On the heels of the face off between the House of Representatives and the ministers of mines and steel development, 301 members jointly sponsored each of two bills aimed at stopping the concession of Ajaokuta Steel Company of Nigeria.

The first bill with the long title: ‘A bill for an act to provide for the Ajaokuta steel company completion fund for the speedy completion of the project and other related matters’, was presented on behalf of the 301 members by Nkem Abonta (Abia-PDP).

It seeks to provide funds for the speedy completion of the moribund Ajaokuta steel company.

The second bill titled; ‘A bill for an Act to amend the Public Enterprise (Privatisation and Commercialisation) Act to review the list of enterprises to be privatised’ was also presented on behalf of the 301 members by Mr. Abonta

This seeks to delete the Ajaokuta steel company from the list of enterprises to be commercialised.

The two bills have scaled through second reading.

The Minister of Mines and Steel Development, Kayode Fayemi, and the House of Representatives have repeatedly disagreed on government’s plan to concession the oldest uncompleted steel company in the country.

Speaker Yakubu Dogara after visiting Ajaokuta said one of the reasons the steel company had not been completed was due to a leadership problem. He reportedly said that ”where there is competent leadership, ways to source funding for such a multi potential company will not be a problem.”

Mr. Dogara disclosed that there were many ways through which the $500 million said to be needed to complete the plant can be sourced, including the Sovereign Wealth Fund, Excess Crude Account and recovered financial crimes loot.

He said even if it means borrowing the required money, the 8th House of Representatives would make sure it becomes a reality.

The house recently organised a sectoral debate on the steel industry where the ministers of mines and steel development failed to show up.

Mr. Fayemi, through his spokesman, said he and the junior minister duly notified the house of their inability to attend prior to the debate.

He has also said that the ongoing plan to concession the plant was approved in the 2017 budget.

Unimpressed with the defence, the lawmakers described it as a ‘deliberate boycott’, and subsequently passed a vote of no confidence on Mr. Fayemi and his state counterpart, Bawa Bwari.

Source: https://www.premiumtimesng.com/news/headlines/262702-301-reps-sponsor-bills-to-stop-ajaokuta-steel-company-concession.html

Front Page: Lalasticlala Mynd44

The house of reps is simply being hypocritical with this move. The decision to concession the Ajaokuta steel company was approved by the national assembly and a sum of N2billion was allocated to it in the 2017 budget. Why they are suddenly trying to pressurise the minister to stop the implementation of a law they passed is what I don't understand.

Ajaokuta is a white elephant project that will never be completed by any government. The earlier we face the truth about that company, the better for the country. Government should stop allocating funds to the project. It should be sold off to a more serious private company immediately. Enough of sinking government funds into an unproductive venture.

Too bad the govt puts personal interest and differences before national interest in this hell hole of a country.

In as much as I am not satisfied with Fayemi's handling of the ministry especially regarding his suspicious dealings in ALSCON saga, I believe the lawmakers are been overzealous in this regard. What expert advice do they rely on to insist on budgeting funds for the so called repair when the ministry has told them it isn't economically wise to spend such money when you can build a modern more efficient steel factory with a more fund compared to the repair cost.
Anyway they shall as they please.

This bill looks like a done deal considering how much popular support it has. Anyway I disagree with these guys the plant should be sold off. Nigeria should not continue falling victim to sunk cost fallacy. The Nigerian government doesn't need to be given annother business to run into the ground. Most of these state "assets" are better off in private hands. I don't want them draining accounts or borrowing cash to screw up later.

Front Page: lalasticlala

First Buhari excludes Nigeria from the new free-trade agreement, and now we get this abomination of a bill: is it any wonder Nigeria seems stuck in perpetual stagnation, when both the NASS and the Presidency are manned by economic illiterates of the lowest kind?

seunmsg:
The house of reps is simply being hypocritical with this move. The decision to concession the Ajaokuta steel company was approved by the national assembly and a sum of N2billion was allocated to it in the 2017 budget. Why they are suddenly trying to pressurise the minister to stop the implementation of a law they passed is what I don't understand.

It's seems they're disturbed about multiple issues with the concession ranging from the Indian concessionaire, Price water coopers audit and Natasha Aptoki probably got them changing their minds. All this nationalist fever started her wave caught on. Before then they were cool with the concession.


https://www.youtube.com/watch?v=m1QTfGYj_0g

seunmsg:
The house of reps is simply being hypocritical with this move. The decision to concession the Ajaokuta steel company was approved by the national assembly and a sum of N2billion was allocated to it in the 2017 budget. Why they are suddenly trying to pressurise the minister to stop the implementation of a law they passed is what I don't understand.

Ajaokuta is a white elephant project that will never be completed by any government. The earlier we face the truth about that company, the better for the country. Government should stop allocating funds to the project. It should be sold off to a more serious private company immediately. Enough of sinking government funds into an unproductive venture.

so it should be sold to Tinubu.

Bros you can sell aso rock too. Running aso rock is a white elephant expense

What do u think?

The Reps are living in a fools paradise.

The ministry managing the plants are if the opinion it is better to involve the private sector in the completion and running of the plant, yet they are foaming in the mouth and saying they will allocate funds for it's completion.

Where are all the funds allocated before now? No be chop dem chop am?

They are just going in circles. If they allocate funds now and the current actors quit the scene, new guys will come and chop the money.

Another new set will come and be shouting that concession is the best way out of the repeated chopping of Ajaokuta completion money.

Are they not tired??

Concession is not outright sale of the plant. It can be taken back if the concessionaire does not perform well.

