AMCON hands over Standard Shoe Company Limited to Imo government

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Asset Management Corporation of Nigeria (AMCON) says it has handed over Standard Shoe Company Limited (SSCL), a footwear manufacturing factory, to Hope Uzodinma, governor of Imo.

The company is co-founded by Imo government.

In a statement on Saturday, Jude Nwauzor, head, corporate communications department, AMCON, said the handover ceremony took place at the corporation’s head office in Abuja.

The corporation said the action followed Standard Shoe’s successful liquidation of its indebtedness.

“As part of its strategy to partner, support, and help revitalise businesses in its portfolio over huge debt, in Abuja on Friday, handed over the original title documents of Standard Shoe Company Limited (SSCL), a footwear manufacturing factory co-founded by the Imo State Government to Governor Hope Uzodinma of Imo State,” the statement reads.

“The handover of the asset to the good people of Imo State through their governor followed the full resolution of the indebtedness of Standard Shoe Company Limited to AMCON. Ever since it took over the factory, AMCON had continued the engage the government of Imo State because of the critical impact resuscitating such a massive factory would make in the manufacturing sector of the Nigerian economy.”

The corporation said it had made several efforts to discuss the debt with the previous administrations but did not make any headway until the present administration expressed interest in settling the state’s debt obligations.