The Abia State Government has finalised the acquisition of Afro Beverages from the Asset Management Corporation of Nigeria (AMCON), marking another step in its industrial revival agenda.
Governor Alex Otti disclosed the development on Friday during the February edition of his monthly media parley at the Government House in Umuahia.
Afro Beverages is among five moribund industries identified by the administration for revival as part of efforts to boost manufacturing output and create jobs in the state.
Speaking at the briefing, Otti said the government had concluded the acquisition process and was already engaging potential investors.
According to the governor, the objective is to restore full industrial operations, generate employment and ensure that the companies remain viable under professional management.
Backstory
The state government had earlier announced plans to revive five dormant industries, most of them located in Aba, the state’s commercial hub.
They include Star Paper Mill, Textile Mills, International Equitable Associates, Afro Beverages and Ogwe Golden Chicken.
At the start of the current administration, a policy was introduced to bring abandoned industries back to life and reposition the state as a manufacturing hub.
The government previously completed the repossession of Star Paper Mill, Aba, from AMCON through a buyback arrangement valued at N2.5 billion.
In addition, N500 million was paid during initial negotiations to facilitate the takeover and revival of Afro Beverages.
Beyond the acquisition, Otti announced the approval of an SME Village and Innovation Hub in Aba to support small and medium-scale enterprises.
He said the hub would serve as a centre for productivity, innovation, and technology services, including the sale and repair of computers and mobile phones.
According to him, the project will strengthen the capacity of local entrepreneurs, with planned collaboration involving the Export Group Lab at Ogbonnaya Onu Polytechnic.
On electricity, the governor revealed that efforts were underway to restore power supply in Ohafia, Bende and Ukwa East local government areas.
He added that the state was considering acquiring a majority stake in EEDC to enable electricity wheeling from Geometric Power into Umuahia, following a similar transition by the Etche Community in Rivers State from Port Harcourt DisCo to Geometric supply.
He added that the state was considering acquiring a majority stake in EEDC to enable electricity wheeling from Geometric Power into Umuahia, following a similar transition by the Etche Community in Rivers State from Port Harcourt DisCo to Geometric supply.
In December last year, Abia State enacted a new law designed to position the state as a technology and innovation hub in southeastern Nigeria.
The administration is also developing plans to introduce electric buses as part of a broader strategy to promote cleaner urban transportation and modernise the state’s economic infrastructure.