The Assets Management Company of Nigeria (AMCON) on Friday returned to Imo State Government the Certificate of Occupancy (C of O) of Standard Shoe Company Limited, Owerri which it seized from past administrations as a result of N1.6 billion indebtedness.
Consequently, the government of Imo State under Governor Uzodimma has 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.
At a brief ceremony in Abuja office of AMCON on Friday, the Executive Director, Mr. Eberechukwu Uneze said the return of the C of O to Governor Uzodimma was an indication that the assets and liabilities of the Standard Shoe Company Limited had been returned to the state.
He acknowledged the liquidation of the N1.6 billion indebtedness by Governor Uzodimma and appreciated him for his commitment and efforts towards recovering the company.
Earlier, the governor thanked the management of AMCON for believing in his ability to put the Standard Shoe Company Limited on the path of productivity once again, noting that its recovery and revival will take thousands of Imo youths out of the street and also help to deal with the issues around insecurity.
Governor 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.