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AKHA Amends Investment Corporation Law, Passes State Bond, Notes Bill 2022




The Akwa Ibom State House of Assembly has ratified a Bill for a Law to amend the ‘Akwa Ibom Investment Corporation (AKICORP) Law 2012’ and also passed into law the ‘Akwa Ibom State Bonds, Notes and other Securities Bill 2022.’ 


This follows the reports placed before the House at Tuesday plenary by Hon. KufreAbasi Edidem (Itu) and Hon. Uduak Odudoh (Ikot Abasi/Eastern Obolo), Chairmen of the House Committees on Industry, Commerce and Tourism, and Appropriation and Finance.


According to Hon. Edidem’s report, the amendment of the 2012 AKICORP Law will update the scope of the legal and institutional framework of the Corporation in line with global best practices.


"The amendment will strengthen the corporate governance structure of AKICORP to meet with the present and future corporate demands. It will entrench the governance structure of Ibom Airlines Limited to safeguard the investment against undue political interference and instill confidence in investors to invest in the state", the report added.


The House also ratified the report of the House Committee on Appropriation and Finance on Akwa Ibom State Bonds, Notes and other Securities Bill 2022.


After due deliberation and consideration of the Bills at the Committee of the Whole, the House subsequently passed same into Law with April 4, 2023 as their commencement date.


Also at Plenary, a Bill a Law to Provide for a Map for Akwa Ibom State and for other Matters connected therewith, sponsored by Rt. Hon. David Lawrence (Eket), was read the first time and committed to a Joint Committee on Lands, Housing, Houndary and Local Government for scrutiny, to be headed by the Leader of the House, Sir Udo Kierian Akpan (Oruk Anam).


A Bill for a Law to Establish Akwa Ibom State Rural Access Roads Agency (Establishment) and Funds Bill, 2022, was read the second time and committed to the Committee on Rural Development for further legislative actions.


Members present at plenary included Princess Felicia Bassey (Okobo), Otuekong Emmanuel Bassey (Ini), Barr. Aniefiok Dennis Akpan (Etinan), Otuekong Nse Essien (ONNA), Elder Aniekan Uko (Ibesikpo Asutan), Hon. Effiong Bassey (Oron/Udung Uko), Elder Mark Esset (Nsit Atai), Hon. Asuquo Archibong (Urue Offong/Oruko), Elder Udeme Otong (Abak), Elder Mfon Idung (Ika/Etim Ekpo), Chief Effiong Johnson (Mbo), Barr. Victor Ekwere (Mkpat Enin) and Dr Charity Ido (Ukanafun).


Meanwhile, the House has adjourned its plenary to Tuesday, April 11, 2023 at 10am.


Press Unit,

Office of the Speaker,

Akwa lbom State House of Assembly.

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