₦airaland Forum

Ratello:
Not illegal sir, Mr Falana gbo tie. This is about The Senate rising up to the occasion to curtail a sinister move.by INEC to scheme towards Buhari's victory at the polls and this is not part of INEC's responsibilities but INEC is expected to be an unbiased Umpire in this game. I repeat, this REORDERING IS IN ORDER!

But wait, let us even analyse the whole scenario. How will INEC making Buhari's election to come first be to (him) Buhari's advantage?? I really dont understand how. Can you please break it down?

In my own opinion, the change in the sequence to make his election come last is what is actually in his advantage. Because from the outcome of the other elections, he would have already noted the voting pattern of the electorate, he will then know how to react/respond to his own coming election.

If the voting pattern is not in favour of his party, he'll already know that he may lose and so will be more desperate and also deploy all available resources to make it a fight to finish.

The SAN has dissected the issue very well.

There are lots of loopholes that any smart lawyer can throw into the wheels to disturb the operation of this law.

The National Assembly should not push their luck too far and throw us into a constitutional crises that will make Buhari sit tight as a dictator.

wristbangle:
They are saying the truth. Encouraging importation would only damage the economy more.

It all depends on how we manage the scenario.

I see more advantages in this than disadvantages.

Godsonkemz:
His odeshi (bullet resistance charm) failed him this time. I could remember seeing him shooting sporadically at the brave policeman who confronted on faceoff

That's not him. That one has been caught since.

He was the one that carried money and rifle and majestically walked to the street at the end of the operation.

It seems he was also the first one to alight from the car at the right side and then started shooting sporadically into the air.

Teeboi56:
D guy need more counselling I swear
2 years in prison is okay for him

You must be joking right?

Armed robbery carries a capital punishment in Nigeria.

Especially this one that two policemen were killed.

Na firing squad sure pass.

ebuks4ever:
From the manual it says 3quarts for initial fill while it's 6quarts for total fill. The former is when you're draining and filling while the latter is when there's no single oil in the gear for example a new gear.

Thank you.

ebuks4ever:
Yes since the older oil has been discontinued

Thank you. Pls do you have an idea of the quantity required by a 98 Accord?

ebuks4ever:
OEM Honda Dw-1 ATF fluid now available at N4k per litre.
Delivers to anywhere in Nigeria

Is this also the recommended transmission fluid for 98 Accord? What quantity will it take pls?

Yankee101:
Crowd?
All the 3 elections Buhari lost, he won the North. So no be by crowd. Every President draws crowd. Can he win SE, SW, SS, Middle Belt after allowing fulani rampages?

No be by crowd my guys. You need 3 regions to become President.

He already has two, where he'd win heavily, he just needs one more region.

If he gets 50% of SW and 50% of NC, that may just be equal to the vote of 1 region that he needs.

LordAdam16:
Agbaya!

No b only fake news?

You no fit just use your brain for once...

Here is an excerpt from the so-called fake news:


Everyone knows of GEJ's automotive policy of 70% on all imported vehicles proposed in 2013, which he later backtracked on to 35/70.

The talk is about PMB's own policy that sought to envelop new SUVs, sports cars, and also yachts and boats in a 70% bracket. This policy also increased duty on salt and sugarcane from 10% to 70%, which is understandable.

This policy went into effect in Q1 2017. This is not fake news.

https://www.vanguardngr.com/2017/10/auto-dealers-customs-warpath-double-evaluation-vehicles/

See why I call you mumu. Clear, obvious news an elementary school pupil would understand, you call incorrect. You are just allergic to sense.

-Lord

You have comprehension problems & is definitely a dunce for finally agreeing that the 35%/70% was put in place by the GEJ regime.

LordAdam16:
Everyone knows of GEJ's automotive policy of 70% on all imported vehicles proposed in 2013, which he later backtracked on to 35/70.

-Lord

If the last regime was already doing 70% on new cars, which one are you ascribing to the Buhari regime again? Are u sure you are ok? Was it not just a continuity of what was met on ground as regards used and brand new cars?

People who imported cars from that period till date are aware of this. You can ask people around you if you don't have a personal experience. Because you are sounding like someone still being spoon-fed.

