IMO GOVT RECOVERS TWO FACTORIES FROM NDIC

Two defunct State-owned factories which were formerly sold out to the Nigeria Deposit Insurance Company (NDIC) were on Monday, recovered by the Imo State government after many years for non-productivity.

The factories are Resin Paints Industry in Aboh Mbaise and Paper Packaging Industry Limited in Owerre-Mbieri .

Speaking during the handing over ceremony at the Imo Trade Investment Centre in Owerri, Governor Okorocha said the NDIC was at the verge of selling the factories out to prospective buyers before the State government bought them.

According to him, the two factories are among the legacies left by the late Governor Sam Mbakwe’s administration.

He expressed hope that the recovery would generate employment opportunities for the youths in the State and also increase the State’s internally generated revenue when full operations begin in the factories.

Speaking to journalists at the occasion, a representative of the NDIC, Obaji Obaji, said that the Imo State government has completed all the transactions, adding that the two factories now fully belong to the Imo State government.

Also present at the occasion is the Chairman of the Imo State Trade Investment Committee, Mr Rex Anunobi, and the State’s Permanent Secretary, Ministry of Industry and Non-formal Sector, John Uzoma,