IFC, Enyimba Economic City seal deal to market project globally

July 22nd, 2019

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 by the Company Secretary and Legal Adviser of the Enyimba Economic City, Chibuzo Chiemela Ekwekwuo, Esq while making 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, Abia State.

A statement by the Chief Press Secretary to the Governor, Onyebuchi Ememanka Esq at the weekend said Mr. Ekwekwuo explained that the agreement which was signed last week was 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 with 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%) and Host Communities 2 billion shares (representing 4%).
He explained that 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.

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