Ogun Assembly Passes Amended Investment Promotion And Facilitation Agency Law - EDU-BIZNEWS


Thursday, February 3, 2022

Ogun Assembly Passes Amended Investment Promotion And Facilitation Agency Law

Ogun State House of Assembly has passed the State Investment Promotion and Facilitation Agency (Amendment) Law, 2022, so as to attract more investors and boost their confidence in investing in the state, in line with the international best practices in investment management and allied matters. 

House Trade,Industry and Investment Committee Chairman,Hon.Kemi Oduwole, Finance and Appropriation Committee Chairman,Hon. Kunle Sobukanla and Youths and Sports Committee Chairman, Hon Sola Adams who took turn to contribute to the bill, explained that the amendment was necessary to specify the appointment procedure of the proposed agency's Chairman.

They stated that the bill when passed would give more official recognition to the investors, with a view to achieving optimum performance in the course of the agency's operations.  

The passage of the bill title: "H.B. No. 078/OG/2021- A bill for a law to amend the Investment Promotion and Facilitation Law, 2022" was passed at a plenary presided over by the Speaker, Olakunle Oluomo at the Assembly Complex, Oke- Mosan, Abeokuta, on Thursday

The passage of the bill followed a motion for the amendment moved by Hon. Kemi Oduwole, seconded by Ganiyu Oyedeji, thereafter which the bill was read and adopted clause by clause before the Committee of the Whole House. 

Consequently, the Majority Leader, Yusuf Sheriff moved the motion for the third reading of the bill, seconded by Hon. Abdul Bashir Oladunjoye, leading to the third reading of the bill by the Clerk and Head of Legislative Services, Deji Adeyemo before the lawmakers. 

Responding, Speaker Oluomo noted that the amendment would provide more legal backup for the agency, as investors would be assured of the involvement of the State Governor in all the activities of the agency in addition to the need to reflect the new change of nomenclature of some ministries earlier mentioned in the bill. 

He thereafter directed that that the clean copies of the bill be transmitted to the State Governor, Prince Dapo Abiodun for his assent.

Earlier the Speaker has lauded the Governor for the turn around of facilities in the Olabisi Onabanjo University, Sagamu alongside other health initiatives being put in place by the State Government.

He gave the commendation, while responding to the remarks of a member representing Ijebu- Ode State Constituency, Hon. Oduwole, who acknowledged the testimonies of one of his constituents on the impressive medical care recently received at the facility.

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