Let me reiterate for your myopic brain that our discussion has been based on payable duty of cars, which is 35% for used cars and 70 for new cars since the GEJ time.

http://shipsandports.com.ng/again-fg-defers-collection-of-35-levy-on-used-vehicles/

Again, FG defers collection of 35% levy on used vehicles

Ships & Ports on July 1, 2015
The Federal Government through the National Automotive Council (NAC) has again shifted the implementation of the 35 percent levy on imported used vehicles expected to commence today, July 1st 2015 to an undisclosed date.

This is the fourth time in one year that the implementation of the second phase of the auto policy will be postponed after it was first moved from July 2014 to January 2015, then to April and subsequently to July 1st.

Speaking exclusively with SHIPS & PORTS DAILY yesterday, the Director General of NAC, Engr. Aminu Jalal said implementation of the 35 percent levy would be on hold until the appointment of new Ministers by President Muhammadu Buhari.

“We have to wait for the Minister to come. As far as I know the Ministers are not around. When the new Finance Minister comes, we have to brief the person on what we are doing, explain the policy and why we are doing it, the Minister will then take up the issue.  He has to give the order before it is implemented,” he said.

The Federal Government under President Good luck Jonathan had in September 2013 introduced the policy under which it hiked the duty payable on imported vehicles to 35 percent and slammed an additional levy of another 35 percent bringing the total to 70 percent from 20 percent.

The policy, according to the then Minister of Industry, Trade and Investment, Olusegun Aganga, was aimed at discouraging importation and encouraging local production of vehicles.

While the new duty rate and additional levy has since been applied on imported new cars, importers of fairly used cars otherwise known as ‘tokunbo’ have been exempted from paying the levy.

Pls take note of the bold parts. I have been telling you this, I don't know know why your brain is finding it so difficult to process.

The 70% has been applied on brand new cars since 2014. And 35% on used cars. Let this sink into your thick skull.

Since that time till date, there has been no change. 35% is still being paid on used cars and 70% on brand new cars.


Now let me break it down for you. The 70% on new cars is actually (35% duty + 35% levy= 70%), but the entire 70% is informally referred to as duty.


The 35% on used cars is duty. The GEJ regime also wanted to apply another 35% levy on 'used cars' to also make it 70%. But they lacked the political will as at then (2014) because of the coming 2015 election.

Till date the other 35% (levy) on used cars has not been added. So only 35% is still being paid on 'used cars' till date, but in the case of brand new cars, the 70% has taken effect since 2014.

http://www.businessdayonline.com/nigeria-begins-implementation-of-35-levy-on-imported-new-vehicles/

Nigeria begins implementation of 35% levy on imported new vehicles

by AMAKA ANAGOR      September 17, 2014      7:18 pm

As part of its determination to encourage newly licensed automotive brands that aim to build assembly plants in Nigeria, the Nigerian Customs Service (NCS) has commenced the full implementation of the Federal Government automotive policy. The automotive policy, allows for an importer to pay 35 percent duty and 35 percent levy on imported vehicles and…

TheKingIsHere:
So this one is working effectively right?

So why is dirt and filth littered everywhere now in Lagos?

This is sabo in ikorodu. I can show you more if you want.

Everywhere is littered with dirt and filth. By the time the raining season starts and likely diseases start spreading that's when he will take it seriously abi?

Obalende last week Wed.

FarahAideed:
People are definitely trying to sabotage cleaner lagos initiative

Nobody is sabotaging them. They are not getting some things right.

They are not going into the inner streets to evacuate. It is from there people are bringing their wastes to the major roads.

If the waste are evacuated at the generation source, you won't see things like this.

This place looks like Sura. There was a morning one younglady came to dump their waste in this place. One of the road cleaners started fighting the lady, and made the lady remove the waste. I was just shaking my head, that we are not getting the priorities right. If the waste disposal truck has passed front of their house and carried the waste, she'dnt have walked from home to the place.

Cleaner Lagos should leave fanciful offices aside and go into the inner streets to make their presence felt. That would announce their efficiency better than fanciful offices and outfits.

LordAdam16:
http://sunnewsonline.com/new-tariffs-for-vehicles-take-effect/

Mumu!

-Lord

Na you and that half baked journalist be the real mumus. In fact, na you mumu pass.

The 35%/70% policy has started way back during GEJ. Go and ask any clearing agent.

