Imo Govt Gets N100bn Project Funding Support

The Imo State government has received an offer for the raising of about N100 billion to develop infrastructure in the state. The offering was made by a Nigerian Investment Bank known as FSL Securities Limited.

Group Managing Director of the FSL Securities, Mr Chris Okenwa, said his company offered this support because the present administration has showed “positive signs of good and responsible governance.”

“We feel that the new administration wants to leave a legacy of good governance for the good people of Imo State. FSL is desirous of working with the present Imo State government to realize their dream of infrastructural revolution in the state.

“FSL is committed to assisting the state government with funding in this regard. We are here to provide alternative sources of funding for the state, other than the Federal allocation,” Mr Okenwa said during a meeting with the Deputy Governor of Imo State, Mr Gerald Irona, at the Government House, Owerri, Tuesday afternoon.

In his reaction, Mr Irona reiterated the commitment of the Mr Emeka Ihedioha-led administration to entrenching good governance in the state, assuring them of government’s readiness to create an enabling environment for investment in the state.

He commended FSL for the offer, promising that the state government will partner the group for a mutually beneficial relationship.

“We need some level of funding intervention. We inherited a state with high level of infrastructural decay. We are glad that you are here to provide alternative sources of funding, other than the statutory federal allocation. I assure you that the government of Imo State shall sit down with you to discuss this further,” he said.

Highlight of the event was a brief side meeting with the Imo State Commissioner for Finance, Professor Uche Joe Uwaleke.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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