The Bank of Industry (BOI) has formally transferred ownership of the defunct Steyr Nigeria Limited to the Bauchi State Government, paving the way for the facility’s long-awaited revitalization. The official handover ceremony took place on Monday at the Executive Chambers of the Governor’s Office in Bauchi.
Governor Bala Mohammed, who received the assets on behalf of the state, described the acquisition as a strategic move to restore Bauchi’s industrial potential and create employment opportunities. He emphasized the state’s readiness to revive the once-thriving assembly plant, which had been left in a state of abandonment and disrepair for years.
“We are grateful to the Almighty and thankful to the Federal Government and the BOI for placing economic revival above profit. This is a modest but significant achievement,” the Governor said.
The Governor recounted the past prominence of Steyr Nigeria Ltd as a symbol of industrial success before its decline due to poor management and neglect. He lamented that the facility had, in recent years, become a hotspot for criminal activities and immoral behavior.
Mohammed disclosed that the state government secured full ownership by paying the BOI N1.5 billion the facility’s assessed book value. He praised the BOI and the court-appointed receiver for resisting offers from land speculators and instead prioritizing Bauchi’s economic interest.
In a relief to former employees, the Governor announced that the N615 million owed to former Steyr staff would be fully paid by next month, bringing closure to over a decade of unresolved claims.
Plans are underway to transform the site into a multi-purpose industrial hub. According to the Governor, the facility will host assembly lines for agricultural machinery, compressed natural gas (CNG) buses, electric vehicles, and solar-powered tricycles.
Only credible investors will be considered for partnerships, he stressed, assuring stakeholders of full transparency in the redevelopment process.
Hon. Farouk Mustapha, Commissioner for Special Duties and Rural Development and Chairman of the Handover Committee, lauded the Governor’s proactive steps, confirming that while some documentation remains pending, physical possession of the facility has already been transferred.
Barrister Joshua John, who is managing the state’s interest in the Steyr asset, described the handover as a milestone in the state’s journey toward industrial revitalization. He commended the state’s resolve in reclaiming the legacy company and envisioned a new era of industrial prosperity.
Mohammed Maina, BOI’s Regional Manager for the North, also hailed Governor Mohammed for his vision in rejuvenating dormant industries.
Speaking on behalf of the ex-workers, Comrade Sani Garba, Chairman of the Steyr Nigeria Ltd Ex-Staff Union, expressed heartfelt appreciation to the Governor for intervening in what he called a 13-year-long struggle for justice and compensation.
With the handover complete and revitalization plans in motion, stakeholders are optimistic that the Steyr facility will once again become a pillar of economic growth in Bauchi State.