That news was incorrect. Guardian was the first paper to push that that fake news that time, and when it graced nairaland, in the same wise, I rightly informed people.

The 35%/70% started with GEJ automotive policy. Continue fooling yourself.

https://www.vanguardngr.com/2014/09/fgs-70-duty-imported-cars-will-trigger-hardship/amp/

LordAdam16:
It was delayed for a while you a$$wipe. F*cking ignorant POS!

-Lord

Stop foaming in the mouth like an epileptic and get yourself informed. Cost of clearing new cars has been 70% since GEJ time.

The cost of clearing used cars (which was 35%) was supposed to be increased further, but this was delayed due to the coming election as at then.

Ollymurs:
You should get yourself enlightened instead, did you read the post thoroughly? I guess not, if u did you obviously failed to see the part where the comptroller stated that the payable duty on that car is N 51.2m, or did you also miss where he said this is thier biggest seizure so far? Therefor my assertions are based on what he said and not what is written on thier website,

You talk like you are from Gabon, no offence to Gabonese people, For your information I have imported cars in the past, When you buy a car for as low as $1000 abroad considering cost of shipping was about $700-800, it just got increased to about $950. It puts the landing cost of the car at $1800 then it gets here and you shell out N 500k or more On import duty, what percentage value is that? Keep in mind that this analogy is for impotation of cars between 2001-2006. The Range Rover Velar is a 2017-2018 car. Plenty eyes on it

So do the math.

Please before you quote or mention on what you know nothing about “ Do Your Fact Findings well” dont come here and point me to a website.

You are the one that needs enlightening. I will ignore some of your rude remarks. Quit your unnessary sermon, you are obviously not the only one to have imported cars.

The fact that your clearing agent conned you of 500k does not mean that was the amount eventually paid to customs.

You also ignorantly failed to point out that your agent will also put his mark up on any amount you are paying as his own profit. This is where your negotiation acumen based on how informed you are comes in.

Kindly note also, that there is restriction on some ages of cars (15years I think). These cars are still dubiously cleared with a lot if settlement here and there. In this case, the cost of buying the car over there will definitely not add up with the eventual cost of clearing it. Since such cars are illegally cleared.

Oga even now, the duty on cars valued around $3000 is just a little less/above 500k.you are free to make your findings. A lot of information even abound on nairaland in this regard. Just go to the right thread and you'll see it there.

Now to put your experience in proper perspective, state the make and year of the car and the year it was cleared, and you'll be provided with an estimate of how much should have cleared it. It's not rocket science.

dowjones:
70% since last February

Last Feb??

Cost of clearing brand new cars has been 70% since the days of GEJ, when he put forward the automotive policy. Pls don't feed the public with wrong info.

Duty on used cars is 35% while that of brand new and relatively new is 70%.

Ollymurs:
Horrible country!

How can import charges be nearly about 300% of the cost of the car.

A range rover Velar starts at $50,000 USD = N 18,250,000 and the Govt wants to tax it at N 51 million, add that to the cost of the car. why wouldnt smuggling trive?

Total cost N 69.250 million

Haba! What sort of country do we live in where govt cant provide for its people but tries to take away the little the people have to fund its corrupt, selfish and personal expenditures

Cost starts at $50k you said. Do you know the trim and the cost of the one accosted? Why can't we just be thorough with things in this country.

You are very wrong. There is no way the payable duty on a car can be 300% the value of the car.

Try and get yourself informed. Go to customs site, the way duty calculations are made is downloadable from the site.

King990:
I don't even understand this custom clearing of a thing, is the motor 51M or that's the clearing fee?

The duty payable on brand new cars is 70% of (cost of purchasing the car + cost of shipping the car).

This is in addition to some other small tax, which i think is 1%.

lonelydora:
Duty payable is a certain percentage of the price tag. 51.2m is not too much for a 2018 Range Rover.

LordAdam16:
Oga, check out the price of a 2018 Range Rover Velar. Estimate the value in Naira.

Compare it to the 51.2m you say is "not too much," then return to edit your comment.

The only reason people aren't protesting the absurd duty on new cars is because most people don't buy new cars in Nigeria. Na rich man problem.

-Lord

Why not give us the prices of all the available trims and do the calculation here instead of forming smart with incomplete information.

