As part of their commitment towards attracting more investors to the state, lawmakers in the Akwa Ibom State House of Assembly are considering the enactment of an investors protection law.
Also being considered for passage are the fiscal responsibility bill and the bill for a law to provide for the imposition of land based charge to be called the real property charge.
The investors protection bill titled “A Bill for a Law for Protection of Investors and Investments in Akwa Ibom State” was read the second time, Tuesday, on the floor of the House.
It is seeking the protection of investments in the state in accordance with the constitution.
Opening the debate on the bill, the lead sponsor, Otobong Ndem who represents Mkpat Enin state constituency in the House, said “the purpose of the bill is to protect investment in accordance with and subject to the constitution, in a manner which balances the public interest and the rights and obligations of investors”.
Mr. Ndem added that the bill “will affirm the state’s sovereignty right to regulate investments in the public interests”.
He also stressed that the bill, when passed, will give legal protection to investors and also protect their investments.
Speaking on the bill, the member representing Essien Udim State Constituency, Nse Ntuen, observed that it is the obligation of government to assure investors of their protection.
“No investor can invest in any state without first making sure that his/her investment is secured”, he said.
He pointed out that if the bill is passed into law, it will help in blocking leakages and assist government to provide good governance.
On her part, the member representing Nsit Ibom State Constituency, Mfon Ekong, said the bill is important for economic growth of the state and will provide employment opportunities for the unemployed youth.
In his remarks, the Speaker, Onofiok Luke, thanked the lead sponsor of the bill. He maintained that the 6th Assembly is committed to making the state a safe haven for investors and their investments.
The bill was committed to the committee on Commerce, Investment and Industry to report by to House within 3 weeks.
The fiscal responsibility bill which was presented by the House Leader, Udo Kierian Akpan, was also read the second time.
The bill seeks to ensure that government, at all levels, aligns with the principles of responsible spending of the state’s commonwealth.
An overwhelming number of lawmakers spoke in favour of the bill.
Usoro Akpanusoh of Esit Eket/Ibeno state constituency urged his colleagues to pass the bill saying the House of Assembly’s demonstration of accountability should reflect also in all facets of leadership in the state.
“Your leadership of this house is predicated on your show of accountability, transparency and concern for members’ welfare in the house.
“I want to congratulate you for showing accountability and the leadership of the House is also showing accountability as is evident in the bill that has been brought because you don’t only have to be accountable to the people but to be seen to show it. I therefore urge that we give this bill a positive consideration”, Hon. Akpanusoh said.
Also considered on Tuesday was the bill for a law to make provision for the imposition of land based charge, to be called Real Property Charge, for the levying and collection of the charge and for connected purpose. It was brought before the House by Mr. Akpanusoh and was also read the second time.