Governor Hope Uzodimma, has recovered the Standard Shoe Company Ltd., from the Asset Management Corporation of Nigeria (AMCON) by defraying the huge debt.

Commissioner for Commerce and Industry, Simon Ebegbulem, confirmed this to newsmen, yesterday.

The company, which had been under lock and key for over 20 years was established by the administration of the late governor, Sam Mbakwe.

The company went moribund following inability to source for its working capital in 1992. However, the company, in 2010 borrowed N760 million from a new generation bank.  Following its failure to off set the loan, AMCON sued the government in 2011 and got a Federal High Court judgement which sealed the company which is one of the prized assets of the state.

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Previous administrations in the state failed to pay off the debt until last week when the governor paid the debt.

According to Ebegbulem, “I am glad to inform you that our Standard Shoe Company is back. Governor Uzodimma had paid off the debt owed to AMCON and all necessary documents relating to the company has been returned to the Imo State Government.

“Last Monday, the representatives of AMCON returned the keys of the company to the state government. We are working seriously to get some investors in Italy to come and run the company.

“This has shown the commitment of the governor in revamping all the moribund industries in Imo State to create jobs for our youths. Very soon, also, Nsu Tiles will come back to life. The governor is working day and night to see these industries built by Mbakwe come back to life,” he said.