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Nairaland Forum / Nairaland / General / Politics / Ajaokuta Steel Needs N80bn To Operate – Official (8241 Views)
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Ajaokuta Steel Needs N80bn To Operate – Official by realjoker(m): 9:01pm On Jun 16, 2016 |
The Sole Administrator of Ajaokuta Steel Company Limited, Isah Onobere, said on Thursday that one of the 43 plants installed in the complex was capable of producing 600, 000 tonnes of steel annually and that the quantity could cover a 10, 000 kilometres of rail network across the country. Onobere, who stated this at a public hearing organised by the Senate Committee on Privatisation, explained that the company requires N80bn to put the plant in use at full capacity. He explained that the firm would put together a business plan to the Federal Government to accommodate it in the Memorandum of Understanding recently signed with the Chinese government on the construction of two major rail tracks across the country. He added that the Light Mill section of the plant, which would require N43bn to become functional, could produce 400, 000 tonnes of steel per annum at full capacity. He also said that with an investment of the N43bn, the plant could generate an average annual income of N80bn. He added that the Thermal plant of the firm which has installed capacity of 110 megawatts of electricity, requires N5bn to become operational and would generate N18.7bn annually. He also said that the electricity that would be produced by the firm could power the entire 43 plants in the complex when fully operational and also supply power to three states including Kogi. He also debunked Insinuations that the heavy equipment installed in the sprawling edifice was obsolete, insisting that they can never be outdated. He described the complex as the bedrock of Nigeria’s development, and that the government must be careful to concession it because any attempt to do so, would amount to selling out scraps. He said, “About$ 513m was required to complete Ajaokuta project. This place is the bedrock of Nigeria’s development. The first phase of the project has reached 98 percent completion but was abandoned in 1994. “For 22 years, there was no new input, and N23trn worth of steel products had been imported into Nigeria in nine years whereas $513m is needed to complete the project. Total investment for the entire project is $4.6bn.” Chairman of the Senate Committee on Privatisation, Senator Ben Murray-Bruce, commended the Former President Shehu Shagari’s administration for the foresight in establishing the sprawling complex, which according to him, could industrialise Nigeria, overnight. He advised the Federal Government to involve the Ajaokuta Steel firm in its negotiations with the Chinese government which was expected to construct 8, 000 kilometres of rail network in the country, at the cost of $80bn. He said what the government needed to do was to tell the Chinese government that the steel needed for the entire project could be produced in Ajaokuta and that the firm requires about $40m to produce the raw materials it needed. Bruce expressed disappointment that the successive governments could abandon the projects and blamed previous administrations and governments as being behind the rot and abandonment. He pledged that his committee would meet with Vice President, Yomi Osinbajo to find lasting solution to the problem to ensure that the company worked again since it could be operational even without subventions from the federal government. He said, “After spending about $5bn, it does not make any sense to abandon the plant. The government should have had a plan. We are disappointed that successive governments after Shagari abandoned the project” https://www.today.ng/business/138291/ajaokuta-steel-n80bn-operate-official Cc:lalasticlala 1 Like
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Re: Ajaokuta Steel Needs N80bn To Operate – Official by LessNoise: 9:08pm On Jun 16, 2016 |
One of the biggest scam after Dasuki,Halliburton.....AJAOKUTA STEEL 6 Likes |
Re: Ajaokuta Steel Needs N80bn To Operate – Official by Nobody: 9:10pm On Jun 16, 2016 |
Waiting for the revival of this project is like waiting for the second coming of Christ I hope they prove me wrong tho 7 Likes 1 Share |
