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AKWA IBOM ASSEMBLY AMENDS INVESTMENT CORPORATION LAW 2012

The Akwa Ibom House of Assembly has approved a bill to amend the Akwa Ibom Investment Corporation (AKICORP) Law 2012. This decision came after presentations were made to the House during its plenary session by KufreAbasi Edidem (PDP-Itu), who serves as chairman of the House Committee on Industry, Commerce and Tourism. According to Mr. Edidem's report, the amendments to the 2012 AKICORP Law aim to modernize the legal and institutional framework of the corporation to align with international standards. He emphasized that the changes will enhance the corporate governance structure of AKICORP to meet current and future corporate needs. Additionally, the amendments seek to solidify the governance framework of Ibom Airlines Limited to protect investments from undue political influence and inspire confidence among potential investors in the state. Furthermore, the House ratified the report of the House Committee on Appropriation and Finance concerning the Akwa Ibom State Bonds, Notes, and Other Securities Bill 2022. Uduak Odudoh (PDP -Ikot Abasi/Eastern Obolo), who chairs the House Committee on Appropriation and Finance, presented this report during the plenary session. Following deliberation and consideration of the bills by the Committee of the Whole, the House passed them into law, stipulating April 4, 2023, as their effective date. During the same plenary session, a bill sponsored by David Lawrence (PDP-Eket) was introduced for the first reading. This bill seeks to establish a state map and address related matters. It has been referred to a joint committee on lands, housing, boundary, and local government for further legislative action. Likewise, another bill introduced for the second reading pertains to the establishment of the Akwa Ibom State Rural Access Roads Agency (Establishment) and Funds 2022. It has been referred to the Committee on Rural Development for further legislative action. The House has adjourned its plenary session and is scheduled to reconvene on April 11. (NAN)