REBUTTAL
My attention has been drawn to a press release from the Chief Press Secretary to the Governor of Abia State on 25/4/25 captioned ” ABIA STATE GOVERNMENT REVOKES LAND TITLES AND RECLAIMS ASSETS OF ENYIMBA AUTOMATED SHOE COMPANY LIMITED ( ENASCO)” in which I Ide John Udeagbala was mentioned as a shareholder.
I wish to set the records straight as it concerns my involvement with ENASCO to protect my reputation earned over four decades of hard work in the private sector of the economy.
I got involved with ENASCO following an invitation from the immediate past Governor of Abia State for me to join the company board, to bring to bear, my private sector experience in managing factories in Nigeria, especially Aba, which I honored to ensure smooth take off of the shoe factory.
Secondly, as the then National President of NACCIMA whose base was Aba, I deemed it necessary to hearken the call to service to improve on Aba industrial speed because charity, they say, begins at home. I had, at every opportunity, during my NACCIMA Presidency presented Aba both globally and within the country as the Leather Shoes Capital of the country.
It is on record that during my inauguration as the NACCIMA National President which held in Aba, I led all delegates/ dignitaries from across the country and beyond to ENYIMBA AUTOMATED SHOE COMPANY to put Aba on the global map; an act driven by my passion to walk the talk as I preached the need for industrialisation of our economy.
Thirdly, I had the conviction that my involvement in ENASCO would encourage other wealth creators to invest in the company which would open more opportunities for the industrial city.
As at the time of my involvement, ENASCO was sited on a land that was not fenced. Considering the urgent need to secure the properties there, I took a financial risk by paying in money through the company’s account for fencing, payment of salaries of already employed staff and taking care of the running cost of the company as the company was not generating funds. This was meant to ensure smooth take off of ENASCO.
However, when the issue of repayment plan for the funds I provided came up, government considered the fact that the company was not yet making profit and pleaded that I accept the offer of converting the already contributed funds to shares. Without knowing the basis of the valuation, I accepted the Shares allotted to me that was said to be the equivalent of the funds I already paid into the company account to assist its take off.
I was subsequently persuaded to take up additional shares allotted to me but I was reluctant contrary to the allusion that shares were bought to take full ownership of ENASCO ( if that was the intent I would have sourced fund to take up all shares allotted to me; all I ever wanted was to ensure that the company survived the take off stage and stabilized.
It is worthy of note that despite being a shareholder that helped to provide fund for the take off of the company, up till now, I have not received a Kobo be it in dividends, sitting allowances or refund of expenses incurred for the Company. I personally hosted board meetings in my house to reduce cost.
On the recent development, the meeting held on 23rd April 2025, though I was absent, I was represented. the Board was given two weeks to respond to issues raised but unfortunately came the Publication of 25th April. 2025
On the issue of shareholding of the government, it is instructive to state that I did not know anything about it.
Having been invited to be a shareholder by the government, it is strange to say that the government whichh floated the company in the first instance was not a shareholder. I believe that further investigation would reveal what exactly happened and I will recommend that the government does a thorough investigation.
Permit me to put on record the fact that I have come a long way in business and society that I cannot afford to loose my hard earned reputation in the private sector trying to be of help in establishing government business, however, I am ever ready to help the government grow the economy whenever called upon.
I sincerely hope that government will critically review the referenced publication alongside the resolutions of the meeting of 23/04/25 with a view to making amends where necessary and resolving the issues.
Sustaining ENASCO is in our collective interest!
Ide John Udeagbala