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Why Imo govt embraced N100 billion FSL support

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By Chinonso Alozie, Owerri

The Imo state government yesterday said it accepted to work with Nigerian Investment Bank, FSL Securities Limited to raise N100 billion because the government was in need of funds to address infrastructure challenges in the state.

Imo State Government

The Deputy Governor of the state, Gerald Irona, stated this at the Government House in Owerri,  when the Group Managing Director of the organization, Chris Okenwa, visited him.

According to Irona, the FSL has come to provide an alternative to revenue generation and not the continued relying so much on federal government allocations to the state.

The Deputy Governor said: “The commitment of the Chief 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.

“We want to commend the  FSL for the offer, and we promised that the State Government will partner this group for a mutually beneficial relationship.

“We need some level of funding intervention. We inherited a state with a 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. We shall partner with you.”

Earlier in his remark, Okenwa of the FSL, said: “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.”

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