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AMCON hands over Star Paper Mill to Abia govt

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The Asset Management Corporation of Nigeria (AMCON), on Friday, officially handed over the moribund Star Paper Mill Limited, Aba to the Abia Government, marking a significant step towards the state’s industrial revival.

Speaking at the brief ceremony in Umuahia, the Executive Director (Asset Management) of AMCON, Dr Aminu Dan’amu commended the State Government for its commitment to acquiring the factory.

Dan’amu said that the factory, which had fallen into disuse due to financial distress, represented more than an asset, describing it as “an icon woven into the history of Abia State and Nigeria”.

He recalled using products from the factory, including exercise books, during his youth and expressed joy that the facility would soon be revitalised under state leadership.

“AMCON does not take over assets to destroy them, but to preserve their value.

“Today, we are proud to transfer this preserved industrial giant to a government committed to revitalisation,” Dan’amu said.

He also said that the factory could restore and create between 3,000 and 5,000 direct and indirect jobs, when revived.

He said that it would strengthen the local supply chain, boost household incomes, improve the state’s Gross Domestic Product, and encourage ancillary businesses across Abia.

He described the acquisition as a “milestone for the state’s industrial development” and pledged to revive the factory to its former glory.

Dan’amu expressed the confidence that the State Government would implement measures to maximise employment and economic opportunities from the factory.

According to him, the revival of the factory aligns with the present administration’s economic master plan.

He further said that the factory, which once supplied products nationwide, also served the local community by providing drinking water through galvanised steel pipelines that exists to date.

Dan’amu said that the handover  underscores the importance of federal-state collaboration in preserving strategic national assets and boosting economic development.

Responding, Gov. Alex Otti expressed his administration’s resolve to revive the factory, promising to create thousands of jobs and attract private sector participation.

Otti described the takeover as a key step in his government’s industrial rejuvenation plan.

He said the factory had previously been sold under questionable circumstances, with parts of the agreement breached.

He said, “The board had to address these breaches, and Star Paper Mill was returned to proper administration for revival.”

He said that before its closure, the company employed over 1,000 people directly and more than 5,000 indirectly.

“Reviving it will create between 3,000 and 5,000 jobs. That, for me, is the ultimate goal – jobs, jobs, and more jobs,” he said.

Otti also said that his government’s role was to de-risk the investment and attract capable private sector operators.

“Our intention is not to run Star Paper Mill.

“We are acquiring to give it to the private sector.

“Leadership is key; without it, even resources fail,” he said.

The governor also disclosed that payment for Afro-Beverages, another industrial outfit under AMCON, was still ongoing and would be completed in the coming weeks.

He said that prospective investors were ready to partner in reviving the company.

Otti expressed gratitude to AMCON for its cooperation and assured it that the government would ensure that Star Paper Mill became profitable, produced goods, and able to generate employment.

Earlier, the Commissioner for Industries and SMEs, Mr Mike Akpara, described the handover of the factory as “the return of life to our industries” and a major milestone in the state’s industrial resurgence.

Akpara said that the State Government had concluded the acquisition of the factory located in Owerrinta and Aba, with the payment of N2.5 billion, while an initial deposit of N500 million had been made for Afro Beverages Limited.

He said that a structured bi-monthly repayment plan of N500 million had been put in place to clear the remaining N3 billion for Afro-Beverages within the 2026 fiscal year.

The commissioner also said that the state was actively engaging stakeholders to reactivate other dormant assets, including the International Equitable Industries, KAN Biscuits, and to complete the Enyimba Hotel as a five-star facility.

He said that the revival of the once-vibrant Aba-based enterprises would boost the state’s GDP, create jobs, and reduce youth restiveness.

Akpara commended the governor for his commitment to industrial development.

He said that the present administration’s vision extends beyond restoring moribund factories to positioning Abia as Nigeria’s renewed industrial hub. (NAN)

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New financial markets facility set to open in Abia

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A forex trading facility is expected to open in Abia State in October, following the 2025 Abia Forex Expo, which organisers said attracted more than 1,500 participants.

