By: Imo Thomas -Umuahia.
The Abia State Government, has revoked the land title granted to Enyimba Automated Shoe Company (ENASCO) and moves to reclaim all Abia State Government resources and assets contributed to the Company.
The revocation order and the moves to reclaim the assets of the company was contained in a press release signed by the chief press secretary to the Governor of Abia state, Ukoha Njoku and made available to our reporter in Umuahia on Friday.
The release said that the decision to revoke the land title and the assets of the company,followed a comprehensive regulatory, financial and operational review undertaken by reputable Big Four professional service firms, which unravelled significant discrepancies and corporate governance-related issues within ENASCO.
Based on the governance irregularity structures discovered, Abia government directed the immediate revocation order to ensure accountability and protect public interest and equally set to take appropriate legal actions to recover any additional funds or assets misappropriated by the management of the company.
“Abia State Government 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 the unwillingness of the existing shareholders to remediate the concerns of Abia State Government have resulted in ABSG taking the necessary steps to revoke the land title and to initiate moves to reclaim the State’s assets and resources to protect the interest of the State and her citizens.
“The Abia State Government will continue to create conducive environment for businesses, genuine investors and investments that adhere to the highest standards of integrity and corporate governance as part of the Government’s sincere commitment and drive to resuscitate moribund industries in the State,”the release stated.