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FG Seeks ₦‎35 Billion To Revive Ajaokuta Steel Company - Politics - Nairaland

Nairaland Forum / Nairaland / General / Politics / FG Seeks ₦‎35 Billion To Revive Ajaokuta Steel Company (13541 Views)

Tinubu: I Will Revive Ajaokuta, Dredge River Niger / FG Says It Is Partnering The Russian Government To Revive Ajaokuta Steel Company / Nigeria To Sell Ajaokuta Steel Company After Spending $80bn On A Moribund Steel (2) (3) (4)

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FG Seeks ₦‎35 Billion To Revive Ajaokuta Steel Company by treesun: 8:29pm On Dec 05, 2023
The Minister of Steel Development, Shuaibu Audu, has requested N35bn funding from financial institutions to revive the moribund Ajaokuta Steel Company.

Audu said the collaboration with financial institutions was to seek the best financing options to re-start the light Steel Mill in Ajaokuta and kick-start iron rod production.

The ministry’s Chief Information Officer, Tine-Iulun Maureen, in a statement, said the minister revealed this when he received a delegation from Stanbic IBTC Bank, on Tuesday in Abuja.

The statement read, “It has become imperative to seek funding of about N35bn to enable the re-start of the Light Mill Section of the Ajaokuta Steel Plant for the production of iron rod to achieve the agenda of the current administration to revive Ajaokuta in phases in accordance with its set timelines and benchmark.

“This is in furtherance of achieving its mandate of reviving the steel sector, improving industrialisation in the country, diversifying the economy, providing jobs for the teeming youths and growing the Gross Domestic Product, is collaborating with Financial Institutions, for best financing options to re-start the light Steel Mill in Ajaokuta.”

Speaking further, Audu disclosed that the ministry has an existing agreement with the Works Ministry to be off-takers of the rod produced as well as with the Ministry of Defence to build a Military Complex in Ajaokuta, adding, “We have huge opportunities in Ajaokuta and potentially a lot can be achieved.”

Earlier, the CEO, Stanbic Bank, Wole Adeniyi, who was represented by the Head of Industrials, Debola Seriki, expressed the bank’s willingness to partner with the Ministry, while requesting further details for their consideration towards realising the project.


In the same vein, the statement added that the minister met with top management of United Bank of Africa and Voda Infrastructure Management Ltd with a view to ensuring that funds are raised for the immediate take-off of the project for sustainable development of the Steel Sector.

https://punchng.com/fg-seeks-n35bn-to-revive-ajaokuta-steel-company/

5 Likes

Re: FG Seeks ₦‎35 Billion To Revive Ajaokuta Steel Company by Artiiclebeast: 8:30pm On Dec 05, 2023
Oya, do the needful as usual.

Borrow and embezzle.

Rinse, and repeat the above steps.

174 Likes 16 Shares

Re: FG Seeks ₦‎35 Billion To Revive Ajaokuta Steel Company by immortalcrown(m): 8:31pm On Dec 05, 2023
If the revival costs ₦35b, how much will build another one from scratch?

No be dat one dey vex me pass. Dem go just repaint the decayed machines, then carry the money chop.

Na every tenure dem dey allocate money for the revival. Even if na Lazarus, e suppose don wake up.

Shebi una use more than the ₦35b to buy 220 Land Cruiser cars.

227 Likes 15 Shares

Re: FG Seeks ₦‎35 Billion To Revive Ajaokuta Steel Company by Sizwezi: 8:34pm On Dec 05, 2023
Not again ! The Russian company that was called during Babaginda’s era , already told us our steel is not viable. They have said nothing can be done, but every government after that, wants to keep reviving ! Another billions to be wasted . SMH

111 Likes 7 Shares

Re: FG Seeks ₦‎35 Billion To Revive Ajaokuta Steel Company by meum: 8:35pm On Dec 05, 2023
Ajaokuta na conduit for embezzlement of funds.

