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The Controversial Contract Between Indian/GIHL & FGN/Ajaokuta . SHARE - Politics - Nairaland

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The Controversial Contract Between Indian/GIHL & FGN/Ajaokuta . SHARE by cooljade(f): 8:01am On Feb 04, 2016
The Hon. Minister of Steel's stated at the National Assembly yesterday he intends to step back for a year to sort out the legal tussle between the Federal Government of Nigeria (FGN) and GSHL. An agreement clearly holding the nation to ransom by an Indian company owned by Mr. Pramod ‪#‎Mittal‬. Nigerians are not okay with allocating 1 year of this administration to determine the legalities of a contract undertaken under fraudulent conditions to the detriment of a whole country; and as such can be termed void ab initio on the face of it.

At this juncture, it is pertinent to take a glimpse of this Goliath of a contract and have the good people of Nigeria determine, alongside the good office of the FGN, AGF and Ministry of Solid Minerals, those terms and condition precedent which ties Nigeria's hands from fully taking possession and embarking on reviving the Ajaokuta and Itakpe mills to full capacity.

Important points to note for better understanding of the contract pages herewith attached :

1. 2003 FGN concession-ed ASCL and Itakpe to SolGas, an American Petroleum company brought in by ‪#‎Gbenga‬ Obasanjo, Seun Oyefeso etal.

2. SolGas, for lack of technical capacity engaged ISPAT (India) to pool a team of "experts" for a collaborative operations on ASCL and Itakpe.

3. September 2004, FGN terminates contract with SolGas and immediately enters with ISPAT who later changed their names to GSHL/GINL . This was a "smart" move by the same stakeholders who brought in SolGas. It was a case of - Why deal with SolGas when you can boycott and engage their "technical" partners directly?

4. January 2015. SolGas took FGN to International Chamber of Commerce (ICC) and demanded $2.409 billion in damages for premature termination of contract.

5. April 5, 2008, late president Yaradua terminated with immediate effect the FGN agreements with GSHL which in his words "were thwarted by breaches and ‘unwholesome’ practices by the firm".
http://nm.onlinenigeria.com/templates/?a=11854 . President Yaradua also ordered the arrest of Mr. Promod Mittal and other indicted officials.

6. April 16, 2008 an Indian Newspaper the Hindu reported that the federal government of Nigeria revoked the deal that gave control of two state-owned steel firms to Global Infrastructure (Nigeria) Ltd (GINL) for ‘asset stripping.’ Please read here and note the words "assert stripping" in the 3rd line of the first paragraph .http://www.thehindu.com/…/over-80-indian…/article1240318.ece . This corroborates the various reports from the locals and staff of the mills that the Indian company moved/expotred equipments and raw iron ore out of Ajaokuta to India.

7. 2008 , GSHL dragged FGN to ICC demanding for $1bn.

8. 2013 ICC struck out the $1b demand and instructed the both parties, ordered that sale of ASCL be terminated but that the FGN and GSHL reslove by arbitration other terms and submit report back to ICC for a final close on case. GSHL asked that the ICC insert a clause which would prohibit FGN from selling or giving as concession any part or whole of Ajaokuta or Itakpe complexes to a 3rd party AS LONG AS THE ARBITRATION REMAINS UNRESOLVED.

9. December 2014, a concession agreement between FGN and GSHL was entered into (as seen in the attachments numbered 1, 3 , 4 and the signature part ). This was mainly subject to conditions precedent in Schedule 2.

10. Schedule 2 is a bulky 26 page document presently lying in the office of the Minister of Solid Minerals, receiving tremendous amount of pressure to sign. Page 5 attached is the summary of Mediation's condition precedent which is currently before the president, minister of Solid Minerals and AGF.

11. GSHL insists that Nigeria spends over 500 million Euros to rehabilitate Itakpe iron Ore complex for them for a concession fee of 4% of yearly turnover to Nigeria. In other words, for Nigeria to be free to utilize Ajaokuta, the Federal government is to give Itakpe to the Indians not only for free, but spend over 500million Euros to complete and rehabilitate it; afterwhich they would pay Nigeria 4% of its turnover .
THIS IS THE MAJOR CONTENTION BETWEEN GSHL AND FGN and REASONS WHY THE FORMER MINISTER OF MINES AND STEEL DEVELOPMENT Alh. Sada REFUSED TO SIGN THE AGREEMENT.

12. Hajiya Maryam Uwais, President Buhari's Special Adviser for Social Protection Plan, is the legal counsel for GSHL (Indians).

Corruption is a crime against humanity!!!
It's a genocide carried out on the future of younger generations and their children unborn.

Copies of the contract can be found here https://web.facebook.com/NatashaAkpoti/posts/10154079115806758

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Re: The Controversial Contract Between Indian/GIHL & FGN/Ajaokuta . SHARE by dazzlingd: 8:19am On Feb 04, 2016
hmmm. coming back to comment
Re: The Controversial Contract Between Indian/GIHL & FGN/Ajaokuta . SHARE by suyamasta(m): 8:52am On Feb 04, 2016
Genesis 25:31 Jacob replied, "First sell me your
birthright
Wake up Nigeria! #Haba
Re: The Controversial Contract Between Indian/GIHL & FGN/Ajaokuta . SHARE by chriskosherbal(m): 8:54am On Feb 04, 2016
Hmmmm

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