It is a form of luxury tax, which is practiced in all countries of the world in one form or the other.

The luxury tax rich folks don't pay on their mansions in Nigeria, let them pay it on their luxury cars.

The amount being paid on mansions abroad is way way higher than this duty people are talking about. And it's somewhat similar to the parking fees of jets. If you can afford it, then be ready to be taxed. Simple.

DanielsParker:
51m just to clear a car? I thought it was 35% of the total Worth?

The duty on brand new cars or cars with less than 5k mileage is 70%.

austin2all:
stop embarrassing yourself online zombie.
so we should forget the kaduna refinery. I don't know what folks like you eat and smoke that makes you people reason like cows.

Where this one crawl from?? You are the one embarrassing yourself trying so hard to sound intelligent.

So because of Kaduna refinery, Niger Republic must not have plan to have another refinery through a JV scheme?

The arrogance and ignorance some of you display is mind boggling.

For your information, part of the plan is to have a pipeline from Niger Republic to feed Kaduna refinery with crude.

Nukilia:
I now see the reason why this government wants to build a railway line to Niger. Its no so clear to people in the South why this government is trying to build refineries close to Niger. A government of saboteurs

Engaging in joint venture with Niger republic to build a refinery at the border is of advantage to Nigeria and Niger. Stop being petty with your thinking.

Niger has crude, and as such, the refinery will have no need for Nigerian crude.

Moreover. It would discourage the smuggling of petroleum products from Nigeria to Niger. The refinery will also provide the extreme parts of the Northern Nigeria with petroleum products and as such reduce the cost and logistics associated with moving petroleum products up those extreme North. Our roads will also be relieved of some fuel tankers.

A lot of the upheavals we are having in the downstream has to do with smuggling to neighbouring counties.

If JV with Niger will solve the smuggling problems up North, and Dangote refinery will flood the West African market, the fuel demand in Nigeria will decline to some extent and may be locally met if other players and the national refineries come on stream.

orisa37:
APC should just settle for Osinbajo/Saraki.. Buhari has been used enough. His Patent is obsolute.

Two Yoruba men?

DavidEsq:
Guilt is a matter of proof beyond reasonable doubt, which can only be done in a court of law. Chukwuma's guilt as u put it can only be determined by a court of law and it is for EFCC to prove it and not to duplicate his trial. It is an abuse of court process, if the same trial for the same alleged offence is b4 anoda court of law.
As for the bench warrant. The FHC in Lagos was wrong to issue it on the basis that Innoson Boss held the court in contempt by failing to appear before the court, without first resolving the issue of its jurisdiction to try the matter and to punish for contempt.
In a general sense, that is the procedure. However, were wat is in issue is the jurisdiction of a court to make an order in respect of contempt, then the court must first resolve the issue before going ahead to make any order.
The counsel to Innoson Boss challenged the jurisdiction of the court to hear the case and and to punish for contempt. Wat shld t judge have done?
She shld hav first resolve the issue on weda she had the jurisdiction to punish for contempt, before making the order for his arrest.
In Ebhodaghe V. Okoye, the Supreme Court said that "jurisdiction is extrinsic and sui generis in nature and the power of a court to punish for contempt is inherent in the very creation of the court and such powers do not depend on the court's jurisdiction to hear or try the substantive matter and as such, a court which ordinarily has no jurisdiction to try a matter can also punish for contempt". Or even if the court's jurisdiction is being challenged, the court still has the powers to punish for contempt. But the only time a court cannot punish for contempt is "if it is its power to punish for contempt that is being challenged".
From the argument of Innocent's counsel, both the jurisdiction to try the case and to punish for contempt were in issue. This is because the counsel argued that the court did not have jurisdiction to try the offence and since it had no jurisdiction to try the offence, it had no powers to make orders.

You are joking with your last statement right? The orders of the court stands unless overturned by a higher court.

The argument of a counsel is not a court judgment. You are making it sound as one.

layzie:
I think the law also empowers the president of the Senate to pass a bill declined by the president with the support of 2/3 majority. So no big deal

Does the bills make sense to you?

Stanbic IBTC seems to miles ahead of others.

TheFreeOne:
After telling Nigerians the matter has been settled and now this again?

