₦airaland Forum

EXCLUSIVE: Nigeria, Indian firm reach agreement on Ajaokuta Steel Company


Barring any last minute change in plans, an amicable resolution of the ownership crisis surrounding the Ajaokuta Steel Complex might be reached early August when the Nigerian government and Messrs Global Steel Holdings Limited, and Indian firm, are scheduled to sign terms of settlement.

The signing of the terms of settlement will free Ajaokuta Steel Complex from all contractual encumbrances that had left it uncompleted and non-functional for decades, PREMIUM TIMES has learned.

Negotiations for amicable resolution of the ownership crisis of the foremost steel company has dragged on since 2008, leaving the country’s steel and industrial sectors largely paralysed.

Those familiar with the negotiations told PREMIUM TIMES President Muhammadu Buhari had already given approval for the execution of the “modified concession agreement with Global Steel Holdings Limited, following reports of the mediation meetings forwarded to him from the Justice ministry.”


The mediation meetings, reliable sources said, recently held in London, United Kingdom.
The London meetings followed months of negotiations between the Federal Government and Global Steel Holdings, coordinated by an international mediator, Phillip Howell-Richardson.

The Nigerian government’s team to the series of meetings was led by the Minister of Solid Minerals Development, Kayode Fayemi, whose ministry is responsible for the steel sector, our sources said.
The team also comprised top officials of the Ministry of Solid Minerals development and Ministry of Justice.

The Chairman of GSHL, Prammod Mittal, led the consortium’s team to the meetings.
Insiders said part of the agreements reached during the last meeting was that the Ajaokuta Steel Complex reverts to the Nigerian government fully, while its sister company, Nigerian Iron Ore Mining Company (NIOMCO) would be retained by GSHL under existing concession agreement but with Ajaokuta plant gaining priority access to the iron ore from NIOMCO.

President Buhari has repeatedly promised to diversify the Nigerian economy and create jobs through agriculture and extraction of solid minerals.

Mr. Fayemi, who resumed work as Minister of Solid Minerals Development on November 11, 2015, had in many fora restated the Federal Government’s commitment to ensuring that the AjaokutaSteel Complex is revitalised.

The multi-billion dollar Ajaokuta Steel Company is regarded as one steel complex with capacity to help trigger the much-needed industrialisation of the country as well as stimulate growth in the iron and steel sub sector.

Several investors had expressed interest in the completion and running of the plant, including the Russian and Ukranian original builders of the plant; a Chinese consortium and many indigenous steel companies.

Sources at the Ministry of Solid Minerals Development said once all encumbrances have been removed, government would conduct a transparent bid exercise that would be determined purely by technical competence and financial capacity.

Global Steel could not be reached for comments Friday, but the Ministry of Solid Minerals Development confirmed serious negotiation was apace.

Olayinka Oyebode, the chief press secretary to Minister Fayemi said he was aware of the ongoing negotiation, but that he had no mandate from to divulge its details.

The mediator, Mr. Howell-Richardson, was not available when PREMIUM TIMES called his office. His staff, Nicky Doble, said only the mediator could discuss the matter.

Mr. Howell-Richardson’s cellphone failed to connect the multiple times our reporter called.


http://www.premiumtimesng.com/news/headlines/206565-exclusive-nigeria-indian-firm-reach-agreement-ajaokuta-steel-company.html

Saudi military sucks despite that they have high class military assets.

They have not been able to win any modern warfare.

Saudi mercenaries ko, Saudi belly dancers ni.

68k 3-phase metre. Eko Electricity Distribution.

Ikeja Electricity Distribution Company is miles ahead of Eko Electricity Distribution as regards metre installation. They seriously deserve to be given commendation.

They have also improved massively on the business, improved customer relations and then went ahead to employ a good number of people. I personally know about 10 people that have been employed by Ikeja Electricity Distribution with good pay.

I was seriously taken aback, when I watched some labour guys embarrassing IKEDC on TV that they have not installed metres anywhere. They have done massive metre deployment.

Lalasticlala, Mynd44, OAM4J where art thou??

Someone illegally got money from the office of the NSA, and people are still screaming that he should be allowed to continue spending the money just to spite the ruling govt.

They seriously need to have their heads examined.

In more civilised climes, this Fayose would have been forced to resign, if he refused to willingly resign.

Imagine, a state governor, owing workers and pensioners months of unpaid benefits, actually has hundreds of millions he illegally acquired in his accounts, and some mofos are still saying the accounts should be unfrozen.


