The Abia Government says it has revoked the land title and taken steps to reclaim the assets of the Enyimba Automated Shoe Company (ENASCO) in Aba, Abia’s commercial hub.Mr Ukoha Njoku, the Chief Press Secretary to Gov. Alex Otti, disclosed this in a statement made available to newsmen in Umuahia on Friday.

Ukoha stated that the decision to revoke the land title “followed a comprehensive regulatory, financial and operational review undertaken by reputable Big Four professional service firms”. He further stated that the firms “unravelled significant discrepancies and corporate governance-related issues within ENASCO.“ENASCO was established in 2020, under the administration of ex-Gov. Okezie Ikpeazu with equipment imported from Turkey and had a projected annual production capacity of two million pairs of shoes.“The goal was to elevate the state’s leather industry by producing high-quality footwear for the local and international market.“The Abia State Government (ABSG) contributed significantly to the company’s assets, including land, buildings, and equipment,” the CPS added.According to him, the Abia Government made a contribution estimated at over N158 million in assets and cash contributions of about N41.9 million to the shoe factory.“These contributions from public resources represented over 70 per cent of the cash and assets contributed to the business to date,” he added.Ukoha, however, noted that although ABSG had the highest shares in ENASCO, “its shareholding structure at the Corporate Affairs Commission (CAC), as at November 2024, did not reflect Abia as a shareholder or beneficial owner”.He argued that changes were made to the shareholding structure in July 2023, shortly after Otti took office, yet, ABSG was still not mentioned as a shareholder in any CAC document.Ukoha stated: “The shareholders on the CAC record as of April 3 are Nwakile John Chidi, Udeagbala John Chinyelu, Nwaogu Chinenye, Sam Hart and Macauley Atasie.“Five of them had 445,900 shares, 219,600 shares, 111,500 shares, 111,500 shares, and 111,500 shares, respectively.“This demonstrated a clear intention to covet and misappropriate government investment and assets.Ukoha further stated that ENASCO’s financial performance showed a consistent decline in revenue and significant retained losses, amounting to N115.7 million as at October 2024.He explained that the company also relied heavily on deposits for shares to fund its operations, which grew to N88.9 million within the period under review.“There is sufficient evidence of lack of a Corporate Governance Framework, Board Charter, statutory audits, and compliance with tax obligations in ENASCO’s management,” he stated.He further noted a clear evidence of the utilisation of funds, amounting to N97,7 million from shareholders’ deposits, without proper documentation or validation of expenses.Ukoha argued that “in the light of the aforementioned issues, the ABSG convened an all stakeholders’ meeting on April 23 to address the concerns highlighted in the report.“The primary focus was the lack of ABSG representation in ENASCO’s shareholding and on the Board of Directors, despite the huge contribution of public funds and assets to ENASCO.“Unfortunately, the meeting ended with the acclaimed existing shareholders resisting to restructure the company’s shareholding to reflect ABSG’s contributions.“They also refused to accept the appointment of Directors to represent ABSG’s interest on the board,” Ukoha further stated.He contended that the posture of the alleged shareholders was not only untenable but ridiculous.He stated that it was “unacceptable that despite the overwhelming financial and asset contributions made by ABSG to the company, the state does not hold a single share in ENASCO”.He added that government’s action toward reclaiming the company was to ensure accountability and protect public interest.Ukoha explained that, in addition to what has been done, the government had decided to take legal actions to recover any additional funds or assets misappropriated by ENASCO’S management.“The ABSG is committed to ensuring transparency, accountability, good and corporate governance in the management of public assets held under its custody in trust.“The irregularities observed and shareholders unwillingness to remediate ABSG’s concerns had resulted in government taking the necessary steps to revoke the land title to reclaim the state’s assets and resources,” Ukoha added.He further stated that the state acted to protect the interest of its citizens and that government would continue to create conducive environment for businesses and genuine investors to thrive. (NAN)

Maj.-Gen. Usman Yusuf on Friday assumed duty as the 58th Commander, Infantry Corps l, Nigerian Army at the Jaji Military Cantonment, Kaduna.Report says that prior to his latest appointment, he was the Directo-General, Land Forces Simulation Centre, Nigeria.Yusuf is a member of the Regular Course 39 of the Nigerian Defence Academy.

He took over from Maj. -Gen. Abdul Ibrahim, who was posted to the Nigerian Defence Academy as the new Commandant. In his remarks, the new commander appealed for maximum support to achieve the desired results.He said the expectation of Nigerian had not been different from what it has been, which has been to bring all the crises in the country to a logical conclusion.Yusuf said the infantry, being the largest corps of the Nigerian Army, forms chunks of the fighting force.“We are charged with the responsibility of winning all land battles in favour of Nigeria. We will do our best to bring peace to the country,”he said.Yusuf charged the troops to look at the body language of the Chief of Army Staff.“There is a lot of change and the army chief is very passionate about winning the war and along that line, he has increased the ration cash allowance of troops in operations by 100 per cent.“That shows how he cares about troops welfare to motivate them to fight. We want them to be motivated along that line and finish the battle quickly,”he said.Earlier, the outgone commander, Maj.-Gen. Abdul Ibrahim, expressed gratitude to the Almighty God, the Chief of Army Staff (COAS), and other senior officers for the opportunity given to him to command the corps.He appealed for maximum support to the new Commander .Ibrahim highlighted efforts made during his tenure, which included making the corps more cohesive and mission-oriented, prioritising the welfare of Infantry personnel and appointing officers to key positions.He emphasised the COAS’s commitment to troops’ welfare, citing the recent 100 per cent increase in Ration Cash Allowance (RCA) and instructing units to improve feeding quality and prioritise troops’ welfare.Ibrshim said the corps was evolving new strategies to enhance operational competence and reviewing the Nigerian Army School of Infantry’s training curriculum to address contemporary security challenges.He welcomed the new commander and expressed confidence in his ability to lead the cirps to greater heights.The outgoing commander appreciated the COAS for executing some intervention projects and the Chief of Defence Staff (CDS) for his strategic guidance and support.(NAN)

The Nigerian Army has dismissed an advertisement in circulation purporting recruitment into the Direct Short Service Commission (DSSC) and Short Service Commission (SSC).The Acting Director, Army Public Relations, Lt.-Col. Appolonia Anele, in a statement on Saturday said the advertisement was fake and did not emanate from the army.

Anele said the army had not commenced recruitment or commissioning exercise for DSSC or SSC for the year. She urged members of the public to disregard the fake advertisement.Anele said the public would be duly informed through official channels whenever such recruitment exercises were scheduled to begin.“The Nigerian Army warns all to be cautious and avoid falling prey to fraudsters who exploit such fake information to deceive and defraud unsuspecting individuals.“Anyone with information about such fraudulent activities or individuals should promptly report to the appropriate authorities for necessary action,” Anele said.(NAN)