AMCON returns Standard Shoe Company Ltd to Imo government

The Assets Management Company of Nigeria (AMCON), which had seized the Certificate of Occupancy (C of O) of Standard Shoe Company Limited, Owerri from previous administrations due to its N1.6 billion debt, returned it to Imo State Government on Friday, giving Imo Governor Hope Uzodinma another victory.

The State Government has been given permission to resume ownership of the Standard Shoe Company Limited, Owerri after paying the N1.6 billion debt/obligation that led to AMCON's receivership of the once-famous shoe firm, according to a statement released on Friday by the Governor's Chief Press Secretary and Media Adviser, Oguwike Nwachuku.

Executive Director, 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.

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.

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.