₦airaland Forum

Abia State Governor, Dr. Alex Otti, has announced the successful completion of the state government’s acquisition of the long-defunct Star Paper Mills Ltd in Aba, signaling a determined effort to return the factory to profitability, productivity, and large-scale employment generation. The state concluded the acquisition from the Asset Management Corporation of Nigeria (AMCON) with a final payment of N2.5 billion.

Governor Otti confirmed the landmark deal during the formal handover ceremony of the asset by AMCON at the Banquet Hall of the Government House, Umuahia. Established in 1976 by the late Abia entrepreneur Chief Nnanna Kalu, the factory was once a significant source of livelihood, providing thousands of jobs before its subsequent collapse into disuse.

The recovery of the asset, according to sources, became necessary after the company was previously sold under controversial circumstances, with alleged breaches of the sales agreement. The current administration’s intervention, in cooperation with AMCON, facilitated the successful recovery, with AMCON reportedly refunding payments made by the previous buyer.

Governor Otti stated that the acquisition aligns perfectly with his campaign pledge to revive moribund industries, specifically listing Star Paper Mills, Aba Textile Mills, Ogwe Golden Chicken, and International Equitable as priority targets. He promised that once operational, the factory is projected to generate between 3,000 and 5,000 direct and indirect jobs while attracting crucial private sector investment.

Further broadening his industrialization agenda, the governor disclosed that payment for Afro Beverages Ltd, another industrial facility under AMCON, is expected to be finalized within the coming weeks. He noted that prospective investors are already lined up to partner with the state in revitalizing these companies. Governor Otti clarified the government’s approach, saying, “The government’s role is to de-risk investments and attract capable private sector operators.” He then challenged the organized private sector, represented by the Umuahia and Aba Chambers of Commerce, to assume responsibility for running the revived industries efficiently.

Mazi Mike Akpara, the Commissioner for Industry and SMEs, hailed the handover as a pivotal moment in Abia’s industrial resurgence, emphasizing that bringing these factories back to life will significantly boost the state’s Gross Domestic Product and alleviate unemployment. AMCON Executive Director, Dr. Aminu Mukhtar Dan’amu, praised the governor’s commitment during the ceremony, describing Star Paper Mills as “an icon woven into the history of Abia State and Nigeria.” The handover event was witnessed by leaders of the Aba and Umuahia Chambers of Commerce, alongside senior government officials

Redlynx:
[url] https://easternnewsdaily.com/abia-state-acquires-star-paper-mills-for-n2-5-billion-governor-otti-vows-to-create-thousands-of-jobs/[/url]

unclejb2:
Otti means business. May anything that sounds like Orji, Ikpeazu or Kalu never happen to that state again ever

richiemcgold:
I've been saying this for years that we need to revive our paper mill industries. A country like Nigeria has no business importing papers from china, Thailand and south Africa. This is no doubt a good news for those of us in printing and publishing industry.

Next to be revived should be our moribund textile companies.

christejames:
The People's Governor is working




Watch as Abia state becomes one of the most developed and industrialized region in the continent in no distant time...

3ice9ce:
Because of 2.5B?

Okay.
How much is Abia paying as minimum wage?
Is Abia owing salary arrears?

Nextjs:
He is working indeed. If we could have such as president then Nigeria can be better

Nextjs:
He is working indeed. If we could have such as president then Nigeria can be better

Hightablevoice2:
It makes me happy whenever I read something like this.. no matter how bad the country be, there are still people who are committed to making it work. Even if na just 100 people e go employ, at least 3 of those people will be able to stabilize their own life and possibly maybe empower another hundred people. Kudos to him for the acquisition.

Jakpon:
Importation of large volume of cheap finished paper killed the Paper and Pulp industry in Nigeria

Jakpon:
This is the crux of the matter. The textile industry cannot be revived without banning the importation of textiles from china.

The problem therein is that those who are mostly into this import business that actually k!lls local production are people from the Governors region. They would be the first persons to start crying about marginalisation jf the FG attempts to ban import of cheap textiles from Asia

richiemcgold:
I've been saying this for years that we need to revive our paper mill industries. A country like Nigeria has no business importing papers from china, Thailand and south Africa. This is no doubt a good news for those of us in printing and publishing industry.

Next to be revived should be our moribund textile companies.

billyG:
Can government run any commercial venture successfully.

unclejb2:
Otti means business. May anything that sounds like Orji, Ikpeazu or Kalu never happen to that state again ever

anonimi:
Neo-black Problem: Must Blacks Be Ruled by Whites in Order to Prosper?

In short, the neo-black dilemma may be framed as follows: is it better to live under white rule without political dignity but with basic life-sustaining standards for many;

or to live under black rule with illusory political dignity and without basic life- sustaining standards for the majority?
@
@
The path forward for Africa lies in cultivating higher and adequate levels of personal and communal agential integrity as well as full personal responsibility and productivity. Not to mention creativity (including epistemic creativity), productive justice (such as merit and freedom), harmony and reconciliation at local and international levels, and a proper domestication of capitalism and other related values and institutions.

Africa must stop wasting her time on dreams of socialism because it is a system of wealth distribution primarily. Whereas, capitalism is a system of wealth creation primarily, and wealth has to be produced before it can be distributed.

https://www.thisdaylive.com/index.php/2024/10/12/neo-black-problem-must-blacks-be-ruled-by-whites-in-order-to-prosper/

unclejb2:
Otti means business. May anything that sounds like Orji, Ikpeazu or Kalu never happen to that state again ever

Jakpon:
Importation of large volume of cheap finished paper killed the Paper and Pulp industry in Nigeria

kabillion:
Alex Otti is a fraud. Everything about that two left eyed failure is propaganda. Abia is gone