The Federal Government of Nigeria (FGN) on August 17, 2018 through the Nigeria SEZ Investment Company Limited (NSEZCO) signed the Term Sheet (TS) as a basis for a definitive agreement for a 20% equity investment in Enyimba Economic City Development Company Ltd (EECD).
The Term Sheet capitalizes EECD at N50,000,000,000.00, NSEZCO will therefore acquire the 20% by paying for its shares in the company full in cash.
The Term Sheet specifies a maximum of 9 directors on the board of EECD with both NSESCO and Crown Realties appointing 2 directors each. Abia State and the Host Community will appoint 1director each.
By this agreement, 50% of capital of EECD is fully subscribed, leaving 50% for sale to the public, institutional and international investors.
Managing Director of Crown Realties Plc Mr C Darl Uzu signed the Term Sheet on behalf of Crown Realties Plc with Mr Femi Edun signing on behalf of NSEZCO.