IFC Signs Agreement With Enyimba Economic City


By Onyebuchi Ememanka

Global Financial Management Services Giants, the International Finance Corporation has signed an agreement with the Enyimba Economic City to market the project to the global market.

This was revealed on Friday by the Company Secretary and Legal Adviser of the Enyimba Economic City, Chibuzo Chiemela Ekwekwuo, Esq while making a a presentation on the project to a group of Igbo Economic Professionals known as NZUKO UMUNNA led by a former Managing Director of Diamond Bank Plc, Mr. Emeka Onwuka, at Government House Umuahia.

Mr. Ekwekwuo said that the agreement which was signed three days ago is the single biggest endorsement for the project and is a clear indication that the Enyimba Economic City Project has all it takes to rank amongst the top business deals on the African continent.

The International Finance Corporation is the Investment arm of the World Bank Group with over 60 years experience in unlocking private investment, creating markets and opportunities where they are needed most. The organization has leveraged over 2.6 Billion Dollars in Capital to deliver more than 285 Billion Dollars in business financing in developing countries.

Describing the Enyimba Economic City as the single largest Development Project in Nigeria to be undertaken under the Public Private Partnership model, Mr. Ekwekwuo stated that it is 100% private sector driven with a clearly defined shareholding structure of 50 Billion shares. 50% of the shares have already been taken up as follows -

Crown Realties Plc - 20 Billion Shares representing 20%

Federal Government of Nigeria - 10 Billion shares representing 10%

Abia State Government - 3 Billion Shares representing 6%

Host Communities - 2 Billion Shares representing 4%.

The remaining 50% will be publicly offered through an Initial Public Offer within the first five years of the commencement of construction.

Mr. Ekwekwuo also said that the Project will have first class infrastructure provided by leading global infrastructure development giants with all agreements to that effect signed.
There will be uninterrupted power at the City to be generated independently of the National Grid through the construction of a dedicated Power Plant in addition to the Power Purchase Agreement already signed with Geometric Power with guaranteed financing of 135 Million Dollars already in place by Chinese Textile Giants RUI Group.
The City, Ekwekwuo said, will have its own private sector driven administrative agency to ensure first class service to its stakeholders.

He ended by stating that the strides so far achieved in the project couldn’t have been possible without the rugged commitment of Governor Okezie Ikpeazu who pulled all available strings to market this project to the Federal Government and successfully pushed for the granting of all necessary approvals from Special Economic Zone status, Free Trade Zone status, Inland Port status etc from the Federal Government.


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