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AMCON returns firm to Imo after 10-year takeover

AMCON

The Asset Management Corporation of Nigeria has handed over the original title documents of a footwear manufacturing factory co-founded by the Imo State Government, Standard Shoe Company Limited, to the state government

It said the handover was part of its strategy to partner, support, and help revitalise businesses in its portfolio.

It also said it followed the full resolution of the indebtedness of the company to AMCON, adding that since it took over the factory, it had continued to engage the government because of the critical impact resuscitating the massive factory would make in the manufacturing sector of the economy.

AMCON had, in 2011, taken over the assets belonging to the Standard Shoe Company of Nigeria during the first phase of EBA purchases from Oceanic Bank in 2011, and after the company stopped production in 2009 due to a lack of working capital and was unable to meet up its loan obligations.

But speaking before handing over the documents to the Imo State Governor, Senator Hope Uzodimma, the Managing Director/Chief Executive Officer of AMCON, Mr Ahmed Kuru, said the asset management firm was happy that the state government finally resolved indebtedness with AMCON to enable it to contribute to job creation and internally generated revenue for the state.

According to a statement by AMCON titled, “Debt Settlement: AMCON Returns Standard Shoe Company Limited To Imo State Government,” Kuru, who was represented by an Executive Director in Charge of Asset Management, Dr Eberechukwu Uneze, added, “My governor, we appreciate this effort because other governments in Imo State have come and gone but none of them had made this much effort to resolve this debt. So, it is a huge impact you have made.’’

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