An indigenous steel manufacturing company, KAM Steel, Monday, officially acquired a N60 billion worth Lebanese company, The Standard Methallugical Company located in the Sagamu area of Ogun State with a target to create 10,000 jobs.

Speaking during the official take over of the Company, the Chairperson of KAM Holding, Alhaja Bolanle Yusuf said the acquisition was part of the KAM Steel to increase its capacities and reposition Nigeria as a self-sufficient nation. She disclosed that the industry would create 10,000 jobs to promising Nigerians in the next coming months as a way of complementing government’s efforts in tackling youths’ restiveness and boost Internally Generated Revenue, (IGR).

Yusuf said “Today, KAM Steel has acquired the steel plant formerly owned by SMC and we believe that with this milestone, our capacities would increase tremendously and will reposition Nigeria as a self-sufficient nation and we hope that the Federal Government shall continue to provide the enabling environment and support for continuing the actualization of the vision of the highly committed Nigerian behind this project.

“We hereby commend President Muhammadu Buhari, GCFR and his economic team for adopting holistic policies capable of strengthening local manufacturers especially sustaining the boarder closure policy which has further made Nigeria to be self-sufficient during the trying period of COVID-19 pandemic.

According to her, if Nigeria must come out of the wilderness of poverty, unemployment and insecurity among other social vices, the Federal Government must deploy its machinery to support local manufacturers in their bids to survive and grow.

“The Steel Industry being a very important integral part of the nation’s economy necessary for speedy economic growth and socio-infrastructural development, there is need for government to focus more on the sector, recognize and declare Iron and Steel as national products to boots our foreign exchange earnings in the face of dwindling price of Oil in the global market.”

In his remarks, the Minister of Mines and Steel Development, Architect Olamilekan Adegbite said the transfer of ownership would put an end to the “dig it and ship it” syndrome and boost down stream activities in the metal sector for jobs and wealth creation. Adegbite who was represented by his Senior Special Assistant (Technical), Olu Adebayo, said the KAM industry has the potential to supply a sizeable volume of the steel requirements of the nation.

The Chairman of KAM Holding, Alhaji Kamoru Yusuf applauded the owner of the SMC for a transparent process in the transfer of ownership of the steel plant. He also craved the Federal Government support for industry in its efforts to develop the steel sector in Nigeria.

The General Controller of SMC, Hussein Nurudeen said the transfer offers greater opportunity for Nigeria to export steel products. He described products from the plant as “very high quality and standard.”

The multi-billion naira steel plant investment is sited at Igbafa village in Sagamu, Sagamu Local Government Area of Ogun State.

azmanaty02:
Good one. We just pray Bulhary's policies don't kill the company like the other numerous ones

“We hereby commend President Muhammadu Buhari, GCFR and his economic team for adopting holistic policies capable of strengthening local manufacturers especially sustaining the boarder closure policy which has further made Nigeria to be self-sufficient during the trying period of COVID-19 pandemic.

The Chairman of KAM Holding, Alhaji Kamoru Yusuf applauded the owner of the SMC for a transparent process in the transfer of ownership of the steel plant. He also craved the Federal Government support for industry in its efforts to develop the steel sector in Nigeria.

NGpatriot:







Headline reader, instead of dwelling on negativity and your usual hatred and bitterness, learn how to read and comprehend, the owner of the steel mill actually applauded and commended the president personally for his favorable policy that made it possible for him to acquire the mill, even the FG was involved and present at the transfer.

Nigeria is moving forward and progressing, but all you hateful and bitter people see is negativity, hatred, negativity and bitterness.

Very sad.

azmanaty02:


Stop quoting me. Zombies bore me

NGpatriot:



Hateful and bitter Ipob zombie, if you don't want to be quoted, go to ipobzombie.com.

MEET THE COUPLE BEHIND NIGERIA’S LARGEST STEEL SHEET FACTORY




Alhaji Kamoru Yusuf, affectionately known as ‘Kam’, ‘Kam wire,’ or ‘Kamal’ to the locals of Kwara State, is the founder and CEO of Kam Industries, a strong contender for the title of Nigeria’s largest independently owned nail and wire-producing company. It produces different types of nails in addition to wire mesh for concrete reinforcement, binding wires and roofing sheets, as well as other building materials.

The company has five factories in Illorin, the capital of Kwara state, and a granite quarry just outside of the small city. Over a million bags of nails and 1.3 million tonnes of roofing sheets pour out of Kam’s factories to supply builders in Nigeria and West Africa. The 47-year-old, self-taught engineer and self-made multimillionaire has, with the support of his wife, turned a N10,000 advance he received on finishing a trading apprenticeship in 1987 into a $300-million industrial conglomerate.

http://venturesafrica.com/blog/2014/02/24/bonds-of-steel-kam-industries-a-new-mega-factory-for-nigeria/

NGpatriot:


No high school education, but he's a self thought engineer and he turned a N10,000 advance he received on finishing a trading apprenticeship in 1987 into a $300-million industrial conglomerate.