They should allow the ministry to concession the plant to a sound investor with the finances and technical ability to run the plant.

Govt is trying to get it's hands off managing big corporations, and the Reps still wants to dig further in.

National Assembly and Fayemi knw their game plan.

TolaTosin:
so it should be sold to Tinubu.

Bros you can sell aso rock too. Running aso rock is a white elephant expense

What do u think?

It can be sold to your father if he has the capacity to turn it around for all I care. I just don't want government to continue to sink tax payers money into that sinkhole.

seunmsg:


It can be sold to your father if he has the capacity to turn it around for all I care. I just don't want government to continue to sink tax payers money into that sinkhole.

there are other things to worry about than that.

Selling coys has never been in accordance to due process

Blue3k:


It's seems they're disturbed about multiple issues with the concession ranging from the Indian concessionaire, Price water coopers audit and Natasha Aptoki probably got them changing their minds. All this nationalist fever started her wave caught on. Before then they were cool with the concession.

Trust me, some Russian contractors who are desperate to get the contract for completing the project are behind all these Akpoti and house of reps emotional and hypocritical stand. Their intentions are not nationalistic in any way. Anybody who is genuinely concerned about Ajaokuta steel company would support the complete and immediate privatisation of the company. We've not produced a single steel from that plant in about 30 years and they still want to keep pumping money into the place.

seunmsg:


Trust me, some Russian contractors who are desperate to get the contract for completing the project are behind all these Akpoti and house of reps emotional and hypocritical stand. Their intentions are not nationalistic in any way. Anybody who is genuinely concerned about Ajaokuta steel company would support the complete and immediate privatisation of the company. We've not produced a single steel from that plant in about 30 years and they still want to keep pumping money into the place.

Someone is definitely sponsoring Natasha. The truth will reveal itself one day.

There is always vested interest in this our country.

Ok, noted.

ajaokuta completion is a dream that can never happen

A

And they must all be from North. There is Oil from South.
North is the problem of Nigeria

seunmsg:
The house of reps is simply being hypocritical with this move. The decision to concession the Ajaokuta steel company was approved by the national assembly and a sum of N2billion was allocated to it in the 2017 budget. Why they are suddenly trying to pressurise the minister to stop the implementation of a law they passed is what I don't understand.

Ajaokuta is a white elephant project that will never be completed by any government. The earlier we face the truth about that company, the better for the country. Government should stop allocating funds to the project. It should be sold off to a more serious private company immediately. Enough of sinking government funds into an unproductive venture.

"That will never be completed by any government". What do you mean by that?

The oldest uncompleted project in Nigeria Should be gone for Good but our dumb law makers thinks otherwise.

seunmsg:
The house of reps is simply being hypocritical with this move. The decision to concession the Ajaokuta steel company was approved by the national assembly and a sum of N2billion was allocated to it in the 2017 budget. Why they are suddenly trying to pressurise the minister to stop the implementation of a law they passed is what I don't understand.

Ajaokuta is a white elephant project that will never be completed by any government. The earlier we face the truth about that company, the better for the country. Government should stop allocating funds to the project. It should be sold off to a more serious private company immediately. Enough of sinking government funds into an unproductive venture.

you cant privatise ajaokuta and expect development in nigeria.
go and check how even power company are complaining for loss despite 300 hike in prices,if steel is cheap,affordable and managed properly,i see no reason importing anything,i mean anything.

Lovely... Long awaited... They should finish it and lets see what will come out of it... Maybe Nigeria will start manufacturing weapons.

seunmsg:
The house of reps is simply being hypocritical with this move. The decision to concession the Ajaokuta steel company was approved by the national assembly and a sum of N2billion was allocated to it in the 2017 budget. Why they are suddenly trying to pressurise the minister to stop the implementation of a law they passed is what I don't understand.

Ajaokuta is a white elephant project that will never be completed by any government. The earlier we face the truth about that company, the better for the country. Government should stop allocating funds to the project. It should be sold off to a more serious private company immediately. Enough of sinking government funds into an unproductive venture.

Guy, go back to bed

My question to the lawmakers is this: Please name just one Government Enterprise that is functioning and not moribund & comatose. Is it Nitel, Nepa (phcn, whatever), refineries even nnpc itself. So why are they sure all of a sudden that ajaokuta will be different? So sure that they are ready to borrow half a billion dollars to throw into this bottom less pit of a project. Is it bcuz they know that some of the dollars will stick to their thick grabbing fingers?

nairalandbuzz:
Lovely... Long awaited... They should finish it and lets see what will come out of it... Maybe Nigeria will start manufacturing weapons.





Guy, go back to bed

We need refined petroleum products more than we need the weapons. Have they 'finished' any of the refineries in spite of the never ending TAM every successive regime carries out? One conclusion we can safely reach is this: DON'T expect anything from any government. Not this present one especially.

No problems Nigerian, all this thing's are happening because we don't have anyone to make sure that coy work, elephant or not elephant project if government take out time, invest there, there must be return and it will be beneficial for all KOGITIE and beyond

Its quite unfortunate how we desire to be selling off our national assets in the name of incompetence of government to manage them. Where is our pride if we keep selling off all these assets. Leadership is the problem in Nigeria. If you have a competent leader, he gives order that Ajaokuta steel must work in a defined period. He gets a technocrat and competent hand to manage and handle it, and you'll see result. That's how countries of the world who are serious are developing their people. When you privatize, you transfer the wealth to the country that purchases it.

Concession is a good thing but who are they giving it to ? That's the question.