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)
The senator representing Edo North, Adams Oshiomhole, has defended his call for the nationalisation of MTN and other South African-owned companies operating in Nigeria, saying the country must prioritise the lives of its citizens over foreign investment.
He made the call on Tuesday during an interview on Arise News, where he reacted to renewed xenophobic attacks against Nigerians in South Africa.
Recall that Oshiomhole, speaking last week on the floor of the Senate, said Nigeria must respond firmly to protect its citizens, stressing reciprocity in international relations.
His words, “I am aware that MTN is quoted, and therefore Nigerian shareholders can hold on, but we take away the South African rights,” he said.
Oshiomhole further proposed that the FG could nationalise affected companies, including financial institutions, and later re-privatise them under Nigerian control.
“And because of the issue… you nationalise, and then you re-privatise it so that Nigerians can take it over, and the profit they are taking out of Nigeria will be retained here. There will be no South African share in it,” he added.
Oshiomhole also claimed that South African authorities only responded meaningfully after diplomatic pressure from Nigeria, though he did not provide evidence for the assertion.
“Thereafter, President Ramaphosa came out clearly to condemn the attack on Black people. He didn’t do that until I attacked his interests,” he said.
He insisted that human life must take priority over economic considerations, arguing that investment should not come at the cost of Nigerian lives.
“If anything leads to the death of Nigeria, what is the value of wealth to the dead? We don’t want investors who invest at the expense of human blood. Even in my poverty, I value my life,” he said.
“Life is more important; we don’t want investors who invest at the expense of human blood. If you need Nigerian blood to service and you don’t care about Nigerian human blood because you want to attract investors, even in my poverty, I value my life.”
The former governor linked his position to what he described as repeated attacks on Nigerians in South Africa, alleging that justice had not been served in previous incidents.
“When a country, for the first time, killed Nigerians, they got away with it. The second time, they killed Nigerians; they got away with it. Third time, they killed Nigerians; they got away with it,” he said.
He added, “Under Buhari, there was an agreement. They broke it. They are killing Nigerians. Nobody is in prison for murder, or extrajudicial murder.
“You are talking about law. Is there no law protecting the life of foreigners who live in your country? Even if they were there illegally, there are legal ways to repatriate them, to deport them,” he said.
The United Kingdom has taken widespread action and imposed sanctions against a shadowy network of traffickers, foreign recruiters and drone suppliers blamed for Moscow’s war in Ukraine and allegedly trafficking vulnerable Nigerians and other nationals to fight in Ukraine.
The UK government on Wednesday said 35 individuals and entities linked to what it described as a “barbaric pipeline” that lures desperate migrants with false promises, only to funnel them into frontline combat or forced labour in Russia’s expanding drone factories have been severely sanctioned.
UK officials noted that recruiters allegedly tied to the Russian have been targeting citizens from countries including Nigeria, Egypt, Iraq and Ivory Coast—offering jobs, education or migration pathways—but ultimately deploying victims to Ukraine under harsh, often deadly conditions.
The notorious Alabuga Start programme, is linked to a sanctioned Russian entity that allegedly channels foreign recruits into drone manufacturing hubs and reports said that in some instances vulnerable Nigerians and nationals of others countries unfortunate to be recruited are sent directly to the battlefield with little or no training and effectively used as “cannon fodder,” according to UK authorities.
“This is exploitation at its most brutal,” UK official Stephen Doughty said, describing the networks as both predatory and integral to sustaining Russia’s war effort. “We are exposing and dismantling the pipelines that traffic vulnerable people and feed illicit components into Putin’s drone factories.”
The sanctions also strike at the technological backbone of Russia’s escalating aerial assaults, a statement from the UK High Commission in Abuja said.
Among those listed is Pavel Nikitin, whose company produces the VT-40—one of the low-cost, mass-produced drones increasingly deployed in attacks across Ukrainian cities. The urgency of the action is underscored by a sharp escalation in drone warfare, the statement added.