98 Likes 6 Shares

Re: FG Seeks ₦‎35 Billion To Revive Ajaokuta Steel Company by SharingIsLife(m): 8:35pm On Dec 05, 2023
What about the panel set up three years ago by the Federal Government to revive the same Ajaokuta plant?

https://www.icrc.gov.ng/fg-sets-up-panel-to-revive-ajaokuta-steel-plant-2/

9 Likes 3 Shares

Re: FG Seeks ₦‎35 Billion To Revive Ajaokuta Steel Company by TruthsFM: 8:35pm On Dec 05, 2023
Get the money and loots it back to back. No hope in this nation. Tinubu 4 years is just a bad years for Nigerians talking of insecurity in the nation, worst economy policies in Nigeria, poorly funded educational institutions and bad health care services. Oh my God I’m in this nation with this set of selfish leaders in power. Ajaokuta steel complex will continue to be in moribund state since no integrity and honesty in Tinubu government. Very unfortunate seriously.

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Re: FG Seeks ₦‎35 Billion To Revive Ajaokuta Steel Company by tollyboy5(m): 8:36pm On Dec 05, 2023
Abeg any news on this ajaokuta should be banned! grin

That rubbish should be sold to iron condemn. I've been hearing stories of reviving from secondary school lol

93 Likes 9 Shares

Re: FG Seeks ₦‎35 Billion To Revive Ajaokuta Steel Company by kokoA(m): 8:37pm On Dec 05, 2023
Make dem beg Davido, he has 30Billion in his account, the remaining 5Billion they can hustle it out.

47 Likes 6 Shares

Re: FG Seeks ₦‎35 Billion To Revive Ajaokuta Steel Company by KingKO22: 8:40pm On Dec 05, 2023
Ajaokuta like refinery
We wasting unnecessary fund on servicing or rehabilitating unproductive projects even a blind or deaf should not be deceived to this level


Stwupid govt

32 Likes 2 Shares

Re: FG Seeks ₦‎35 Billion To Revive Ajaokuta Steel Company by Ogene001: 8:45pm On Dec 05, 2023
Another looting spree

22 Likes 1 Share

Re: FG Seeks ₦‎35 Billion To Revive Ajaokuta Steel Company by jackie111(m): 8:52pm On Dec 05, 2023
All the states should donate or invest 1 billion naira towards reviving the place and all of them become partners or stakeholders or something.

39 Likes 3 Shares

Re: FG Seeks ₦‎35 Billion To Revive Ajaokuta Steel Company by femisplash: 8:57pm On Dec 05, 2023
This would be massive.
Re: FG Seeks ₦‎35 Billion To Revive Ajaokuta Steel Company by skj1377(m): 8:58pm On Dec 05, 2023
How much did they spend to buy 220 land cruiser Toyota jeeps at the rate of N160milliom each. !!! Abeg how much are they claiming to look for?

32 Likes 1 Share

Re: FG Seeks ₦‎35 Billion To Revive Ajaokuta Steel Company by Obagreatdatoye(m): 9:26pm On Dec 05, 2023
Another 35b to be sank....
$100b spent before with no results

14 Likes 1 Share

Re: FG Seeks ₦‎35 Billion To Revive Ajaokuta Steel Company by nedu666: 9:43pm On Dec 05, 2023
Ajaokuta should be sold to iron condemn. Anything other than this is a waste of money. Moreover the Indians who bought it under Obasanjo stripped it of most of its assets

8 Likes

Re: FG Seeks ₦‎35 Billion To Revive Ajaokuta Steel Company by Faiththatworks(m): 9:44pm On Dec 05, 2023
Any serious government should know that Ajaokuta is the most useless project ever created by the Nigerian state and if they are serious,they will wash their hands off that unproductive whale of a project
The Russians,Chinese, Americans and even lately the Indians have all at once time or the other cashed out big using that white elephant project

There are two realistic options before this government:
1) Call in all this scrap metals company to come and buy off the place
2) Turn the place into an Agricultural industrial Hub where cash crops like millet,wheat,cassave,legumes, vegetables can be grown and exported
At least for once it would have been used for a productive venture

28 Likes 2 Shares

Re: FG Seeks ₦‎35 Billion To Revive Ajaokuta Steel Company by veraponpo(m): 9:49pm On Dec 05, 2023
This Ajaokuta has been swallowing money since I was in the secondary school.

