Bauchi State, the Bank of Industry (BOI), on Monday, formally handed over the moribund Steyr Nigeria Ltd to the State Government for management after revival. During the handover and taking over ceremony held at the Executive Chambers of the Governor’s Office, State Governor Sen. Bala Mohammed announced that the state government is ready to revive the once-thriving industrial facility into a hub for manufacturing and job creation in Nigeria. The Governor expressed gratitude to Allah for the modest achievement, and thanked the Bank of Industry and the Federal Government for supporting the move, which he said prioritises economic development over profit-making. While describing Steyr Nigeria Ltd as a beacon of prosperity during its prime time, Governor Bala lamented the collapse of the company due to mismanagement and neglect by previous owners. He revealed that the facility, which once served as a major assembly plant, had fallen into disrepair and become a hotspot for criminality and immoral activities. The Governor also lamented over the unholy acts in structure saying it is heartbreaking to see a place of industry turn into an immoral zone. Bala Mohammed also commended the Bank Of Industry (BOI) and the court-appointed receiver for resisting pressure to sell off the land and structures to speculators. He disclosed that the government paid N1.5 billion, the book value of the facility, to secure full ownership, and the state government has already cleared 100% of the entitlements owed to BOI. In a major relief to former staff, Governor Bala Mohammed announced that the 615 million Naira owed to the Steyr staff would be fully settled by next month, a move he said would remove all encumbrances and bring closure to years of hardship. The Governor unveiled plans to turn the site into a multi-purpose industrial hub while disclosing ongoing discussions with investors interested in assembling agricultural machinery, CNG buses, electric vehicles, and solar-powered tricycles (Keke NAPEP) at the facility. He emphasised that only credible investors would be allowed into the project, ruling out opportunists or speculators and pledged transparency and assured stakeholders that no personal interests would interfere with the development. In his remarks, Hon. Farouk Mustapha, Commissioner for Special Duties and Rural Development and Chairman of the Handover Committee, commended the Governor’s foresight and leadership. He confirmed that while formal documentation is still being finalized, the facilities have been handed over, and remaining paperwork will be submitted to the Governor’s office upon completion. Speaking at the event, recipient managing the Steyr asset, Barr Joshua John, described the handover as a milestone in Bauchi State’s journey toward industrial renewal. He said Steyr has long been an integral part of this state and its economy saying the buyback by the state government is a great occasion, and Bauchi is in a better position to revitalise it for the benefit of its people. He expressed appreciation to the Governor for his leadership and optimism that the move would usher in peace, prosperity, and sustainable economic growth for the state. The Regional Manager, North, Bank of Industry, Mohammed Maina, commended Governor Bala Mohammed for his vision and mission in reinvigorating moribund industries in the State. Also speaking, Chairman, ex-staff Union of Steyr Nigeria Ltd, Comrade Sani Garba, appreciated Governor Bala Mohammed for intervening in the Company’s affairs, saying they had been struggling for over 13 years without any positive results until now. READ MORE FROM: NIGERIAN TRIBUNE