As part of its strategy of partnering, supporting and helping to revitalize its portfolio companies due to huge debt, the Asset Management Corporation of Nigeria has handed over the original titles of Standard Shoe Company Limited, a shoe factory co-founded by IMO State Government to Governor Hope Uzodinmma of Imo State.
The handing over of the assets to the people of Imo State through their Governor followed the full resolution of Standard Shoe Company Limited’s debt to AMCON.
Since taking over the factory, AMCON has continued to engage the Imo State Government due to the critical impact that resuscitating such a massive factory would have on the manufacturing sector of the Nigerian economy. .
In a brief remark before handing over the documents to Governor Uzodimma, Dr. Eberechukwu Uneze, Executive Director in charge of asset management of the company who represented the Managing Director/CEO, Mr. Ahmed Lawan Kuru, said that AMCON does not was not only happy that the Imo State government under the leadership of Uzodimma finally resolved the debt with AMCON, but because the factory would now belong to the people of Imo State.
He said the plant will contribute to job creation and improve the internally generated income of Imo State, which is in line with AMCON’s mandate.
Uneze, who commended the Governor of Imo State for making efforts to resolve the outstanding loan obligation owed to AMCON by the Imo State Government, added, “My Governor, we Appreciate this effort because other governments in Imo state have come and gone but none of them had made so much effort to settle this debt.
“So this is a huge impact you have had. I hope this will energize the state and encourage the good people of Imo State.
In his acceptance speech after signing and receiving the documents on behalf of the Government and People of Imo State, Uzodimma who recounted his experience with AMCON throughout the negotiation process , encouraged other debtors to approach AMCON freely and voluntarily.
He said the Society is not hostile, but only interested in its turnaround mandate and real growth and development of the country.
The Governor added: “I approached AMCON management and spoke 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 real growth and development of the country. This was what I saw during the negotiation period regarding what Imo State owed AMCON.
“I am very happy with the cooperation we (Imo State Government) have received, and I assure you that we will revive the industry by employing our young men and women to boost industrialization in the State.
“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 belonging to the Standard Shoe Company of Nigeria during the first phase of EBA’s purchases from Oceanic Bank in 2011, after the company halted production in 2009 due to a lack of working capital and was unable to meet its loan obligations. .
Previously, the Company had made several efforts to discuss the debt with previous administrations in Imo State, but never made any progress until the current government led by Uzodimma expressed interest in settling state debts.
The objective of the debt settlement was to rehabilitate the business to create job opportunities and improve the standard of living for the citizens of Imo State.