ENASCO Saga: Management Reacts, Denies Withholding Abia Government’s Shares, Calls Revocation Hasty and Unfair | #NwokeukwuMascot

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The Directors and Management of the Enyimba Automated Shoe Company (ENASCO) have described as hasty and unjust the Abia State Government’s decision to revoke its land title and reclaim the company’s assets.



In a statement signed by the company’s legal representative, Barrister C.C. Atasie, ENASCO argued that the government’s action appeared to be based on misinformation and does not reflect the true state of engagements between the parties.



The company’s response comes on the heels of an announcement issued by Ukoha Njoku Ukoha, Chief Press Secretary to Governor Alex Otti, wherein the Abia State Government declared it had revoked the land title granted to ENASCO following a financial and operational review conducted by a “Big Four” audit firm. The audit reportedly uncovered significant discrepancies, mismanagement, and corporate governance issues within ENASCO.




However, ENASCO, in its rebuttal, stressed that negotiations between the company and the Abia State Government were still ongoing, and both parties were 12 days away from the deadline imposed by government officials to amicably resolve the issues.




The company maintained that it has never denied the Abia State Government’s allotted shares, contrary to the impression created by the government’s public statement.


“This has been a subject of discussion between the Government and the Directors. While government representatives requested for a higher stake, the Directors consistently emphasized the importance of maintaining a private-sector-driven ownership structure,” the statement read.


The management further explained that discussions regarding the restructuring of shareholding had reached an advanced stage, with both parties agreeing in principle to a reasonable adjustment aimed at reflecting the government’s interest while preserving private sector dominance for operational efficiency.


“Since the ongoing discussion is centered on restructuring the shares, and the Directors have agreed to a reasonable restructuring as discussed in the last meeting, all issues should be professionally resolved in the interest of the company’s future,” ENASCO stated.


The company also expressed disappointment at what it described as a misrepresentation of facts by the government, noting that a better understanding of ENASCO’s establishment history would have revealed that the current corporate structure was the most viable option under the circumstances when the company was founded.




Meanwhile, political observers and opposition voices, particularly from the Peoples Democratic Party (PDP), have alleged that the timing and aggressive stance of the government are deliberate distractions. They argue that the ENASCO saga is part of a wider plot to divert public attention from the soon-to-be-released 2025 first-quarter SEFTAS report, which they claim contains damning evidence of mass looting of public funds under Governor Otti’s administration.




As tension continues to mount, many are closely watching the unfolding events, concerned that the government’s handling of ENASCO could further erode public trust already shaken by allegations of mismanagement and propaganda tactics.




#ENASCOSaga #AbiaStatePolitics #OttiContradictions #PublicFundsWatch #SEFTASReport #AbiaOppositionSpeaks #AccountabilityMatters #GovernanceCrisis #NwokeukwuMascot #TransparencyWatch #PDPvsLP #ENASCOReacts




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