The Akwa Ibom State Government, has declared that land will no longer be used as equity in investment transactions, as all investors must now make full payment for land and duly compensate host communities before commencing any development project.
This position was made known recently, by the Commissioner for Lands and Town Planning, Dr. Ubong Inyang, during a meeting with the Managing Director and Chief Executive Officer of the Akwa Ibom Investment Corporation (AKICORP), Pastor Imo-Abasi Jacob, who led a delegation to the ministry’s conference room.
The new directive, according to Dr. Inyang, aims to promote transparency, accountability, and fair value in land-related dealings. He noted that the era of granting land to investors on equity basis had encouraged irregularities and deprived host communities of rightful compensation.
The Commissioner cautioned that henceforth, investors must not only pay for their allocated land but also settle all compensations to affected communities before being cleared to begin construction or other development activities.
He further revealed that some investors had exceeded their approved land boundaries by illegally acquiring adjoining plots. He said the ministry would conduct a critical review of all existing agreements and allocations to ascertain compliance with government regulations and ensure that lands are developed within approved timelines.
The Lands helmsman therefore directed AKICORP to refer all prospective investors to the ministry for proper verification of land allocations, to confirm their conformity with government interest and the state’s development master plan. He reaffirmed the ministry’s readiness to support genuine investors committed to sustainable development in Akwa Ibom.
In his remarks, Pastor Jacob explained that AKICORP’s role is to facilitate linkages between investors and relevant government agencies, and not to sell land. He noted that the visit was to congratulate the Commissioner on his redeployment and to strengthen collaboration between AKICORP and the ministry in advancing investment opportunities in the State.
Setting the tone earlier, the Permanent Secretary, Ministry of Lands and Town Planning, Barr. Emma Udonsek, described the meeting as timely and strategic, urging continuous engagement to enhance synergy and efficiency in investment facilitation.
