By Deborah Nnamdi
The Abia State Government has finalised the acquisition of Afro Beverages from the Asset Management Corporation of Nigeria, marking another milestone in its industrial revival programme.
Governor Alex Otti disclosed the development on Friday during the February edition of his monthly media parley at the Government House in Umuahia, stating that the acquisition process had been concluded and the state had begun receiving expressions of interest from prospective investors.
Afro Beverages is one of five moribund industries identified by the administration for revival as part of efforts to boost manufacturing output and create jobs across the state.
“The State Government has completed the acquisition of Afro Beverages from Asset Management Corporation of Nigeria and begun receiving expressions of interest from prospective investors. Similar investor interest is being recorded for Star Paper Mill in Owerrinta, because we prefer competent private sector operators to manage the firms sustainably,” the governor said.
He explained that the objective of the acquisition is to restore full industrial operations, generate employment and ensure long-term viability of the companies under professional private sector management.
The state government had earlier announced plans to revive five dormant industries, most of them located in Aba, the commercial hub of Abia. They include Star Paper Mill, Textile Mills, International Equitable Associates, Afro Beverages and Ogwe Golden Chicken.
As part of the broader industrial strategy, the government previously completed the repossession of Star Paper Mill in Aba from AMCON through a buyback arrangement valued at N2.5 billion. It also paid N500 million 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 aimed at supporting 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. He added that land has already been acquired for the initiative as part of the government’s commitment to supporting SMEs in the state.
On power supply, the governor revealed that efforts are underway to restore electricity in Ohafia, Bende and Ukwa East local government areas. He said the state is also 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, the state enacted a new law aimed at positioning Abia as a technology and innovation hub in the South-East. The administration is also developing plans to introduce electric buses as part of efforts to promote cleaner urban transportation and modernise the state’s economic infrastructure.
