The Presidency disclosed this in a special circular issued on Friday on X.

President Bola Ahmed Tinubu has approved the establishment of the South-East Investment Company (SEIC), an investment vehicle under the newly constituted South East Development Commission (SEDC).

The Presidency disclosed this in a special circular issued on Friday on X.

According to the circular, Tinubu’s approval is aimed at mobilising private capital, unlocking regional competitiveness, and fast-tracking industrialisation in the South-East.

The circular reads in part: “President Bola Ahmed Tinubu, GCFR, has granted executive approval for the establishment of the South-East Investment Company (SEIC), a dedicated investment vehicle under the South East Development Commission (SEDC) designed to mobilise private capital, unlock regional competitiveness, and fast-track industrialisation in the South-East.

“The President's decision follows the submission of the SEDC's 100-day performance report and a formal request to create a subsidiary focused exclusively on attracting long-term finance and driving transformative economic projects in the region.

“The creation of SEIC aligns with the Renewed Hope Agenda and reflects the administration's commitment to equitable development and regional economic inclusion.”

The SEIC, according to the Presidency, will not rely on annual government budgets but will be operated as a professionally governed, private sector-led entity —a model some critics fear may replicate the failures of previous government-run interventions, which have been masked as private-sector partnerships.

President Tinubu, at a brief ceremony held at the State House, personally presented the Certificate of Incorporation of SEIC to the South East Development Commission.

Those in attendance included the Minister of Regional Development, Engr. Abubakar Momoh, and the Managing Director/CEO of the SEDC, Mr. Mark Okoye, alongside other top officials.

“The SEIC is envisioned as a professionally governed, private-sector-led investment company operating independently of annual government budgets,” the statement said.

“It draws strategic inspiration from the legacy of the Eastern Nigeria Development Corporation (ENDC), which, under the leadership of Dr. Michael Okpara, once spearheaded industrial transformation in the old Eastern Region.

“Establishing SEIC marks a return to long-term economic planning rooted in regional advantage, innovation, and private sector collaboration.”