Accounts should be unfrozen for him to enjoy his loots while the populace are subjugated through poverty?? Why am I even in this country of dunces sef.

This seems to be the strategy of some of our evil political class. It's not even a PDP/APC thing as one self declared principality in Lagos is also doing something similar.

This guy instead to pay salaries, prefers to be giving out chickens that looks kwashiokored to just 5% of the population of the state, but gives the event 100% media coverage to appear generous and kind hearted. WHEREAS, he actually has millions stacked somewhere for himself and his sons.

His online unemployed/underemployed dumbies keep singing his praises, while Fayose's sons are enjoying the money meant to equip troops fighting a war in the NE.

Chai, this Fayose needs to be stoned!

So EFCC even got a court order to earlier freeze the accounts. And some dumb-heads were abusing this hardworking agency.

Thumbs up to the EFCC. Continue the good works.

Wetin concern us with una? Abeg NDA, make una pack well.

We are not interested in your twitter handle.

Useless story concocted my Fayose's media dogs.

I can see some puppies here hailing the news. Smh.

Something must seriously be wrong with the brain of some people in this country. Someone collected millions of naira to enjoy himself and secure his family for a lifetime at the detriment of the country, and silly poverty ridden puppies are still encouraging him. Chai

This Agbele guy never know anything. Make e go ask Dansuki, Metuh and others.

Metuh engaged in greater propanganda before him. He made greater noise, thinking that will save his ass.

At the hour of visitation he realised no propanganda can help him. As prideful as he was earlier, he broke down and started begging to return money he earlier claimed he haas spent for a task he was commanded to do and nothing can happen.

This Agbele guy does not have immunity, nor political covering. EFCC will so deal with uuuuuuuuu ..... Dansuki's own will be a child's play.

Continue with your propanganda. We'll all be here when u'll start begging to return what you collected.

handie:
And this fellow was in the house of assembly making laws with forged credentials. Those This idiots idiot should be prosecuted for forgery ASAP

He was not a member of the house. Read the news again. He was the one that won the primaries, but was disqualified because of the certificate issue.

Instead of the PDP to forward the name of the runner-up (that just won the case), they went to bring an entirely different person, who just lost the case.

I like Buhari, very unpredictable.

Nice one!

Good. The VP is sure been carried along on all fronts.

Chief of Defense staff: Southerner
Chief of Naval staff: Southerner
Head of NIA: Southerner

The way wailers are wailing, someone will think nothing like this is in place.

frodobee:
Well all I know is that efcc has no right to freeze anybody's account, immunity or immunity, ordinary citizen or president without a COURT Injunction to that effect. And I am yet to know the court and judge who gave the order to ZenithBank.
Anyway, I still dey find person wey get Godaddy Coupon. God bless us.

Why not quote the specific section of the EFCC act that deals with this instead of just talking in abstraction.

For your information, when you dig it out, kindly take cognizance of the word used by the law.

The word is "may".

EFCC may approach the court to seek for an order to freeze account. The use of the word may simply shows that it is not mandatory.

The Venezuelan situation is so sad. PMB has really tried, despite the fall in crude prices to $30 per barrel at a particular time.

kingsol1759:
My question is this, who are the MD customers? Are they giving out the meters for free? because I heard one has to pay as high as 65k for a 3phase meter.

They are those that have their own transformers. Yes, these ones will be given out free. Meters are supposed to be free. Those that pay for it will be recredited back overtime through their usage.

I actually paid 68k plus for 3-phase meter from Eko Electricity.

adioolayi:
Most of them are running away from Prepaid Meters knowing fully well their consumption rate is high and huge money will be required to meet it. They prefer billing systems with fixed bill every month especially after tipping the electricity distribution workers

Stop saying what you dont know in public. You are unduly misinforming the public. Most electricity distribution company do not issue prepaid meters to maximum demand Customers.

If you have a place they have issued such to C2 and C3/D2 and D3 customers, pls do tell.

Interesting!

TippyTop:
If she's travelling on a diplomatic passport don't expect her to be arrested.

See is immune from prosecution as long as she carrys a diplomatic passport and representing Nigeria.

She is not a govt official, she cannot have a diplomatic passport. You are already looking for excuse, smh.

OP is so on point. If PMB does even half of those things, I can imagine how the Wailing zombies will wail their asses off.

