Imo government repossesses shoe factory after payment of N1.6b Debt

The Assets Management Company of Nigeria (AMCON), at the weekend handed over the Certificate of Occupancy (C of O) of the Imo Standard Shoe Company Limited, Owerri, which it had seized, to the state government after receiving a debt repayment of N1.6b.

Past administrations in the state had owed to the above tune, leading to its seizure. But, on assumption of duty, Governor Hope Uzodimma, made it his priority to clear it.

At a brief ceremony held in Abuja at the AMCON office, after Uzodimma signed necessary documents, the Executive Director of the government firm, Eberechukwu Uneze, handed over the C of O to the Imo State governor, with the authorisation to resume ownership of the factory.

Uneze said the ceremony signposted that the assets and liabilities of the shoe company had fully been returned to the care and operation of the Imo State Government.

He appreciated the governor for his efforts at repaying the loan.

Speaking, Uzodimma, who commended AMCON for its response to returning the company to the state government, expressed hope that many Imo youths would be gainfully employed in the shoe company, thereby helping to curb insecurity.

The governor recalled the negotiations anchored on the three point-mantra pivot of his administration (rehabilitation, reconstruction and recovery) with the AMCON, which resulted in the hand over of the company to him.