Abia State Completes Acquisition of Afro Beverages

The Abia State government has finalized the acquisition of Afro Beverages from the Asset Management Corporation of Nigeria (AMCON), a significant step in its industrial revival agenda, as disclosed by Governor Alex Otti on February 3. Afro Beverages is among five moribund industries identified for revival to enhance manufacturing output and create jobs within the state.

Governor Otti stated that the acquisition process has been concluded, and potential investors have already been engaged to restore full operational capacity and ensure the company's viability. The state government previously announced plans to revive five dormant industries located in Aba, the state’s commercial hub, including Star Paper Mill and a textile mill.

The acquisition of Afro Beverages follows the successful repossession of Star Paper Mill, which was facilitated through a buyback arrangement valued at N2.5 billion, with an additional N500 million paid during negotiations. Otti also revealed plans for a Small and Medium Enterprises (SME) Village Innovation Hub in Aba to support local entrepreneurs.