The Imo State Government has taken over ownership of the Imo State Standard Shoes Company Limited from the Asset Management Corporation of Nigeria(AMCON).
The takeover followed the payment of all debts owed by the state through the previous administration on behalf of the company.
In a brief ceremony in Abuja to mark the official hand over of Standard Shoes Company to Imo State Government, the Executive Director of AMCON, Mr. Eberechukwu Uneze handed over all the assets, documents as well as the C of O belonging to the company to Gov. Hope Uzodimma.
Mr. Uneze explained that Standard Shoes Company Limited was marked for take over as the company continued to swim in debts running into billions of naira over the years and no government in the state has made efforts to clear either part or the whole debts.
He added expressed happiness that Gov. Hope Uzodimma has paid off the debts which only shows that he means well for his people and ready to industrialise his state.
Gov. Hope Uzodimma in his speech, reiterated that one of the ways to ensure shared prosperity in the state is to industrialise the state which will further create employment for youths and bring about development.
He maintained that his administration will continue to ensure that state owned companies that were illegally sold off or privatised by previous administrations will be recovered.
He added that he will work towards attracting investors that will help set up more companies through their investment as it will boost the economic growth of the state.
