The House of Representatives ad hoc Committee on Ajaokuta Steel Company Limited has submitted its report to the House recommending that the loot recovered from the late Head of State, Gen. Sani Abacha, be channelled towards reviving Ajaokuta Integrated Steel Plant.

The committee in the report, which was obtained by SUNDAY PUNCH, claimed that most of the money allegedly looted by Abacha was meant for the completion of Ajaokuta.

A large chunk of the money has, however, been put into the Social Investment Programme of the Muhammadu Buhari government, includes school feeding programme and skill acquisition initiative.

But the committee in the report signed by its Chairman, Mr Femi Gbajabiamila, and the Secretary, Ifeanyichukwu Abraham, said the Abacha loot could be put to better use.

The report stated, “That since it is known that most of the Abacha loot was got from the debt buy back deal involving Ajaokuta, then the recovered loot still flowing into Nigeria should be used to supplement the funding of the completion of Ajaokuta integrated steel plant.”

The 18-member committee, which visited several stakeholders including monarchs and members of the community where the company is domiciled, reported that the project was started by President Shehu Shagari in 1983 but subsequent governments failed to take necessary steps to complete it.

It added that when the Russian company that built the Ajaokuta firm (‘Tyazh Prom Export’TPE) left the site and Nigeria in 1994, the Ajaokuta Steel Complex was 98 per cent completed and that what was left as two per cent was due to failure of subsequent Nigerian governments to meet up with financial commitments and political will to complete the enabling external infrastructure to guarantee an uninterrupted functional steel company.

The committee added, “Harmful vested interests have predominantly played out in the last 15 years. For instance, in 2001, President Obasanjo travelled to Russia and signed a bi-lateral agreement that included the completion of Ajaokuta Steel plant.

“President Putin of Russia sent 40 experts to conduct a technical audit and secured funding for the project. Surprisingly, President Obasanjo reneged on the agreement and gave Ajaokuta and National Iron Ore Mining Company to SOLGAS Energy which lacked both the technical expertise and funds to manage the two companies.”

The committee said this was detrimental to the interest of Nigeria as SOLGAS entered into another agreement with Global Infrastructures Nigeria Ltd.

It said the Federal Government under the late President Umaru Yar’Adua, upon consideration of the ‘Report of the Administrative Panel of Inquiry into the operations of ASCL,NIOMCO and DELTA STEEL at the Federal Executive Council meeting of April 2, 2008 nullified and terminated all the concessions entered into by the previous government of Obasanjo for breach of agreement and unwholesome practices and that ‘the agreements (concessions) were largely skewed in favour of SOLGAS.

The report added, “That the company, Global Infrastructure Nigeria Limited is a dubious company with no good track record of any success story on ‘steel skill production and manufacturing’ and has been earlier indicted in Bulgaria for asset stripping and breach of contract and indicted by the Federal Government of Nigeria by late President Yar’Adua in 2008 for obvious criminal and unwholesome practices.

https://www.miningng.com/ajaokuta-reps-panel-recommends-use-of-abacha-loot/

God bless the president of Nigeria, President Muhammadu Buhari for his efforts in trying to revive the steel company.
2019 is sure for you.

Fruitless exercise. They must have spent the money on campaign.

Ajaokuta steel company has consume more money than what anybody can ever think of.

MiningNG:


The report stated, “That since it is known that most of
The committee added, “Harmful vested interests have predominantly played out in the last 15 years. For instance, in 2001, President Obasanjo travelled to Russia and signed a bi-lateral agreement that included the completion of Ajaokuta Steel plant.

“President Putin of Russia sent 40 experts to conduct a technical audit and secured funding for the project. Surprisingly, President Obasanjo reneged on the agreement and gave Ajaokuta and National Iron Ore Mining Company to SOLGAS Energy which lacked both the technical expertise and funds to manage the two companies.”

https://www.miningng.com/ajaokuta-reps-panel-recommends-use-of-abacha-loot/

Obasanjo and his thieves are part of the people that brought this country to the position President Buhari met it, and they still want to come back to destroy what PMB has been able to do and set right just within 3 years?!
God punish all the corrupt and evil politicians and their supporters.

Re-looting strategy. 019 elections must be funded by the lifeless one

Which Abacha loot?

The one Osinbajo has looted through trader moni?

That's if they haven't shared the Abacha loot among themselves.

Nice
How about electricity

No nation can develop without constant power supply

News flash! No record, no account.

(16/ 11/ 18) Buhari asks efcc to account for recovered loot.
https://tvcnews.tv/2018/ 11/ efcc -will-account-for-funds-recovered-buhari/

Breaking!
( 19/ 11/ 18) Fire guts efcc office, data room completely destroyed.
https://www.pulse.ng/news/local/ efcc -loses-equipment-worth-millions-as-fire-guts-
storage -room-id9121741.html
Next Level...����


Was it planned or just a coincidence. You be the judge.

It is for Buhari's re-election, the same Buhari who said Abacha never stole.

revive the plant a beg. obasanjo na mme

good

kayboy4y:
Fruitless exercise. They must have spent the money on campaign.

mokaflex:
Re-looting strategy. 019 elections must be funded by the lifeless one

EastGold:
Which Abacha loot?

The one Osinbajo has looted through trader moni?

dukie25:
It is for Buhari's re-election, the same Buhari who said Abacha never stole.

gurunlocker:
That's if they haven't shared the Abacha loot among themselves.

It will be good for you guys to stop reading the headline alone.
Stop being too lazy to read a thread lazy youths!
Don't sound so dull cos of hatred.

Me think this Ajaokuta has been privatise

Why didn't they recommend slashing their salaries ?

2019, President Buhari has it on lock down. Anyone can spend their looted funds on Nigerians - it is all well and good. But we will never allow those criminals who wants to auction NNPC within 6 months to smell that seat.

God bless Nigeria!!!

I hate all these news. What is this? Is this country expired?

It is no wonder that Nigeria itself is fraud.

TheGreenLand:





It will be good for you guys to stop reading the headline alone.
Stop being too lazy to read a thread lazy youths!
Don't sound so dull cos of hatred.

Who told you I or we didn't read it?

It's just an opinion which I'm entitled to. You have no right whatsoever to jump here and write rubbish quoting me.

I'm simply saying if the money hasn't been shared.

You forgot your lord say Abacha didn't loot?

cho cho cho cho

Is this all you came up with you that the interesting story? Seems your drugs has finished

TheGreenLand:





It will be good for you guys to stop reading the headline alone.
Stop being too lazy to read a thread lazy youths!
Don't sound so dull cos of hatred.

mokaflex:
Seems your drugs has finished

Stop doing drugs.
So you can live long.
Don't disappoint the people looking up to you Moka.

yjgm:
God bless the president of Nigeria, President Muhammadu Buhari for his efforts in trying to revive the steel company.
2019 is sure for you.

CONFIRM!

Oh my
That's my hometown am really happy

yjgm:
God bless the president of Nigeria, President Muhammadu Buhari for his efforts in trying to revive the steel company.
2019 is sure for you.

You're been [color=#990000][/color]bewitched

The international politics being played with this Ajaokuta Steel is more complex than what it's seem like ...



And my mumu Gov Yeye Bellow is not even botherd ...

atimes I wonder how he thinks in his head

Ajaokuta steel was not completed because of Buhari coup. If Buhari did not overthrow Shagari and Ekwueme government the Russian contractors would have completed the project. Buhari have committed more harm to Nigeria than any other leader

TheGreenLand:

Stop doing drugs.
So you can live long.
Don't disappoint the people looking up to you Moka.

You didn’t my question. If you need help just say. I could be of help