The Abia State Government has finalized the acquisition of the long-dormant Aba Mega Mall in Osisioma LGA, settling all outstanding debts to former partners and financial institutions to reclaim the facility. Governor Alex Otti announced the takeover during an event in Aba, revealing plans to transform the abandoned complex into an international multipurpose center to drive industrial growth.
“We resolved disputes amicably, paid every stakeholder, including their bankers, and reclaimed this asset for the people of Abia,” Otti stated, emphasizing that the state avoided forceful repossession. The mall, stalled for years despite significant past investments, is slated for revitalization under a state-led industrial agenda aimed at boosting local economic opportunities.
Dr. Paul Obanua, Chairman of Greenfield Assets Limited—a key former partner—applauded Otti’s intervention in resolving financial entanglements with First City Monument Bank (FCMB). “Governor Otti’s pragmatism cleared the path for Abia’s acquisition, marking a critical milestone for all parties,” Obanua said, confirming his firm’s exit following the settlement.
