SEC Approves Imo’s Application On N18.5bn Balance of Bond Proceeds

| January 28, 2013 | 0 Comments

The Securities and Exchange Commission (SEC) has approved an application by the Imo state government to change the use of the N18. 5 billion bond proceeds floated by the former governor of the state, Mr Ikedi Ohakim.

While disclosing this with journalists in Owerri the Imo state capital, the state’s Commissioner for Finance, Mr Chike Okafor said the approval followed the consent of all the bond subscribers and trustees at a meeting held in Lagos last year.

He added that the Okorocha led administration had earlier applied to SEC to redirect the balance of the proceeds to the “construction of 27 modern general hospitals in each of the 27 local government areas of the state as well as the construction of the 305 modern primary and secondary schools in all the 305 wards in Imo State.”

Speaking on other plans for state’s economy for 2013, the Commissioner claimed that the Okorocha led administration is planning to make industrialization a key to the economy of the state in order to increase the state’s internal generated revenue.

This he claimed will enable the state government to deliver the dividends of its campaign promises.

Culled from :Here

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