Hard work and dedication pays.

A short drive down a dusty access way between the nail production lines and the Kam Industries headquarters leads straight to the entrance of their newest and largest project to date, a $250-million cold roll steel complex.

The cold roll mill will process 150,000 tonnes of imported hot roll steel annually – almost one tenth of Nigeria’s annual cold roll sheet consumption – into sheets of various thickness.

This material can be used in the production of auto body parts, containers, and even parts of specialised roofing nails that Kam Industries currently imports from a factory it owns in China. When running, the complex will consume approximately 205MW of power, double the power generation for Burundi. Kam says he “coughed up” almost $10 million to Dangote to acquire bulk cement for the project, a transaction managed by Bolanle because of her industry connections.

http://venturesafrica.com/blog/2014/02/24/bonds-of-steel-kam-industries-a-new-mega-factory-for-nigeria/

LegendHero:


Truly hard work and dedication pays a lot. I heard he had 5 factories in Ilorin already.

I watched the video of this newly purchased plant in Shagamu and I am very impressed.

As for future plans, Kam is already reading feasibility studies on Ajaokuta Steel, Nigeria’s large but dormant government owned steel mill. He says developing Nigeria’s iron ore is his life’s goal.

Kam and Bolanle’s 18-year old son, Toafeeq, who I spoke to just before I left, attends a boarding school just outside Illorin and has completely absorbed the idea that he might one day run this huge operation. His sister attends school in the United Kingdom. Toafeeq escorted his father to every single meeting that culminated in the construction of the complex.

With a intergenerational succession plan in the making and the first black-owned steel press in the world nearing completion, y[b]ou would think Kam might relax, but he shows no signs of stopping. Kam’s nickname is “to be a man”, half of a phrase that ends “is not easy”, which was painted on a cart he used to push.[/b]

LegendHero:


Truly hard work and dedication pays a lot. I like this!

"When I began travelling abroad I visited a factory in Italy where I saw a 1,000 degrees-Celsius capacity electric furnace which cost a fortune. The electric furnace could help me expand my business from nail production to making reinforcement wire meshes, so I made a sketch of it and studied the components. When I returned to Nigeria I bought the components I could find, gave the dimension[s] of the electric furnace to makers of trucks used in transporting petrol and instructed them to roll the plate for me like a fuel tank. I bought the bricks and got a bricklayer to shape them according to the sketch. I had purchased the heating elements abroad. We also developed an electric panel to operate the furnace [as] I had observed in Italy. And it worked!” Kam made two such furnaces before finally raising the capital to import the Italian versions. He still uses the first furnace he created, while the second has been decommissioned and is kept as memorabilia. "

azmanaty02:
Good one. We just pray Bulhary's policies don't kill the company like the other numerous ones

citizenisb:
Former President Olusegun Obasanjo says President Muhammadu Buhari may not do well in economy and foreign affairs, except in military matters.

“Buhari is not a very hot person on the economy and foreign affairs,” Obasanjo said.

The former President stated this on Monday at the third International Conference on African Development Issues — themed, “Driving inclusive and sustainable development in Africa: Models, methods and policies” — organised by Covenant University, Ota, Ogun State.

While reacting to a question posed to him by a member of the audience: “Is there any hope for Nigeria under the administration of President Muhammadu Buhari?”, Obasanjo replied, “Is there any hope for Nigeria under this administration? I came back from Geneva, Switzerland a few days ago to attend a conference titled, ‘Are elections giving democracy a bad name?’ We had an election, we elected a leader and the good thing about democracy is that the power you have to elect a leader is also the power you have to remove him. I am saying this because I said earlier that if you don’t see any leader that has done well in the 56 years of Nigeria’s independence, then let us forget about Nigeria.

“I will tell you what I know and I will tell you what I don’t know. I know Gen. Muhammadu Buhari. He served under me in the military. His characteristics that I know, his behaviour that I know, he has not deviated from them. He was never a perfect man, he is not a perfect man and no leader can ever be a perfect man because they are human beings. But if you read my book, what I said about him is correct. He is not a hot person when it comes to economy. He is not a very hot person when it comes to foreign affairs. But he will do well in matters of military and he will do well in fighting Boko Haram.”


http://www.punchng.com/buhari-not-sound-economy-foreign-affairs-obasanjo/

azmanaty02:
Good one. We just pray Bulhary's policies don't kill the company like the other numerous ones

Igbochief001:
serious steel business is no business china has killed the business ....

best thing is to have duty free steel import so that companies can import steel as raw materials and use them to produce things ....that's why I look at Nigerians fighting for ajokuta

china has killed steel industry completely