Sunday, October 19, 2025
24.4 C
Lagos

Business

Troyka Holdings Chair, Biodun Shobanjo, Inducted into Loeries Hall of Fame

Nigeria’s foremost advertising leader and Chairman of Troyka Holdings,...

Zenith Bank, NEM, Seplat, AIICO, Dangote Cement, First HoldCo Recognised as Nigeria’s High-Performing Companies

L-R:    Michael Ani, Manager, Investor Relations, Dangote Cement; Oluseyi...

Finance Min, Wale Edun, to Keynote FiBOP Annual Confab Oct 18

The Honourable Minister of Finance and Coordinating Minister of...

Niteon Unveils First African Manufacturers Bank to Unlock $200bn Digital Export Market

Niteon, one of Nigeria's largest digital export marketplaces, has...

FG Boosts MSME Financing with NCGC Initiative

In a bid to boost economic growth and development,...

ICT

Konga Partners Verve to Delight Customers with Free Shopping Vouchers

  Konga, Nigeria’s leading composite e-commerce platform has partnered with...

NCC Spotlights Renewable Energy on World Consumer Rights Day

  The Nigerian Communications Commission (NCC) has concluded arrangements to...

Governors, NCC Set for Broadband Awareness Forum Oct 20

All Nigeria State Governors are set to discuss how...

VerveLife 5.0 Gears Up for Nairobi, Lagos Events

Following a successful series of Verve Life 5.0 satellite...

Telecom Infrastructure Critical to Successful 2023 Elections – Danbatta

The Executive Vice Chairman of the Nigerian Communications Commission,...

Capital Market

SEC DG: Commission Considering Gradual Implementation of ISSB Standards

The Director General of the Securities and Exchange Commission...

ISSB-Aligned Disclosures Will Lower Capital Costs, Attract Global Investors — SEC

The Securities and Exchange Commission (SEC) has unveiled plans...

SEC DG to Cadets:  Invest Early, Long Term to Create Wealth

Graduating Cadets of the Nigerian Defence Academy (NDA) have...

SEC DG: Accountability, Transparency will Boost Investor Confidence in Capital Market

The Director General of the Securities and Exchange Commission...

SEC DG: Digital Assets Represent $10tn Opportunity by 2030

The Director General of the Securities and Exchange Commission...

Insurance

13-year-old Rhema-Love Abraham Emerges Winner of 2025 Heirs Insurance Essay Championship

L:R- Funmi Olotu, National Coordinator, National Social Safety-Nets Coordinating...

Leadway Assurance: Insurance Company of the Year at 2025 BAFI Awards

L-R: Managing Director, Leadway Assurance, Gboyega Lesi; Publisher, BuisnessDay...

Heirs Insurance Group Announces Inaugural Travel Festival: A Call for Inclusive Travel Ecosystem for Africans

Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance group, has...

Sovereign Trust Insurance Celebrates 2025 Customer Service Week

Sovereign Trust Insurance Plc has been actively involved in...

Leadway: 55 Years of Innovation, Expanding Financial Access, Inclusion Across West Africa

Leadway, one of Nigeria’s foremost non-banking financial services and...

Business

Troyka Holdings Chair, Biodun Shobanjo, Inducted into Loeries Hall of Fame

Nigeria’s foremost advertising leader and Chairman of Troyka Holdings,...

Zenith Bank, NEM, Seplat, AIICO, Dangote Cement, First HoldCo Recognised as Nigeria’s High-Performing Companies

L-R:    Michael Ani, Manager, Investor Relations, Dangote Cement; Oluseyi...

Finance Min, Wale Edun, to Keynote FiBOP Annual Confab Oct 18

The Honourable Minister of Finance and Coordinating Minister of...

Niteon Unveils First African Manufacturers Bank to Unlock $200bn Digital Export Market

Niteon, one of Nigeria's largest digital export marketplaces, has...

FG Boosts MSME Financing with NCGC Initiative

In a bid to boost economic growth and development,...

ICT

Konga Partners Verve to Delight Customers with Free Shopping Vouchers

  Konga, Nigeria’s leading composite e-commerce platform has partnered with...