Re: Ajaokuta Steel Needs N80bn To Operate – Official by iamblisz(m): 9:17pm On Jun 16, 2016 |
I don't know why govt are running away from this steel company after investing billions. Them swear for am ni? U see what the guy above posted? Something is definitely wrong with this ajeokuta steel company and I believe this things are external force. I bet you this company will not function no matter how many billions this administration invest in it 6 Likes |
Re: Ajaokuta Steel Needs N80bn To Operate – Official by baby124: 9:24pm On Jun 16, 2016 |
So are these people being paid to work in a non functioning steel mine. Is this administrator a reporter or a steel executive? As I don't understand what job he is doing for him to effectively be able to estimate the cost of revival at 80billion. 4 Likes |
Re: Ajaokuta Steel Needs N80bn To Operate – Official by Nobody: 9:37pm On Jun 16, 2016 |
Hahaha the Russians imported Nigerian oil during the civil war in exchange for war weapons and a steel mill supposed to create employment and provide materials for constrcution. Those weapons they used to kill civilians during the war will cause the souls of innocent civilians never to let Ajaokuta function. 2 Likes 1 Share |
Re: Ajaokuta Steel Needs N80bn To Operate – Official by kokoA(m): 9:44pm On Jun 16, 2016 |
baby124:That man probably lives in Abuja knacking uni abuja babes upandan while forming "administrator" for Ajaokuta.. **yimu** no be naija we dey? 1 Like |
Re: Ajaokuta Steel Needs N80bn To Operate – Official by 989900: 9:56pm On Jun 16, 2016 |
Do it already! If you can afford 100b for feeding of school children . . . this is far more important. Or, let's beg Uncle Dasuki or Aunty Diezani for funds . . . this na serious matter. On a serious note: The minister of state for solid minerals, Abubakar Bawa Bwari, has said that more than 7 foreign firms are jostling for the completion of the Ajaokuta Steel Company Limited. Ukraine already offered $1b-$2.6b to take over . . . I think in a PPP arrangement . . . OTOH, the Indians took us to court already over the same steel company (claiming ownership of Ajaokuta steel company . . . some fraud from the past admins's stables. Ajaokuta Steel Company (ASC), worth an estimated cost of $7 billion, was envisioned to be the largest integrated steel company in West Africa. There you have it, the full 'cosa nostra' of the 'mammoth' (Ajaokuta Steel) Modath, Omenka, PassingShot, Babacele, and other well wishers of the Nigerian project, come see una people. 5 Likes |
Re: Ajaokuta Steel Needs N80bn To Operate – Official by kinggozzy(m): 10:04pm On Jun 16, 2016 |
Almost same amount wit Bailout fund for states.....hmmmmm. 3 Likes |
Re: Ajaokuta Steel Needs N80bn To Operate – Official by Karm16: 10:06pm On Jun 16, 2016 |
Largas: I wonder what's stopping Ibo states from functioning or what keeps chasing Ibos from their land. You wish it won't function, jealous Ibo christian tout. 11 Likes |
Re: Ajaokuta Steel Needs N80bn To Operate – Official by NigerDeltan(m): 10:07pm On Jun 16, 2016 |
Put that social welfare money there watch Nigeria economy jump up 3 Likes |
Re: Ajaokuta Steel Needs N80bn To Operate – Official by 989900: 10:27pm On Jun 16, 2016 |
There are some legal ramblings and some other struggles hanging over the steel company . . . Ukrainians vs Indians vs Russians vs Chinese vs Nigerians vs Americans. I think that has to be sorted out first. This should be on front-page, this a $7b, 2.6 million jobs mammoth!!! 3 Likes |
Re: Ajaokuta Steel Needs N80bn To Operate – Official by jamex93(m): 8:08am On Jun 17, 2016 |
This ppl go dey call money like na paper 1 Like |
Re: Ajaokuta Steel Needs N80bn To Operate – Official by labamo07(m): 8:10am On Jun 17, 2016 |
I wondered how many times funds will be pumped to all these facilities and yet you foolish will squander it......... |
Re: Ajaokuta Steel Needs N80bn To Operate – Official by freeborn76(m): 8:11am On Jun 17, 2016 |
should we still be talking about Ajaokuta steel in 2016? abeg that thing should be scrapped and the entire complex turned to a university or some specialised institution. Ajaokuta ko, ajangbadi ni! Better still, let's sell it to Dangote, Otedola or Orji Uzor Kalu, they have proven to be better managers of businesses than our otondo leaders. 2 Likes |