Could they please show us the Business Requirement Document (BRD), the feasibility analysis as well as the business case?

11 Likes 1 Share

Re: FG Seeks ₦‎35 Billion To Revive Ajaokuta Steel Company by advanceDNA: 10:02pm On Dec 05, 2023
U need 35billion that will help the steel industry...yet u want to blow a staggering 15billion on VP's house.....


Make una dey play ...This country na just cruize

48 Likes 5 Shares

Re: FG Seeks ₦‎35 Billion To Revive Ajaokuta Steel Company by ivolt: 10:12pm On Dec 05, 2023
The Russians built us a massive liability and instead of shutting it down, the government keeps trying to revive it.
SMH

3 Likes

Re: FG Seeks ₦‎35 Billion To Revive Ajaokuta Steel Company by OKUCHI11(m): 10:37pm On Dec 05, 2023
Black race are so useless...they can't run an entity effectively...in fact once an entity is given to them to manage... expect that entity to die off... if you think I'm lying. check most companies in Nigeria when they were managed by the other races and when they were managed by Nigerians...

in Uganda when Idi Amin Dada gave most of the SME to the indigenes to manage...they couldn't manage it effectively as the Asians were managing it...

let us go to South Africa the problem is still the same... every administrations is accused of embezzlement...
not only in Africa... they took them to the caribbean and they cannot build a single City... they're still there complaining...eg... Haiti, Jamaica, etc ...

Christianity and Islam have been working for the Europeans and the Arabs worlds in terms of development... when they gave it to Africans... we are misusing it to further oppress ourselves



the white race in South Africa and Brazil are the ones propelling development in those places while the BLACK RACE are shouting Jesus and Mohammed up and down the road....

the Black race is a curse to humanity...
.
... nothing good can ever last or even be maintained by them... spits on them...

8 Likes 1 Share

Re: FG Seeks ₦‎35 Billion To Revive Ajaokuta Steel Company by AfroBeatDiary: 10:37pm On Dec 05, 2023
Fela Kuti: Authority Stealing.

The only thing that pass armed robbery is authority stealing, it involves nothing but the pen. We see them do it and die to defend them do it.

3 Likes

Re: FG Seeks ₦‎35 Billion To Revive Ajaokuta Steel Company by Edoreborn: 10:39pm On Dec 05, 2023
Make una leave am,,no revive am oooo...Them wan revive their pockets again..

3 Likes

Re: FG Seeks ₦‎35 Billion To Revive Ajaokuta Steel Company by bitingcool: 10:39pm On Dec 05, 2023
kokoA:
Make dem beg Davido, he has 30Billion in his account, the remaining 5Billion they can hustle it out.

lol
Re: FG Seeks ₦‎35 Billion To Revive Ajaokuta Steel Company by tnerro1(m): 10:42pm On Dec 05, 2023
Borrow from the VP’s house budget, this is more important to the people than the VP’s new house, wetin happen to where him Dey before

4 Likes

Re: FG Seeks ₦‎35 Billion To Revive Ajaokuta Steel Company by Racoon(m): 10:43pm On Dec 05, 2023
Ajaokuta steel complex is the most useless but most corrupt government enterprise after the moribund NNPC refineries in this nation.

11 Likes

Re: FG Seeks ₦‎35 Billion To Revive Ajaokuta Steel Company by id4sho(m): 10:43pm On Dec 05, 2023
Another scam tongue

1 Like

Re: FG Seeks ₦‎35 Billion To Revive Ajaokuta Steel Company by Sirianese: 10:43pm On Dec 05, 2023
treesun:


https://punchng.com/fg-seeks-n35bn-to-revive-ajaokuta-steel-company/

Ajaokuta na everlasting office for Naija's political thieves

3 Likes

Re: FG Seeks ₦‎35 Billion To Revive Ajaokuta Steel Company by sniperr007(m): 10:43pm On Dec 05, 2023
This plant is dead. Has never produced steel since inception with all the billions put into it.

They just want to use it to steal money. This people no like Nigeria at all.

Useless leaders.

10 Likes

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