i.) Develop Policies to engender Good Corporate Governance for the Corporation.
Corporate Structure and Management Profile
The Board
The Board of the Corporation is to be constituted by His Excellency, the Governor. The would consist the following:
(a) A non-Executive Chairman
(b) The Managing Director
(c) Two Executive Directors representing the Senatorial Districts of the State other than that of the Managing Director
(d) Two non-Executive Directors from OPS in the State
(e) Ex-Officio members as follows:
- Commissioner for Finance or representative
- Commissioner for Trade and Investment or representative
- Attorney-General and Commissioner for Justice or representative
- Commissioner for Lands or representative
- Commissioner for Economic Development or representative
Functions of the Board
ii.) Investment Policy Formulation
iii.) Articulate Government Industrialization Policy and develop strategies to guide the orderly implementation of industrial policy by the MD/CEO and his Management team.
Functions of the Non-Executive Chairman
- i.) Heading and giving the Board a direction.
- ii.) Chairman of quarterly Board Meetings.
- iii.) Focus on strategic Investment Policy matters.
- iv.) Foster Effectiveness of the Board to engagement of Directors.
- v.) Representation on some Boards of State-owned Enterprises.
Committees
The Board has four standing committees as follows:
1. Finance and General Purposes Committee (FGPC) in charge of finance, budget, tendering and internal controls issues.
2. Board Investment Committee in charge of Investment appraisal, benchmark and monitoring.
3. Management Staff Committee (MSC) in charge of human resources policies, processes and procedures, including staff appointment, promotion, performance evaluation, discipline, training and development.
4. Policy and Strategy Committee serves as the think-tank for the Board on industrialization policy and implementation strategy.
Directorates, Departments and Units
Office of the Managing Director/CEO
The MD/CEO is the Chief Executive Officer and Accounting Officer of the Corporation, managing relations with the Government, Ministries, Departments and Agencies (MDAs); Investment Promotion Agencies at National and International levels; external public, the Board, multilateral agencies and the Organized Private Sector (OPS). He supervises the work of the Executive Directors and Management.
Office of the Executive Director (Other Investments)
The Executive Director (Other Investments) assists the Executive Chairman in the coordination of investment promotion and projects appraisal, project implementation and supervision and entrepreneurship and business development.
Office of the Executive Director (Agricultural Investments)
The Executive Director (Agricultural Investments) assists the MD/CEO in coordination of Agricultural Investments including Agricultural Investment Appraisal and agricultural project monitoring and evaluation.
Entrepreneurship and Business Development Department
The Department administers the Akwa Ibom State/Bank of Industry SMEs Development Fund, providing business and management advisory services to Entrepreneurs and advising on accessing funding opportunities from various financial services agencies.
Projects Implementation and Monitoring
The Project Monitoring and implementation Department is involved in the nurturing of investment projects to maturity; investment monitoring and surveillance; and portfolio management.
Investment Promotion and Appraisal Department
This Department oversees new projects formulation and development; vetting of feasibility studies and business plans; investment promotion activities and due diligence on new investment and investors.
Finance and Accounts Department
The Department is in charge of budget preparation and implementation; treasury management and financial reporting.
Human Resources and General Administration Department
This Department is in charge of employment policy and procedures; manpower planning; recruitment; salaries and wages administration; training and development as well as transport and logistics, property, maintenance, security and general office administration.
Planning, Research & Statistics Department
The Department is responsible for industry/entrepreneurship studies and surveys; library services; bench-marking exercise, budget review and appraisal and servicing the Tenders Board of the Corporation. The Department also maintains relations with the State Ministry of Economic Development and the National Planning Commission on development planning issues.
Corporate and Legal Services Unit
This Unit serves as the Board Secretariat, providing legal services and representation and custody of Corporate Records/common seal.
Internal Audit Unit
This Unit, which reports to the MD/CEO and the Board, is responsible for periodic audit of processes and financials; internal control monitoring and relations with the External Auditors.
Media and Public Relations Unit
This unit handles publicity and media relations, press briefing, event management and corporate publications.
