ENASCO Saga: Udeagbala Breaks Silence, Faults Otti’s Government Over Premature Asset Reclamation | #NwokeukwuMascot

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Ide John Udeagbala, a shareholder in the embattled Enyimba Automated Shoe Company (ENASCO) and known ally of Governor Alex Otti, has expressed shock over the Abia State Government’s sudden revocation of ENASCO’s land title and seizure of state assets contributed to the company just two days after a stakeholders’ meeting where parties were reportedly given two weeks to resolve the company’s shareholding dispute.




Udeagbala, who served as the Chairman of Aba North Local Government Area, an appointment he received from Governor Otti in November 2023, made this known in a strongly-worded statement aimed at protecting what he described as his “hard-earned reputation in the private sector.”




This development follows an earlier statement from the Directors and Management of ENASCO, who also faulted the state government’s move, insisting that it was “unjust, unfair, and possibly based on misinformation.” In their release, signed by the company’s legal representative, Barr. C.C. Atasie, ENASCO clarified that the government and shareholders were still in dialogue, with 12 days left out of a two-week window agreed upon during a stakeholders’ meeting held on April 23, 2025, to resolve issues around shareholding and corporate restructuring.



In the release, Udeagbala clarified his role and financial involvement in ENASCO, explaining that he was invited by the immediate past administration to join the company’s board in order to bring his industrial experience and bolster the factory’s credibility and performance, especially given his background as former National President of NACCIMA. He added that his commitment to industrializing Aba led him to support ENASCO’s early operations financially.




“At the time of my involvement, ENASCO was sited on an unfenced land. I made personal financial contributions for fencing, staff salaries, and running costs to ensure the factory took off smoothly. I never got a Kobo in return, no dividends, no refunds, not even sitting allowances,” Udeagbala stated.




He noted that when it became clear the government could not refund his early contributions, he agreed to convert the funds into equity shares. However, he strongly denied any attempt to take control of the company, noting that he even declined further offers of shares, despite his critical early support.




Responding to the State Government’s recent action, Udeagbala emphasized that the April 23, 2025 stakeholders’ meeting, which he was unable to attend in person but was duly represented at, ended with a two-week grace period for shareholders and government representatives to resolve outstanding issues regarding ownership and governance structure.




“To our surprise, barely two days after the meeting, on April 25, 2025, the government went public with a revocation notice revoking the land and reclaiming state assets. This hasty action disregards the agreed timeline and ongoing dialogue,” he said.




He also expressed concern over the narrative that the Abia State Government was not a shareholder in ENASCO, calling it “strange” since the company was government-initiated and he was invited into it by government officials. He urged the government to conduct a thorough investigation to trace the true history of the shareholding structure.




“Having come a long way in business and public service, I cannot afford to risk my name over a company I tried to help. I remain open to assisting the government in growing the economy whenever called upon,” Udeagbala said.




Udeagbala’s clarification comes amid rising public interest and controversy surrounding ENASCO’s ownership, finances, and governance, particularly after the opposition accused the Otti-led administration of using the issue as a diversion ahead of the soon-to-be-released 2025 Q1 SEFTAS fiscal transparency report, which they claim will expose mass looting of public funds.




He concluded by appealing to the government to revisit the resolutions of the April 23 meeting in good faith, adding that sustaining ENASCO is in the collective interest of Abians and the dream of making Aba an industrial hub should not be sacrificed on the altar of political expediency.




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