Then its better we accept there are powers outside this country that doesn't want Ajaokuta steel company to function cos it'll be a threat to their own steel industry and thereby they are ensuring ours stays non functional bottomless slot machine.

Now, I am beginning to believe this conspiracy theory.

And imagine, we want to import loads of steel from China for the massive railroad modernisation projects all over the country.

These imports will cost us billions and choke our already congested ports.

Why can't we insist that the steel be produced from here, no matter what it takes??

The multiplier positive effects on the economy will be unquantifiable. But the cunny Chinese may never agree, as they looking for where to push their cheap steel to.

Blue3k2:
Who knows maybe the reporters are wrong. It's a weird situation with these plants. I don't understand what business London arbitration court has if they already settled out of court.

GINL sued Nigeria for 1billion dollars(I think) before the London Arbitration court for backing out of the initial concession agreement.

The case dragged for years, the parties then decided to settle out of court. This was what led to the agreement that was signed by Nigeria and the company, GINL.

The agreement ceded The Iron Ore Mining Company of Nigeria to GINL for another 7 years while Ajaokuta reverts back to Nigeria. Although this does not make sense to me as the plant will still depend on mined ore to function. If the company has messed up the initial concession, what is the assurance they will make the ore mining company productive?

Anyways, this was signed by the then Acting President, Prof Osinbajo. That is why I am confused at this latest development.

More

Blue3k2:
They lied apparently. That out of court settlement must have been on a handshake instead of writing. It's same way he came out to say Fayemi came out say ALSCON ownership crisis has been solved only for appeal court to make a fool at out him.

This country sef, one does not know what to believe again. The modified agreement was signed in 2016, which reverted back the plant to Nigeria and gave the iron mining company to that GINL. And it was done with so much fanfare.

It was VP Osinbajo that signed as Acting President of Nigeria. see pictures below, it even graced the front page of Nairaland.

Blue3k2:
They lied apparently. That out of court settlement must have been on a handshake instead of writing. It's same way he came out to say Fayemi came out say ALSCON ownership crisis has been solved only for appeal court to make a fool at out him.

ANALYSIS: Ajaokuta: How Nigeria’s largest industrial project failed

The Steel Industry is said to be the backbone of any nation.

The industry serves as stimulus to national development and economic boost to industrial growth of a country.

The Ajaokuta Steel Company in Kogi State of Nigeria was envisaged to serve as the bedrock of Nigeria’s industrialisation.

The idea of having a steel industry was conceived in 1958 by the federal government. Preliminary market studies were carried out and studies were initially directed towards the feasibility of establishing rolling mills.

However, because of the growing awareness of the availability of iron ore in Agbaja, Udi and other areas of the country, emphasis later shifted to establishing an integrated steel plant.

Late Tafawa Balewa and late Nnamdi Azikiwe between 1960 -1966 invited and received proposals from foreign firms, including those from UK, U.S., Germany and Canada, most of these being on the feasibility of establishing steel complexes.

The efforts of the government did not yield significant positive result because they were based on the use of iron deposits in Agbaja and Udi which were later found to be unsuitable for direct reduction.

In 1967, a team of Soviet experts arrived in Nigeria to conduct a feasibility study on the establishment of an iron and steel plant, as a follow-up on a technical/economic cooperation agreement between the governments of Nigeria and the USSR.

In their report, they recommended the use of blast furnace process of iron making. The report also pointed out that the known iron ore deposits in the country were of poor quality and recommended that further geological surveys be conducted to see if better ore could be found.

In 1968, Soviet geological experts came to Nigeria and after a general geological investigation reported that there were high prospects for richer iron ore and coal deposits in the country.

However, the federal government signed a contract in 1970 with TYAZHPROMEXPORT (TPE), a Russian company, under which they agreed to provide specialised equipment to carry out further geological survey to determine the quantity of the deposits of iron ore, coal resources in the country that could be used for the proposed iron and steel industry.

By 1973, suitable iron ore deposit was discovered in Itakpe, Ajabanoko and OShokoshoko all in the region around Kabba-Okene-Lokoja – Koton Karfe axis, now in Kogi State.

The TPE was contracted to prepare the preliminary project report for the proposed Iron and Steel Industry in Nigeria.

