Friday, April 25, 2025 - In a bold decision, Abia State government has revoked land title and reclaimed the property of Enyimba Automated Shoe Company, ENASCO.
It also said that all State government resources and assets
contributed to the Company would be recovered from the company.
A statement signed by the Chief Press Secretary to Governor
Alex Otti, Ukoha Njoku Ukoha and made available to
journalists, Friday morning, said the decision followed a
comprehensive regulatory, financial and operational review undertaken by reputable
professional service firms, which unravelled significant discrepancies and
corporate governance-related issues within ENASCO.
The statement recalled that ENASCO, with equipment imported
from Turkey and a projected annual production capacity of two million
pairs of shoes, was established in 2020 under the administration of ex-governor
Okezie Ikpeazu with the goal to elevate the State’s leather industry by
producing high-quality footwear for the local and international market.
According to the statement, “Abia contributed significantly
to the company’s assets, including land, buildings, and equipment, with a total
asset contribution estimated at one hundred and fifty eight million, three
hundred and fifteen thousand, eight hundred and nine Naira, sixty kobo.”
“The shareholding structure recorded at the Corporate
Affairs Commission (CAC), as at November 2024 did not reflect Abia State
government as a shareholder or beneficial owner despite its significant
contributions.
“Subsequent changes were made to the shareholding structure
in July 2023, shortly after Governor Alex Otti took office.
“Yet, ABSG was still not mentioned as a shareholder in any
publicly available records at CAC”, the State government disclosed.
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