The facility is being established by entrepreneur and financial markets personality, Sam Keys, as a platform for financial education, market analysis, trading activities and networking.

According to the organisers, the project followed increased interest in forex trading and other financial market activities among youths and business communities in the state.

The proposed facility will provide a physical location where traders, aspiring investors and other participants can access financial market information, take part in educational activities and interact with others in the sector.

Keys had previously organised the 2025 Abia Forex Expo, which brought together participants interested in forex trading, investment and financial markets.

The new facility is expected to complement such events by providing a permanent location for activities relating to financial market education and trading.

The October opening is expected to attract traders, investors and other individuals interested in learning about the financial markets.

 

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Abia debunks N50,000 akara tax claim

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Abia State Government has debunked reports that akara sellers and other petty traders in the state are being compelled to pay N50,000 as tax, describing the claim as misinformation.

The government also said it had approved the designation of some historical and natural sites as State Monuments and State Natural Monuments, while declaring Aba a Creative and Innovative City.

Commissioner for Information, Prince Okey Kanu, disclosed this on Monday while briefing journalists on the outcome of the State Executive Council meeting presided over by Governor Alex Otti.

Kanu said the historical sites approved as State Monuments include the National War Museum, Umuahia; Ojukwu Bunker, Umuahia; and Government College, Umuahia.

Those designated State Natural Monuments are Ibom Waterfall in Arochukwu and Ulochukwu Cave in Alayi, Bende Local Government Area.

According to him, the designations would strengthen the government’s efforts to preserve the state’s cultural and natural heritage, promote tourism and open up new economic opportunities.

“These sites have been elevated to heritage sites that enhance the state’s tourism potential. With this approval, they are primed to attract recognition as UNESCO Heritage Sites,” Kanu said.

He further disclosed that Aba had been designated a Creative and Innovative City in recognition of its longstanding commercial, industrial and creative significance.

The commissioner said the retrofitting of the Ojukwu Bunker and National War Museum had reached about 80 per cent completion and was expected to be concluded before the end of 2026.

He said the projects would improve the preservation of the sites, enhance visitors’ experience and strengthen their tourism potential.

Kanu also disclosed that the Ministry of Arts, Culture and Creative Economy had received approval to develop the Ibom Waterfall Tourism Corridor in Arochukwu.

He said work had commenced, including grading of access roads to the waterfall, with completion expected before the end of the year.

The commissioner added that the state government had commenced the erection of monuments at strategic locations to preserve Abia’s heritage, honour its heroes and heroines and promote the state’s cultural identity.

He cited a monument being dedicated to the heroines of the 1929 Aba Women’s Riot as one of such initiatives, saying it would celebrate their courage, resilience, resistance and leadership.

No N50,000 tax on akara sellers
On the controversy over alleged excessive taxation, Kanu said there had been no fresh increase in tax rates by the Abia State Board of Internal Revenue, noting that most of the rates being circulated were contained in tax laws enacted in 2020 under the previous administration.

He stressed that the Board could not unilaterally increase tax rates without enabling legislation.

“For starters, these rates are not new. Most of the rates are 2020 tax rates that were introduced by the previous government.

“Let me reiterate that the Board of Internal Revenue cannot raise tax rates without the backing of enabling laws. And no such increases have been introduced by the Abia State Government,” he said.

Kanu explained that demand notices issued by the BIR were provided for under the law, urging taxpayers to comply with relevant tax provisions while assuring that legitimate concerns would be addressed by the appropriate officials.

On the specific claim that akara sellers were being made to pay N50,000, he said: “This is pure fallacy. Nothing can be further from the truth. Akara sellers don’t pay tax or levies. They pay daily tolls. And none can pay N50,000.”

The Chairman of the Abia State Board of Internal Revenue, Mr Uche Elekwachi, corroborated the clarification, saying there was no revenue window under the state’s tax laws requiring akara sellers to pay such an amount.