Re: Ajaokuta Steel Needs N80bn To Operate – Official by Nobody: 8:12am On Jun 17, 2016 |
whatever it will take |
Re: Ajaokuta Steel Needs N80bn To Operate – Official by Chykman4ever: 8:12am On Jun 17, 2016 |
White elephant project.. Another strategy to syphon money.. I wonder what dis imbeciles turned politicians are taking us the masses to be. Anyway d day of reckoning is around the corner.. we shall match eye for eye.. They will soon burn |
Re: Ajaokuta Steel Needs N80bn To Operate – Official by Nobody: 8:13am On Jun 17, 2016 |
freeborn76:How will Nigeria grow in infrastructural development if a repository of iron ore abound and cannot be explored? Now we are talking of nonfunctional refinery, do you think nonfunctional metallurgy is not affecting Nigerians? I believe we are also importing metals used in reinforcement of buildings into Nigeria and that will be affecting our forex as well. 6 Likes |
Re: Ajaokuta Steel Needs N80bn To Operate – Official by Nobody: 8:13am On Jun 17, 2016 |
yeye dey smell |
Re: Ajaokuta Steel Needs N80bn To Operate – Official by ab4real15: 8:14am On Jun 17, 2016 |
Largas:IPOd Goat 3 Likes |
Re: Ajaokuta Steel Needs N80bn To Operate – Official by freeborn76(m): 8:15am On Jun 17, 2016 |
tonyfrenzy: We have been committing billions to the project since the 70s to no avail...if it aint working, scrap it. No need flogging a dead horse. 2 Likes |
Re: Ajaokuta Steel Needs N80bn To Operate – Official by pacino26(m): 8:15am On Jun 17, 2016 |
PMB please channel the alamajiri 95bn feeding fundto this project, I'll pay you back from the first yr profit then your can buy a new EAR or EARPIECE 2 Likes |
Re: Ajaokuta Steel Needs N80bn To Operate – Official by engreo(m): 8:17am On Jun 17, 2016 |
I don't just knw the problems of Nigeria.....we have many industries and different natural resource......but we negleted them and focus our attention on petrol alone...is only God that can help this country 1 Like |
Re: Ajaokuta Steel Needs N80bn To Operate – Official by omosgee: 8:18am On Jun 17, 2016 |
They should take out of the N120M frozen from those accounts. Even if it not stolen, this should be forced to invest it. After na we we! 2 Likes 1 Share |
Re: Ajaokuta Steel Needs N80bn To Operate – Official by donshady(m): 8:19am On Jun 17, 2016 |
Scam alert... chai... |
Re: Ajaokuta Steel Needs N80bn To Operate – Official by yongnoble(m): 8:21am On Jun 17, 2016 |
And N90b is being allocated for school feed program. Talk about misplaced priorities SMH! 3 Likes |
Re: Ajaokuta Steel Needs N80bn To Operate – Official by YoursGEJ(m): 8:21am On Jun 17, 2016 |
All of you wailers shouting scam, misplaced prorities, etc I have a question for y'all. What happened to all the money that has been allocated to revive Ajaokuta in the past 16 years? 3 Likes |
Re: Ajaokuta Steel Needs N80bn To Operate – Official by sarutobie(m): 8:24am On Jun 17, 2016 |
Largas:the Russians gave Nigeria the blueprint of a world war 2 steel mill! The reason why It didn't last...no matter how much you pump into those fossiled plants it won't produce anything worthwhile...private companies have steel mills...if Nigeria can't build a modern workable steel mill, she should sell this redundant one off..no sentiments here.. |
Re: Ajaokuta Steel Needs N80bn To Operate – Official by Nobody: 8:25am On Jun 17, 2016 |
freeborn76:What if those handling it have been irresponsible. Though with the present financial status of the country, that is a high one. |
Re: Ajaokuta Steel Needs N80bn To Operate – Official by onadana: 8:28am On Jun 17, 2016 |
Thieves God will punish all of you and your generations. 1 Like |
Re: Ajaokuta Steel Needs N80bn To Operate – Official by dallyemmy: 8:30am On Jun 17, 2016 |
I THINK IT IS BETTER THE RUSSIANS THAT BUILT THE PLANT OPERATE IT. GREED WILL NOT ALLOW NIGERIANS OPERATE THE PLANT EFFECTIVELY AND EFFICIENTLY. SO SAD WE ARE OUR WORST ENEMIES 3 Likes |
Re: Ajaokuta Steel Needs N80bn To Operate – Official by Toofan007: 8:30am On Jun 17, 2016 |
tonyfrenzy:bros, I don't trust a Nigeria government to make this thing work. While I wouldn't want it scraped, i would definitely it were privatized, because this people go just take am chop money ni. |
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