Imo govt pays N1.6b debt, regains ownership of Standard Shoe Company from AMCON


Governor Uzodimma (left) receiving the C of O from Uneze.

By Valentine Amanze

The Assets Management Company of Nigeria (AMCON) has finally returned to Imo State government the Certificate of Occupancy (C of O) of the Standard Shoe Company Limited, Owerri, which it seized several years ago following the state’s inability to off-set the company’s N1.6 billion debt.

The Executive Director, AMCON, Mr. Eberechukwu Uneze, disclosed this, while giving the certificate to the Imo State Governor, Hope Uzodimma, in Abuja on Friday.

In a statement issued by the governor’s media aide, Oguwike Nwachuku, the AMCON chief, Uneze, further explained that the return of the C of O to Governor Uzodimma was an indication that the assets and liabilities of the Standard Shoe Company Limited was been returned to the state after the payment of the debt.

Consequently, the government of Imo State had been authorised to resume ownership of the Standard Shoe Company Limited, Owerri having cleared the N1.6 billion debt/obligation that preceded AMCON’s receivership of the once popular shoe firm.

Besides, Governor Uzodimma thanked the management of AMCON for believing in his ability to put the Standard Shoe Company Limited on the path of productivity again, noting that its recovery and revival would empower thousands of Imo youths and also help deal with the insecurity in the state.

Uzodimma recalled the several negotiations between his government and AMCON that culminated into the payment of what Imo State was said to be owing and the final hand over of the Standard Shoe Company Limited, noting that his 3-R mantra of rehabilitation, reconstruction and recovery are real and in the interest of the people.


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