Elekwachi said the Abia Internally Generated Revenue Service Law establishing the applicable framework was enacted in 2020, before the present administration came into office.

“This whole thing has always been in existence. The Abia Internally Generated Revenue Service Law was enacted in 2020 long before this government came onboard, so we need to make that clarification,” he said.

Gratuity: 2011–2025 retirees next.

On outstanding gratuities owed retired workers, Kanu disclosed that the government had completed payments covering 2001 to 2010 and was preparing for the next batch covering 2011 to 2025.

He said the next payments would commence after the completion of ongoing internal verification and other necessary processes.

The commissioner dismissed claims that the government had only commenced gratuity payments because of pressure from the opposition, explaining that the huge financial commitment involved made payment in batches necessary.

“The payments will be in batches. The funds involved are huge for one balloon payment,” he said.

Kanu also clarified reports suggesting that gratuity payments would continue only until 2031, explaining that such reports are incorrect.

He explained that the State Gratuity Committee had recommended the inclusion of gratuity provisions in the state’s 2026–2031 Medium-Term Expenditure Framework and subsequent annual budgets to ensure that gratuity obligations were systematically provided for and prevent the accumulation of fresh arrears.

“That does not translate to payments being terminated in 2031. As the internal processes and verification of beneficiaries of these payments continue, due payments would still be made in batches,” he said.

He added that the government remained committed to clearing the outstanding liabilities and expressed optimism that the process could be completed earlier than anticipated.

“The conclusion of payment of outstanding gratuities may happen earlier than we ever imagined. Let us therefore wait and see how the next batch of payments will unfold,” Kanu said.

The Commissioner for Arts, Culture and Creative Economy, Mr Matthew Ekwuribe, and the Special Adviser to the Governor on Internally Generated Revenue, Dr Emmanuel Okpechi, were also present at the briefing.

Source: Vanguard.

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‘I have no objection’ – Obi urges UNN to release his academic records

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Presidential candidate of the Nigeria Democratic Congress (NDC) Peter Obi has said he has no objection to the release of his academic records amid reports of a legal action seeking certified true copies of his certificates and other educational documents.

Obi stated this in a statement posted on X on Tuesday, saying he had given consent for the University of Nigeria, Nsukka, to make available his academic records and other official documents relating to his admission and studies, subject to applicable laws.

His statement followed reports circulating on social media concerning a legal action by an individual or group seeking certified true copies of his Bachelor of Arts degree in Philosophy and other academic credentials relating to his admission into the university.

He wrote, “I wish to state clearly that I have absolutely no objection to the release of these records.

“I respectfully request that the University of Nigeria, Nsukka, within the limits permitted by law, make available, upon legitimate request, my academic certificates, records, and other official documents relating to my admission and studies at the University. I equally have no objection to other educational institutions, within and outside Nigeria, which I attended, making my academic records available in accordance with applicable laws and procedures.”

Obi said he believed strongly in transparency and accountability, particularly for individuals seeking public office, but stressed that public scrutiny should be fair, lawful and consistently applied to all presidential candidates.

“As a presidential candidate seeking the trust of Nigerians to lead our country, I welcome legitimate public interest in my background, qualifications, and record. I am prepared to subject myself to the level of scrutiny that should reasonably be expected of anyone seeking the highest office in our country,” he said.

Obi said candidates seeking the nation’s highest office should be willing to subject themselves to reasonable scrutiny and demonstrate that they had nothing to conceal from the people they sought to serve.

He subsequently challenged other presidential candidates to make their educational qualifications and relevant records available for public scrutiny.

“Doing so should not be regarded as an inconvenience or an attack. Rather, it is an opportunity to strengthen public confidence, promote accountability, and rebuild the trust of Nigerians in those who seek to govern them,” he said

Obi added that transparency, integrity and accountability should begin with those seeking to lead the country.

“I therefore welcome the scrutiny of my academic background and remain committed to the principle that those who ask Nigerians for their trust must also be willing to earn that trust through openness and accountability,” he added.

 

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