Igbo float stabilisation fund, seek N5bn take-off
The Igbo have floated Stabilisation Fund to boost infrastructural development in their region.
A steering committee was set up by the South East Governors’ Forum and Ohanaeze Ndiigbo in July 2020, to chart a new course for the socio-economic development of Igbo land.
To this effect, two special purpose vehicles, Alaigbo Investment Company (AIC) and Ndiigbo Development Foundation (NDF) have been incorporated.
Chairman, Alaigbo Stabilisation Fund-Technical Implementation Committee, Professor Osita Ogbu, and Secretary, Nnanna Ude, disclosed in a statement that the Committee is poised to raise an initial N50billion. They said N3.5 billion would be for AIC and N1.5 billion for NDF.
The Committee of eminent Igbo sons and daughters in business, academia, arts, and leading Igbo organisations from different disciplines, at home and in the Diaspora, through its interventions, will address the dearth of infrastructure, especially regional, physical, and social infrastructure- rail, ports, energy, roads, technology –world class health and educational institutions.
They said the absence of competitive productive activities, youth unemployment, insecurity, degradation of the environment, culture and values would be of priority to them.
Therefore, they have sent a clarion call to all Igbo to rise and invest in the Stabilisation Fund, at least, to show that they care for their homeland.
According to them, “Inequality, and actions without common purpose, were ravaging the land, undermining mutuality, solidarity, security, cohesiveness, and innovation that once made the Igbo heartland one of the fastest growing in the world.
“A proud, hardworking, and confident people were left despondent, dependent on the state, in perpetual cry of marginalisation and exclusion with very restive youths in tow.
ASF’s task was to create platforms or vehicles, rooted in our culture and values, for addressing these challenges, tapping into the entrepreneurial and philanthropic spirits of Ndiigbo built on excellence, meritocracy, common history, and humanity, Igwe bu Ike, Onye Aghana Nwanne Ya, Ako na Uche, Igbambo, Aku Ruo Uno and Oganiru. The first vehicle – Alaigbo Investment Company (AIC), a for-profit organisation, will focus on the land to restore the competitiveness of our land by building and operating world class infrastructure and investing in key employment generating industries and sectors, taking intelligent risks.
“The second vehicle – Ndiigbo Development Foundation (NDF), a not-for-profit institution, will focus on the people, restoring the dignity of our people through social reconstruction, programmes and projects that eradicate poverty, improve the educational standards of our youth and that of the future generation, improving health, wellbeing and longevity as well as address environmental degradation, insecurity, erosion of cultural and social values and rebuild/reinvigorate Igbo institutions such as the Igbo apprenticeship system.
“We congratulate all Igbo as we look to the future, assured of a secure, sustainable, and prosperous Alaigbo where the future of our youth is bright, our environment is protected, and the elderly are cared for.
“The two organizations are owned by Ndiigbo and will be governed in the best of traditions by a broad-based Council. It would also be run professionally based on international standards. It shall pool resources from Ndiigbo, international organizations and friends of Ndiigbo but shall focus investments in Alaigbo and on Ndiigbo. (Daily Sun)
