The Asset Management Corporation of Nigeria (AMCON) has officially handed over the moribund Star Paper Mill to the Abia State government. The ceremony took place at the Government House in Umuahia, marking a significant milestone in the state’s effort to revive its industrial sector.
Governor Alex Otti said the recovery aligns with his administration’s campaign promise to rejuvenate idle industries such as the Star Paper Mill, Aba Textile Mills and Ogwe Golden Chicken. He emphasized that reviving the mill is expected to create about 3,000 jobs and attract private‑sector investment once fully operational.
The Star Paper Mill had previously been sold under questionable circumstances, with parts of the agreement breached. Governor Otti’s intervention, in cooperation with AMCON, led to the asset’s recovery and the refund of the payment made by the company that bought it. He also disclosed that payment for Afro Beverages, another AMCON‑held industrial facility, is ongoing and should be completed in the coming weeks.
Abia State Commissioner for Industry and SMEs Michael Akpara revealed that the state government has concluded the acquisition of Star Paper Mills Ltd in Aba with a ₦2.5 billion payment, and an initial ₦500 million deposit has been made to AMCON for Afro Beverages Limited, Aba.
AMCON Executive Director Aminu Mukhtar Dan’amu noted that the factory fell into disuse due to financial distress but expressed optimism that its re‑acquisition by the Abia State government is a significant milestone in industrial development.
The handover of the Star Paper Mill is a positive development for the state’s economy, expected to boost employment and attract investment. With the government’s commitment to reviving the industrial sector, Abia State is poised for significant economic growth in the coming years, and the successful recovery of the mill serves as a model for reviving other dormant industries in the region.
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