Barring any last minute change in plans, an amicable resolution of the ownership crisis surrounding the Ajaokuta Steel Complex might be reached early August when the Nigerian government and Messrs Global Steel Holdings Limited, and Indian firm, are scheduled to sign terms of settlement.

The signing of the terms of settlement will free Ajaokuta Steel Complex from all contractual encumbrances that had left it uncompleted and non-functional for decades, PREMIUM TIMES has learned.

Negotiations for amicable resolution of the ownership crisis of the foremost steel company has dragged on since 2008, leaving the country’s steel and industrial sectors largely paralysed.

Those familiar with the negotiations told PREMIUM TIMES President Muhammadu Buhari had already given approval for the execution of the “modified concession agreement with Global Steel Holdings Limited, following reports of the mediation meetings forwarded to him from the Justice ministry.”

The mediation meetings, reliable sources said, recently held in London, United Kingdom.

The London meetings followed months of negotiations between the Federal Government and Global Steel Holdings, coordinated by an international mediator, Phillip Howell-Richardson.

The Nigerian government’s team to the series of meetings was led by the Minister of Solid Minerals Development, Kayode Fayemi, whose ministry is responsible for the steel sector, our sources said.

The team also comprised top officials of the Ministry of Solid Minerals development and Ministry of Justice.

The Chairman of GSHL, Prammod Mittal, led the consortium’s team to the meetings.

Insiders said part of the agreements reached during the last meeting was that the Ajaokuta Steel Complex reverts to the Nigerian government fully, while its sister company, Nigerian Iron Ore Mining Company (NIOMCO) would be retained by GSHL under existing concession agreement but with Ajaokuta plant gaining priority access to the iron ore from NIOMCO.

President Buhari has repeatedly promised to diversify the Nigerian economy and create jobs through agriculture and extraction of solid minerals.

Mr. Fayemi, who resumed work as Minister of Solid Minerals Development on November 11, 2015, had in many fora restated the Federal Government’s commitment to ensuring that the AjaokutaSteel Complex is revitalised.

The multi-billion dollar Ajaokuta Steel Company is regarded as one steel complex with capacity to help trigger the much-needed industrialisation of the country as well as stimulate growth in the iron and steel sub sector.

Several investors had expressed interest in the completion and running of the plant, including the Russian and Ukranian original builders of the plant; a Chinese consortium and many indigenous steel companies.

Sources at the Ministry of Solid Minerals Development said once all encumbrances have been removed, government would conduct a transparent bid exercise that would be determined purely by technical competence and financial capacity.

Global Steel could not be reached for comments Friday, but the Ministry of Solid Minerals Development confirmed serious negotiation was apace.

Olayinka Oyebode, the chief press secretary to Minister Fayemi said he was aware of the ongoing negotiation, but that he had no mandate from to divulge its details.

The mediator, Mr. Howell-Richardson, was not available when PREMIUM TIMES called his office. His staff, Nicky Doble, said only the mediator could discuss the matter.

Mr. Howell-Richardson’s cellphone failed to connect the multiple times our reporter called.

http://www.premiumtimesng.com/news/headlines/206565-exclusive-nigeria-indian-firm-reach-agreement-ajaokuta-steel-company.html

Great news

Very good

My people, una know wetin go happen to Naija if this company begin operate as e suppose be?

Once all the legal issues are resolved and the company begins to operate at full capacity, the benefits for Nigerians are almost limitless.

Imagine we come dey export steel and other products of other minerals; mak we no forget the more than 1 million jobs wey this thing go create for us youths.

Sombori hold me!

Hold me!

I'm shaking wirh excitement here!


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Good news

Good one

Finally this huge national asset we possess is being revived, and in a few years we would resume our export of steel and other allied products. Ajaokuta Steel Plant is a testament of the various failed administration's we have been plagued with, particularly the last one which had so much money (which it senselessly looted) due to the cash windfall from the oil price boom, that it failed to recognize the need to resolve the Ajaokuta crisis thereby helping Nigeria to prepare for the rainy days we are experiencing today.

This is a step in the right direction considering the focus of this administration in restoring Nigeria's exporting country status which will earn us the much needed forex that will further strengthen the Naira; and a continuation of the government's efforts to diversify the economy as promised.

With the exploration of oil in Lake Chad scheduled to commence soon, the current production of oil in the SW, the building of Dangote's mega refinery and petrochemical plant, and renewed aggressive focus on agriculture in core northern states, the 'awa oyel' criers are in a for a rude shock very soon.

Kudos to the current administration, as the change we seek is now evident and our glory days are approaching. God bless Nigeria.

People will still come here and shout "propaganda"

One has to wonder what exactly they want from this government.

They rebuff and groan on every good move the government make

You can't be talking and thinking "negative" and expect to progress in life

real

nyc move

not bad

But how will they solve the logistic issues...
In my take Ajaokuta steel was designed to fail.

Good news....

perfect

The good news am hearing ds days has makes me to knw that hope never lost over Nigeria situations......

Ok

Nice

The best real news i've heard all day

Vendoor:
But how will they solve the logistic issues...

In my take Ajaokuta steel was designed to fail.

Really

Wailers already praying that this should not work out, but as usual wailers will fail again

Why don't Nigeria firm invest in this without Indians so they won't turn us to slave workers in our country

Another futuristic promises as usual. Anyways, it is at least better than the "corruption" distractions, scam

We want result please before we fully appreciate the govt of buhari for this move

kudos to PMB nd KF on this..................waiting for the wailers nd their role model fayose to come nd give us reasons y GEJ is resposible for this or why it wont work.


sometimes i wonder why some set of people are so desperate to see their fatherland fail....

Got this nagging feeling this plant is dead and buried. We just gotta find a way to build another from the scrap parts salvaged from this.

When u see a government that is serious u will know
First deregulation
Then nnpc making profit
The the Lagos Kano and lagos calabar rails
Now this deal
Next will be opening all the sea ports and rebuilding the airports Jonathan failed to do
The dredge the Niger river

I don't regret voting for Buhari

Nigeria will be great again.

Tonnierichy:
People will still come here and shout "propaganda"

One has to wonder what exactly they want from this government.

They rebuff and groan on every good move the government make

You can't be talking and thinking "negative" and expect to progress in life

Yes, because everything so far has been futuristic promises: We will, we shall, set to, plan to, likely to, going to, etc. It is Nigerians that ought to be telling and celebrating government for what has been already done.

good news

cosby02:

Really

It is not as yet connected to the main railway
system of Nigeria, except by river. An isolated standard gauge railway connects the steelworks to its source of iron ore at Itakpe. A connection of this railway to the port of Warri is unfinished.it connects the west of Nigeria to the east and also
the north to the southern part, although it is not
the only route to pass through but it helps.