Abia Govt Completes Acquisition of Afro Beverages, Steps Up Industrial Revival Agenda

Umuahia, Abia State – The Abia State Government has finalized the acquisition of Afro Beverages from the Asset Management Corporation of Nigeria (AMCON), marking a key milestone in its industrial revival agenda.

Governor Alex Otti announced the development on Friday during the February edition of his monthly media parley at the Government House, Umuahia. He revealed that the acquisition process has been concluded and that the government is already engaging potential investors to take over the operations.

“The State Government has completed the acquisition of Afro Beverages from AMCON and begun receiving expressions of interest from prospective investors. Similar investor interest is being recorded for Star Paper Mill in Owerrinta, because we prefer competent private sector operators to manage the firms sustainably,” Otti said.

Afro Beverages is among five dormant industries targeted by the administration for revival as part of efforts to boost manufacturing output, generate employment, and ensure sustainable operations under professional management. Other firms earmarked for revival include Star Paper Mill, Textile Mills, International Equitable Associates, and Ogwe Golden Chicken, most of them located in Aba, the state’s commercial hub.

At the onset of the current administration, a policy was introduced to breathe new life into abandoned industries and reposition Abia State as a manufacturing hub. Beyond these acquisitions, Governor Otti also announced the approval of an SME Village and Innovation Hub in Aba to support small and medium-scale enterprises (SMEs).

The hub is expected to serve as a centre for productivity, innovation, and technology services, including computer and mobile phone sales and repairs. According to the governor, the project will strengthen local entrepreneurs’ capacity and involve collaboration with the Export Group Lab at Ogbonnaya Onu Polytechnic.

“The State Government has taken a principled stand to support SMEs in the state, and land has already been acquired for the project,” Otti added.

On electricity, the governor noted ongoing efforts to restore power supply in Ohafia, Bende, and Ukwa East local government areas. He disclosed that the state is exploring acquiring a majority stake in EEDC to enable electricity wheeling from Geometric Power into Umuahia, following a similar arrangement by the Etche community in Rivers State.

In December 2025, Abia State enacted a law aimed at positioning the state as a technology and innovation hub in southeastern Nigeria. The administration is also planning to introduce electric buses as part of a broader strategy to promote cleaner urban transportation and modernize economic infrastructure.

The government had previously completed the repossession of Star Paper Mill, Aba, from AMCON through a buyback arrangement valued at N2.5 billion, while an initial payment of N500 million facilitated the takeover and revival of Afro Beverages.