• Commission launches £500m venture capital to stem brain drain, others
Ohanaeze Ndigbo’s Council of Igbo Business Leaders and the South-East Development Commission (SEDC) have collaborated for economic development and integration in Igbo land.

According to the duo, it was high time that critical stakeholders in the South-East region united to forge a formidable front for the development of the zone to stem the tide of youth unemployment and other social menaces.

Speaking at a meeting in Enugu on Monday, Chairman of the Council of Igbo Business Leaders, Mazi Sam Ohuabunwa, said the Igbo should factor the South-East Zone in their investment plans, adding: “Our region has suffered so much over a long time and combined with several other historical, political, social, and economic factors.”

Ohuabunwa, who outlined the mandate of the Council to include the identification of young Igbo entrepreneurs and groom them towards mega business ventures, the creation of a united and credible voice that will speak for the business community in Igbo land, and the creation and development of markets in Igbo, among others, called for synergy with the South-East Development Commission and other stakeholders.

He said: “This is the opportunity we long wished for. I must thank Mr Mark Okoye for responding quickly to our letter and the board and management for approving this meeting. Let me thank my colleagues upfront who have made the sacrifices to be here today despite the apparent short notice and conflict with previous important schedules.”
Meanwhile, SEDC has begun the empowerment of young entrepreneurs in the region with the launch of a £500,000 merit-based venture capital initiative.

This is to accelerate economic expansion through investments in regional startups.
According to the SEDC, the  initiative also seeks to stem the migration of local tech talents who routinely leave the region in pursuit of scaling opportunities and funding.

Speaking to journalists at the International Conference Centre in Enugu during the South-East Pitch Competition, SEDC Managing Director, Mark Okoye, stated that the programme addresses structural gaps in financing and foundational support for tech-driven enterprises.

He identified unemployment, low capital formation, and inadequate support systems as primary regional bottlenecks.

According to Okoye, the fund aligns with President Bola Tinubu’s Renewed Hope Agenda, focusing on creating innovative financing mechanisms to bolster the national digital economy.

“The selection process drew over 1,200 applications within its first three weeks. Through a multi-stage screening process by independent judges, the pool was whittled down to 189, then to 50 finalists currently pitching in Enugu. Ultimately, 30 beneficiaries will be selected for the first phase,” he said.