Corporation is run. It has become necessary for the Corporation to lead the way in governance in the light of the crucial role it is playing in nurturing industrial culture and leadership in the State.
The Code of Corporate Governance Practices by Akwa Ibom Investment Corporation cover the following:
1. Quality of Board Membership, Qualification for Board membership and composition of Board Committees.
2. Board Performance Appraisal.
3. Quality Management.
4. Reporting Relationship.
5. Corporate Transparency, Due Process and Disclosure Requirements.
