Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Ajaokuta Steel: Concession of asset doesn’t mean loss of ownership – Govt

    Ajaokuta Steel: Concession of asset doesn’t mean loss of ownership – Govt

    November 16, 2017
    Share
    Facebook Twitter LinkedIn WhatsApp
    *Ajaokuta Steel Complex

    Sam Ikeotuonye

    16 November 2017, Sweetcrude, Lagos – The Federal Government says its ownership of the Ajaokuta Steel Company was not in doubt and that it will determine, at the appropriate time, what to do with the troubled multi-billion naira project.

    Permanent Secretary, Ministry of Mines and Steel Development, Mr. Mohammed Abbas, made the disclosure in a statement in Abuja while responding to a recent claim by Dr. S. O. Nwanbuokei, a director of Global Steel Holdings Limited, GSHL – concessionaire of the Ajaokuta Steel Company Limited – that the dispute between the Federal Government and GSHL over ownership of the Ajaokuta Steel Complex was yet to be resolved.

    Abbas said that government’s position on the matter had been reaffirmed by Minister of Mines and Steel Development, Dr. Kayode Fayemi, which, according to him, is that “Ajaokuta Steel Complex belongs to the Federal Government of Nigeria and there is no contention about this fact.”

    “His (Nwanbuokei) claims contradict the position of the Minister of Mines and Steel Development, Dr. Kayode Fayemi, who reaffirmed the Federal Government’s ownership of the Ajaokuta Steel Complex during the just concluded Nigerian Mining Week, as he had done in similar forums.

    “The ministry’s position, as stated by the minister, is that Ajaokuta Steel Complex belongs to the Federal Government of Nigeria and there is no contention about this fact,” the statement read.

    It further read: “The Federal Government does not need any mediation to determine its ownership of Ajaokuta Steel Complex as the integrated steel complex has always been the property of the Federal Government.”

    Abbas maintained that concession of an asset does not make one lose ownership of the asset, stressing: “It must be stated clearly that concession of an asset does not make one lose the ownership of the asset. In the case of Ajaokuta Steel Complex, the Federal Government remains the actual owner of the asset, while the concession arrangement was in place. This situation has not changed after the entire concession arrangement crumbled”.

    According to him, “The position of the government is that having ceded the National Iron Ore Mining Company, Itakpe to the GSHL for the remaining concession period, as part of the agreement reached during the mediation, government will at the appropriate time take a decision on how best to put Ajaokuta Steel Complex to profitable use.

    “This includes engaging a new core investor with proven financial and technical capacity to turn around, complete and run the steel complex profitably. This is still the position of the government.”

    Related News

    Tinubu pardons Ken Saro-Wiwa, confers national honours on Ogoni Nine

    NCDMB Executive Secretary becomes member of APPO Board

    Nigeria dismisses reports on crude oil forward sale collapse

    E-book
    Resilience Exhibition

    Latest News

    LASG approves seven dedicated truck parks for Lekki Port axis

    June 13, 2025

    NCDMB Executive Secretary joins AEW 2025 amid focus on enhancing local capacity

    June 13, 2025

    AfDB to provide $184.1m for Africa’s largest solar energy and battery storage project

    June 13, 2025

    NSC seeks closer collaboration with Police to boost port enforcement

    June 13, 2025

    Can the African Energy Bank transform the continent’s refining and downstream future?

    June 13, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.