NCC Spotlights Renewable Energy on World Consumer Rights Day

  The Nigerian Communications Commission (NCC) has concluded arrangements to...

Governors, NCC Set for Broadband Awareness Forum Oct 20

All Nigeria State Governors are set to discuss how...

VerveLife 5.0 Gears Up for Nairobi, Lagos Events

Following a successful series of Verve Life 5.0 satellite...

Telecom Infrastructure Critical to Successful 2023 Elections – Danbatta

The Executive Vice Chairman of the Nigerian Communications Commission,...

Capital Market

SEC DG: Commission Considering Gradual Implementation of ISSB Standards

The Director General of the Securities and Exchange Commission...

ISSB-Aligned Disclosures Will Lower Capital Costs, Attract Global Investors — SEC

The Securities and Exchange Commission (SEC) has unveiled plans...

SEC DG to Cadets:  Invest Early, Long Term to Create Wealth

Graduating Cadets of the Nigerian Defence Academy (NDA) have...

SEC DG: Accountability, Transparency will Boost Investor Confidence in Capital Market

The Director General of the Securities and Exchange Commission...

SEC DG: Digital Assets Represent $10tn Opportunity by 2030

The Director General of the Securities and Exchange Commission...

Insurance

13-year-old Rhema-Love Abraham Emerges Winner of 2025 Heirs Insurance Essay Championship

L:R- Funmi Olotu, National Coordinator, National Social Safety-Nets Coordinating...

Leadway Assurance: Insurance Company of the Year at 2025 BAFI Awards

L-R: Managing Director, Leadway Assurance, Gboyega Lesi; Publisher, BuisnessDay...

Heirs Insurance Group Announces Inaugural Travel Festival: A Call for Inclusive Travel Ecosystem for Africans

Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance group, has...

Sovereign Trust Insurance Celebrates 2025 Customer Service Week

Sovereign Trust Insurance Plc has been actively involved in...

Leadway: 55 Years of Innovation, Expanding Financial Access, Inclusion Across West Africa

Leadway, one of Nigeria’s foremost non-banking financial services and...

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.

 

Hot this week

13-year-old Rhema-Love Abraham Emerges Winner of 2025 Heirs Insurance Essay Championship

L:R- Funmi Olotu, National Coordinator, National Social Safety-Nets Coordinating...

Stanbic IBTC Bank, LOXEA BYD forge alliance for Electric Vehicle Financing

In a strategic move to advance Nigeria’s shift toward...

CBN, Bank of Angola Sign MoU on Technical Co-operation at IMF/World Bank Meeting

In an effort to enhance bilateral cooperation and technical...

NBS: Nigeria’s Inflation Falls to 18.02% in September, Lowest Level in Three Years

Nigeria’s headline inflation rate fell for the sixth consecutive...

NUPEMCO Marks 2025 CSW with Nationwide Pension Awareness Activities, Huawei-Supported National Essay competition

The Nigerian University Pension Management Company (NUPEMCO) celebrated the...

Topics

NOKIA: $340m Net Profit in Q4 2012 Swings Firm Back into Black

  ­Nokia has released its fourth-quarter and full year financial...

Microsoft, ISSAN Partner on Cyber Security Awareness

Leading ICT company, Microsoft has called on individuals and...

Olashore School Plans Supplementary Exams

Olashore International School will be organising supplementary examinations for...

AEDC Signs Landmark Deal to Deliver Uninterrupted Power Solution in Abuja

From Left: Mr. Hussein Akar, Managing Director, The Wood...

Ex-AIG Chairman, Greenberg, Face Fraud Trial

New York’s highest court again rejected a bid by...

‘Digital Economy to Surpass 10% of African GDP in 10 Years’

The impact of digital technology in the creation of...

#VisaFreeAfrica Initiative Introduces Writing Competition

#VisaFreeAfrica (VFA) recently introduced the 55 Voices for a...

Zenith Bank: N150bn Operating Expenses, -13% Investment Income Decline

  Ebenezer Onyeagwu Managing Director/CEO Zenith Bank Plc Zenith Bank released its H1-21...
Exit mobile version