Debt Settlement: AMCON Returns Standard Shoe Company to Imo State Govt

Executive Director, Asset Management Corporation of Nigeria (AMCON), Dr. Eberechukwu Uneze (right) handing over the title documents of Standard Shoe Company Limited, Imo State to Imo State Governor, Senator Hope Uzodimma in the Boardroom of AMCON on Friday in Abuja.

As part of its strategy to partner, support, and help revitalize businesses in its portfolio over huge debt, the Asset Management Corporation of Nigeria (AMCON) in Abuja on Friday, handed over the original title documents of Standard Shoe Company Limited, a footwear manufacturing factory co-founded by the Imo State Government to Governor Hope Uzodinmma of Imo State.

The handover of the asset to the good people of Imo State through their governor followed the full resolution of the indebtedness of Standard Shoe Company Limited to AMCON.

Ever since it took over the factory, AMCON had continued the engage the government of Imo State 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 governor Uzodimma, Dr Eberechukwu Uneze, an Executive Director in charge of asset management at the Corporation who represented the MD/CEO, Mr Ahmed Lawan Kuru said AMCON was not only happy that the Imo State government under the leadership of Uzodimma finally resolved indebtedness with AMCON, but because the factory would now go back to the good people of Imo State and contribute to job creation, and improve the internally generated revenue of Imo State, which in line with AMCON mandate.

Uneze who commended the Imo State governor for making efforts to resolve the outstanding loan obligation owed 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 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.”

In his own acceptance speech after signing and receiving the documents on behalf of the government and people of Imo State, Uzodimma who recounted the pleasant experience he had with AMCON all through the negotiation process encouraged other obligors to approach AMCON freely and willingly because the Corporation is not hostile, but only interested in their recovery mandate and in genuine growth as well as development of the country.

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 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 belonging to the Standard Shoe Company of Nigeria 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 were unable to meet up with its loan obligations.

Before now, the Corporation had made several efforts to discuss the debt with the previous Imo State administrations but never made any headway until the present government led by Uzodimma expressed interest in settling the debt obligations of the state, with the aim of rehabilitating the company to create employment opportunities and enhance the standard of living of the citizens of Imo State.

This landmark signing and handover ceremony, which will go down as a major achievement for the Hope Uzodimma-led government of Imo State, took place at AMCON Head Office in Maitama, Abuja.

 

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