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

By Mandy Park

Imo state government has finally received back the Certificate of Occupancy (C of O) of the Standard Shoe Company Limited, Owerri from the Assets Management Company of Nigeria (AMCON).
AMCON, seized the shoe industry 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, Uneze, further disclosed 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.

Following this, Imo State government 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.

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, stressing that its recovery and revival would empower thousands of Imo youths as well as help deal with the insecurity in the state.

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

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