Home News Gombe dissolves Investment Company, transfers functions to enhance efficiency

Gombe dissolves Investment Company, transfers functions to enhance efficiency

by Business News Report

Gombe State Executive Council (SEC), presided over by Governor Mahammadu Inuwa Yahaya, CON,  has granted approval for the dissolution of Gombe State Investment and Property Development Company, GIPDC. The Commissioner  of Finance and Economic Development, Malam Muhammad Gambo Magaji who announced this,  said the measure is to streamline and strengthen the institutions for enhanced investment opportunities in the state.

“Following the successful 2022 Gombe Investment Summit and our goal of hosting the next one in October this year, while maintaining our position as a leader in ease of doing business, the government made a strategic move to strengthen its investment institutions and eliminate unnecessary costs and overlapping functions. Due to the overlapping functions of the Gombe State Investment and Property Development Company and the Gombe State Revenue Optimisation Company Limited, the SEC has decided to rationalise the GIPDC with a view to streamlining operations and reducing costs while increasing efficiency.” the commissioner  stated.

He said that the functions of the rationalised company will be transferred to other relevant government agencies. “Revenue optimisation and asset management will move to GROCOL, while the housing component will be transferred to the Gombe State Housing Authority. The governor will soon appoint management for the agency. The ventures and shares held by GIPDC will be transferred back to the previously dormant Gombe State Security Company Ltd.” Hon. Magaji emphasised that the decision will not affect the employees in any way, saying that the administrative organisation will be restructured for greater efficiency and convenience.

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