In March 2026, Russia reportedly launched more than 200 drones per day—the highest rate since the war with Ukraine began—intensifying strikes on civilian areas and critical infrastructure. Security analysts warn that Moscow’s reliance on cheap, high-volume drone production has reshaped the battlefield and prolonged the conflict.
Nigerian authorities are reportedly disturbed over the alleged role of Polina Alexandrovna Azarnykh, identified as a central figure in coordinating the movement of foreign recruits into Russia before their deployment to Ukraine. British officials also said some of those recruited have already died.
British Deputy High Commissioner in Abuja Gill Lever confirmed that Nigerians have been directly affected, warning that the schemes deliberately prey on economic vulnerability.
“These sanctions shine a light on those exploiting innocent Nigerians to sustain an illegal war,” she said, noting that many victims were misled into believing they were securing legitimate opportunities abroad.
Her comments came about following recent warnings by Nigeria’s Ministry of Foreign Affairs, which had warned Nigerian citizens against suspicious overseas job offers linked to the conflict.
The Federal High Court in Abuja has ordered the interim forfeiture of nine properties linked to the former Minister of State for Petroleum Resources, Timipre Sylva, to the Federal Government.
Justice Obiora Egwuatu made the order after the Economic and Financial Crimes Commission counsel, Oluwaleke Atolagbe, moved an ex parte motion to the effect.
Our correspondent reports that though Justice Egwuatu delivered the ruling on April 24, the enrolled order was sighted on Wednesday, May 6.
The affected assets are located across high-value areas in Abuja.
They include four blocks of terraces at Dakibiyu; a duplex with penthouse and office complex at No. 3, Niger Street, MStreet; one standalone duplex at Villa 1, Unit 1, Palm Springs Estate, Mpape; and a block of flats with 10 units of flats at No. 8, Sefadu Street, Wuse Zone 4, Abuja.
Others are blocks of flats with six units of flats at No. 1, Mubi Close, Garki, Abuja; two blocks with 12 units of flats at Plot 1181, Thaba Tseka Crescent, Wuse II, Abuja; one standalone duplex at No. 18, Nile Lake, Plot 1271, Maitama, Abuja,
The ninth property is a two-block building, which is currently occupied by the National Information Technology Development Agency, and is located at No. 5, Aguta Street, Garki, Abuja.
The judge said: “It is hereby ordered as follows: An interim order of this honourable court is made forfeiting the properties listed in the schedule attached herein, being properties suspected to be proceeds of some unlawful activities pending the publication and hearing of the motion on notice for final forfeiture order of the said properties.
“An order of this honourable court is made directing the publication of the interim order under order (1) above for anyone who is interested in the property to appear before this honourable court to show cause within 14 days why the final order of forfeiture should not be made in favour of the Federal Government of Nigeria.”
Justice Egwuatu also granted the EFCC’s request that the publication of the order shall be made in any two of the following newspapers: Thisday, Guardian, PUNCH, Vanguard, Tribune or Independent Newspapers within seven days from the receipt of the certified true copy of the order.
The judge then adjourned the matter until May 25 for a report of compliance.
The commission had, in the suit marked: FHC/ABJ/CS/607/2026, filed the application under provisions of the Advance Fee Fraud and Other Related Offences Act, 2006.
Moving the motion, Atolagbe sought an interim order, forfeiting the properties to the Federal Government pending the publication and hearing of the motion on notice for a final forfeiture order of the said properties.
He said the properties were suspected to be proceeds of some unlawful activities.
The lawyer urged the court to direct the anti-graft agency to make the publication of the order in any national newspaper for anyone who is interested in the properties to show cause within 14 days why the final order of forfeiture should not be made in favour of the Federal Government.
Our correspondent reports that Sylva, a former governor of Bayelsa State, has also been mentioned in connection with an alleged failed coup plot against President Bola Tinubu, though he has not been formally charged in that case and is reportedly still at large.