50Bn-share Enyimba Economic City: IFC seals deal to win global attention


* 25 billion shares already sold

The Enyimba Economic City dream is looking good following a giant step forward at the week. Now, a powerful organization has stepped up to take the project to the next level. It has already been divided into 50 billion shares and half of that is already subscribed.


Abia State Government says it has signed agreement with International Finance Corporation (IFC) an international financial institution to market the proposed Enyimba Economic City to the global market.

Chibuzo Ekwekwuo, company secretary and legal adviser, Enyimba Economic City, made this know at the weekend during the visit of Nzuko Umunna, a group of Igbo economic professionals, led by, Emeka Onwuka, former managing director of the defunct Diamond Bank Plc, to the Government House, Umuahia.

Ekwekwuo explained that the agreement, which was signed on Wednesday, July 17, 2019, is the single biggest endorsement for the project, 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 in capital to deliver more than $285 billion in business financing in developing countries.

Ekwekwuo described the proposed Enyimba Economic City, as the single largest development project in Nigeria to be undertaken under the public private partnership (PPP) model, stressing that the project is 100 percent private sector driven with a clearly defined shareholding structure of 50 billion shares of which 50 percent of the shares have already been subscribed, while the remaining 50 percent would be publicly offered through an Initial Public Offer within the first five years of the commencement of construction.

He stated also that the project would 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 Limited with guaranteed financing of $135million already in place by Ruyi Group, Chinese textile giants.

“The City will have its own private sector driven administrative agency to ensure first class service to its stakeholders”, he stated.

… Gov Ikpeazu hale and hearty

Abians have been advised to disregard rumours that the State Governor, Okezie Ikpeazu is ill and bed-ridden.

Onyebuchi Ememanka, chief press secretary to the governor, who gave the advice affirmed that Gov Ikpeazu is hale and hearty, and discharging the duties of the office of Governor of Abia State with zeal, zest and passion, as he has done since 2015.

He explained that the governor had a busy schedule Friday attending to a long line of official visitors in Umuahia.

He described those carrying the rumor that the Governor is sick and bedridden as political fifth columnists and agents of destabilization whose stock in trade is to spin rumour mills and trade on falsehood. He noted that the unfortunate news they have been spreading, exist only in their disjointed imaginations.

He advised the good people of the State to completely disregard these agents of confusion and their evil machinations.

According to Ememanka, “Your Governor is in perfect state of health and is prepared to challenge any of those spreading the rumour to a game of soccer”.