The Asset Management Corporation of Nigeria (AMCON), on Friday, in Abuja, handed over the original title documents of the Standard Shoe Company Limited, a footwear manufacturing factory co-founded by the Imo State Government to Governor Hope Uzodimma.
AMCON said the move is part of its strategy to partner, support, and help revitalize businesses under its portfolio, and followed the full resolution of the indebtedness of Standard Shoe Company to the Corporation, according a statement yesterday.
Ever since it took over the factory, AMCON has continued to engage the Imo State Government because of the critical impact resuscitating such a massive factory would make in the manufacturing sector of the Nigerian economy.
In a brief remark before handing over the documents to the Governor at the Corporation’s headquarters, the MD/CEO, Ahmed Lawan Kuru, expressed joy that the Imo State Government has finally paid off its debt with AMCON.
Kuru, represented by the Executive Director, Asset Management, AMCON, Dr Eberechukwu Uneze, added that the factory will not only go back to Imo State, but also contribute to job creation, and improve the internally generated revenue of the State, in line with AMCON mandate.
Uneze, who commended the Governor for making efforts to resolve the outstanding loan obligation owed AMCON by the state government.
He added, “My Governor, we appreciate this effort because other governments in Imo State have come and gone but none of them made this much effort to resolve this debt. So, it is a huge impact you have made. I hope this will energize the State and encourage the good people of Imo State.”
The debt settlement is aimed at rehabilitating the company to create employment opportunities and enhance the standard of living of the citizens of Imo State.
Speaking after signing and receiving the documents on behalf of the government and people of Imo State, Uzodimma, recounted the pleasant experience he had with AMCON all through the negotiation process.
He encouraged other obligors to approach AMCON freely and willingly because the Corporation is not hostile, but only interested in their recovery mandate.
The Governor added, “I approached the Management of AMCON and discussed with them. I want the public to understand that AMCON is not a hostile outfit. With my experience with them, AMCON is interested in the genuine growth and development of the country. This is what I saw during the negotiation period concerning what Imo State was owing AMCON.
“I am very happy about the co-operation we (Imo State government) received, and I assure you that we are going to revive the industry by employing our young men and women to stimulate industrialization in the State. The people will be happy to see the industry come back to life. On behalf of myself and the people of Imo, I am very grateful to AMCON.”
AMCON had taken over the assets of Standard Shoe during the first phase of EBA purchases from Oceanic Bank in 2011, after the company stopped production in 2009, due to lack of working capital and was unable to meet up with its loan obligations.
Before now, the Corporation had made several efforts to discuss the debt with previous Imo State administrations but never made any headway until the present government led by Uzodimma expressed interest in settling the debt obligations.
The debt settlement is aimed at rehabilitating the company to create employment opportunities and enhance the standard of living of the citizens of Imo State.
