Buhari reaches agreement with India over Ajaokuta steel

– The consultations to reach the new agreement had
been ongoing since 2008
– The agreement will be signed sometime in August
this year by both parties
– Nigeria’s minister of Solid Minerals development,
Kayode Fayemi, led the team to reach this truce
Exclusive reports by Premium Times have it that the
federal government of Nigeria has reached an
agreement with an Indian firm over the ownership of
Nigeria’s Ajaokuta Steel Complex.
The agreement would be reached sometime in August,
when Messrs Global Steel Holdings Limited, an Indian
firm, will put pen to paper with the Nigerian government
to release free the Nigerian complex from all contractual
impediments that made it non-functional for so many
The negotiation over the resolution of the crisis had
begun since 2008, a situation which had left the steel
company redundant but Premium Times has reliably
gathered that President Muhammadu Buhari has
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 reliable sources informed that the meetings were
held in London, the United Kingdom recently following
negotiations between the Nigerian government and the
Indian company which spanned several months.
The meeting which was coordinated by Phillip Howell-
Richardson, had Kayode Fayemi, Nigeria’s minister of
Solid Minerals development, leading a team of top
officials of the ministry of Solid Minerals development
and ministry of Justice.
Read more here.
Meanwhile, the Ukrainian Ambassador to Nigeria,
Valeriy Aleksandruk has disclosed that his country is
ready to invest $1bn into Ajaokuta Steel Company in
order to revive the plant.
The ambassador who made this known in Abuja on
Wednesday, May 4, during a courtesy call on the acting
director general of the Bureau of Public Enterprises
(BPE), Dr Vincent Onome Akporaire said the Ukrainian
company that built the plant -Tiajpromexport (TPE) –
has presented a proposal to the federal government to
that effect.

About Dunio Mabushi


Post a comment