REPORTER: PEACE AGBO
Abia State government has acquired the moribund Star paper Mill Company all in Aba and Owerrinta from the Asset Management Corporation of Nigeria AMCON for revitalization.
Speaking at the official handover paper from the Asset Management Corporation of Nigeria at the Government House Umuahia Governor Alex Otti said takeover of the paper mill would help providing hundreds of direct and indirect jobs, solve vast industrial potential and reposition Abia as a vibrant manufacturing hub.
The Governor who explained that the Paper Mill had previously been sold under questionable circumstances with parts of the agreement breached, said before its closure, Star Paper Mill employed over 1,000 people directly and more than 5,000 indirectly.
He reiterated the commitment of the state government to bringing the moribund Star Paper Mill , Ogwe Golden Chicken, Aba textile Mill amongst others back to life stressing that that prospective investors were readily available to partner with the State Government in reviving the once-vibrant companies.
Earlier, the Executive Director, Asset Management of AMCON, Dr Aminu Mukhtar Dan’amu, applauded the Abia State Government for its commitment to acquiring the companies.
He noted that the Factory would strengthen the local supply chain, boost household incomes, improve the State’s Gross Domestic Product (GDP) and encourage ancillary businesses across Abia.
In his remarks, the Commissioner for Industries and SMEs, Mazi Mike Akpara announced that the State Government paid ₦2.5 billion naira for the acquisition of Star Paper Mills Limited in Aba and Owerrinta and made an initial ₦500 million deposit for Afro Beverages Limited also in Aba.
