Gombe Dissolves State Investment Company

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.

Gombe State Commissioner of Finance and Economic Development, Malam Muhammad Gambo Magaji

“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 Optimization Company Limited, the SEC has decided to rationalize the GIPDC with a view to streamlining operations and reducing costs while increasing efficiency.” the commissioner stated.

He explained that the functions of the rationalized company will be transferred to other relevant government agencies. “Revenue optimization 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 emphasized 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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