The Imo State Government has taken over the ownership of Imo State Standard Shoes Company Limited from 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 handover of Standard Shoes Company to the Imo State Government, AMCON Executive Director Mr. Eberechukwu Uneze handed over all assets, documents as well as the C of O owned by the company of Governor Hope Uzodimma.
Mr Uneze explained that Standard Shoes Company Limited was about to be taken over as the company continued to swim in debts amounting to billions of naira over the years and no state government had made efforts to clear some or all of the debts.
He added that he expressed his joy that Governor Hope Uzodimma has paid off his debts, which only shows that he means well for his people and is ready to industrialize his state.
Governor Hope Uzodimma in his speech reiterated that one of the ways to ensure shared prosperity in the state is to industrialize the state which will create more jobs for the youth and foster development.
He said his administration will continue to ensure that state-owned companies that were illegally sold or privatized by previous administrations are recovered.
He added that he will strive to attract investors who will help create more businesses through their investment as this will boost the economic growth of the state.