Gozzzy:
onyem/ogbeni hapu kwanu.... Talking about Hutu and Tutsi, my brother if such should come up, believe me the Southern part will be like the Hutu, cos even the middle belt would wanna pitch tents with the whole of south. The north will bear the brunt. Analyse and see for yourself.

It seems u didn't know it was the Tutsis that won.

The Hutus were just bunch of animals killing unarmed people.

The well organized minority Tutsis even went as far as pushing the animalistic Hutu militia out of the country. Till date, some of the Hutus are still camped outside the country.

Dangote! Smart businessman.

Naija!

Etinosajay:
That's it right there.

The company in the eyes of the law is represented by its articles of incorporation filed with CAC and domiciled in a piece of paper.

The building is the company in physical, visible to the general public, that is why physical addresses are always stated on business cards and company articles. that is why two things happened yesterday.

1. The company managers were made to sign off in compliance with the court order.

2. The building was sealed as a way of effecting the order of court.

Somehow I don't expect you to understand that. Not every one was manufactured with an IQ to be envied.

I did suggest previously that you should use only words you know the meaning.

It's not a bad thing to debate, but I'm not sure why you want to be wrong and wrong at the same time.

Oga keep quiet. Your low IQ was obvious from your initial responses. Not what you just went to look up on the internet to sound intelligent.

Etinosajay:
May I suggest that henceforth you use words you know the meaning?

You opined that AMCON may have re-opened the building for sake of other occupants.


Re-opened suggest it was first closed down, and further to tha, if not in consideration of other building occupants, it may remain closed down.

Do you not know what words mean by inference?

Are you by any means suggesting that the mandate of AMCON is to seize silverbird assets until they pay their debts, albeit indefinitely, if need be?


I have a feeling you don't like to be corrected

Why are you confusing yourself??

Dont you know the difference between building and company??

I said the building was locked. you then came to say this

AMCON will not close down any company until the debtor pays. That's now how the law empowers them to operate.

Did I ever say anything iike ''the company has been closed down?? Is it not you that introduced that? Does locking a building seem same thing as closing a company??

It is actually you that do not like to be corrected. And it is obvious you lack comprehension skills and right usage of words.

Etinosajay:
I think you're the one who doesn't understand what you are saying.

It may help you to read and properly understand what's going on before claiming and counter claiming.


Please read the court order and then read your own previous comment, and tell me who's mixing up issues.

You definitely do not understand the difference between a 'take over'and 'closing a company'. Go and educate yourself on that first abeg. For the records, you are the first to use the phrase 'close down the company'.

gare:
That's not how take overs are done you don't close the biz, you don't stop the biz, what happens is that AMCON will be the one taking charge of the biz a until the loan is paid back that is all, biz will still continue, but all payments will be made to AMCON, and if they need to inject more funds to make it more profit viable they will do so.

How will Amcon take over if they dont first assert their authority over the place??

Do you think take over is a tea party?? They will just stroll in and all the managers in the company, all the tenants in the building will just start handing over to them??

Take over of assets following a court order is not that easy, eventhough it is backed by valid court orders. It is usually a show of force. Even when it is between individuals, families, etc.

manuel80:
cool but what's the point in him resigning
its not like there's pressure from anywhere

He didn't support the pull out from EU. So he does not want to be held for the consequences of the pull out. And he decided to quietly resign.

These are the real Honourables.

Etinosajay:
Statement above is not a correct one.


AMCON will not close down any company until the debtor pays. That's now how the law empowers them to operate.

Yesterday was just the take over. In. Couple of days, the company will open for normal business, but under AMCON's management.

Why are u mixing issues. Who talked about closing a company??

Amcon is taking over the properties (assets) of the company because of loan default.

Kindly note that taking over assets is not same as closing the company.

What Amcon is after is her funds. Not that they are trying to punish the company.

If the company resumes paying back what they owe, they can approach the court to reconsider the take over order.

I hope the PDP will be able to sustain the tempo when facts start rolling in and they discover that majority of those indicted are their members.

I passed in front of the place around 2pm and it was still locked with fierce looking mobile policemen roaming about.

Amcon has also put dirty inscriptions on the walls of the building all around indicating a takeover.

I just pity those who rented business outlets at the galleria. Their loss yesterday was not nice at all in view of the exorbitant amount they pay as rent.

If indeed Amcon reopened the place later yesterday, I'm sure its chiefly because of other business concerns using the place.

I was very sure it is Vanguard that will carry this senseless news item.