In 1975, during the reign of Murtala Mohammed, the preliminary project report specifying the raw materials base at Itakpe in Kogi plant site location (Ajaokuta), 1st phase production volume (1.3 mmt), process route (Blast Furnace -Basic Oxygen Furnace), Product form (Long products) submitted by TPE was reviewed, discussed and accepted.

TPE was subsequently commissioned to prepare the Detailed Project Report (DPR) on Ajaokuta which was completed and submitted in 1977.

In 1979, Ajaokuta Steel Company Limited (ASCL)/NIOMCO, Delta Steel Company (DSC), among others, were established under Section 2 of National Steel Council Decree No. 60 of September 19, 1979 and incorporated as Limited Liability Companies.

In 1980, former President Shehu Shagari laid the foundation stone of an integrated steel plant in Ajaokuta on 24,000 hectares of sprawling green-field landmass, built on 800-hectares.

The steel company has four different types of rolling mills inside the plant, such as the Billet Mill which produces billets; the Light Section Mill which produces round, square, strip and angles metals.

The Wire Rod Mill produces wire rods and rebars used in construction companies and production of nails, fencing wire, rope mesh, bolts and nut and netting and the Medium Section and Structural Mill produces parallel flange channels, equal angles, unequal angles and standard channels.

The four rolling mills are bigger than Aladja, Osogbo, Katsina and Jos rolling mills put together while the coke oven and bye products plant is bigger than all the four refineries in Nigeria put together.

In 1980 to 1983, the administration achieved 84 per cent of Ajaokuta steel plant as the Light Section Mill of the plant was commissioned earlier than the scheduled date, while the Wire Rod Mill was also commissioned in April 1984, earlier than the scheduled month of December.

In 1994, equipment erection work at Ajaokuta Steel Plant reached 98 per cent completion.

With all these achievements, it was, however, sad that the gigantic steel plant idea conceived and executed by past leaders had failed to contribute to the development of Nigeria.

The Ajaokuta steel that had reached 98 per cent completion as far back as 1994 had not produced a single steel till date.

The integrated plant was envisaged to have multiplier effects on all sectors of the Nigerian economy such as the industrial, agriculture, transport and construction sectors, among others.

The steel plant was designed to produce 1.3 million tonnes of liquid steel per annum in its phase one, with a built-in capacity to expand its production to 2.6 million tonnes of flat iron and steel products in its second phase and phase three plan was planned to produce 5.2 million tonnes of various types of steel products, including heavy plates.

The steel plant complex also has highly sophisticated assemblage of 43 different plants made up of a web of complex iron, cable and machinery of different sizes and functions.

Out of the 43 plants, 40 are already completed and can produce independently.

Ajaokuta steel has the capacity to become a major producer of industrial machineries, auto-electrical spare-parts, shipbuilding, railways and carriages.

The steel plant’s first phase has the capacity to provide direct employment for 10,000 technical staff and indirect 500,000 for unskilled upstream and downstream employment if it is in operation.

The federal government had spent over $10 billion over 34 years and would require another $2 billion to complete the remaining two per cent of the plant.

South Korea, which started its steel construction around the same time with Ajaokuta steel now has a revenue base of over N60 billion dollars per annum and employed over 65,000 staff.

Ajaokuta steel would have done better if it had started production.

According to World Steel Association (WSA) report, South Africa and Egypt produced 6.1 and 5.0 million tonnes of steel in 2016, while South Africa is the 22nd on the list of countries on steel production, Egypt is the 27th.

China, the world’s largest steel producer topped the chart with a production of 808.4 million tonnes representing about 50 per cent of global steel output for 2016, as Japan and India produced 104.8 and 95.6 million tonnes of crude steel to maintain the second and third position on the list.

Virtually all the nations that are playing big globally have enhanced capacities for steel production.

Even those that do not have any of the key mineral inputs needed for steelmaking had over the years developed the capacity to produce steel.

Japan and South Korea, for instance, have no mineral resource for iron and steel, but they rank among the world top 10 countries in steel production.

Nigeria that is blessed with raw materials such as iron ore, coal, natural gas and limestones needed for the manufacture of steel is still struggling with what to do with the dormant plant.

In June 2003, former President Olusegun Obasanjo conceded Ajaokuta steel to Messrs SOLGAS ENERGY of USA on a 10-year tenure; in August 2004, the Federal Government terminated the SOLGAS Agreement due to non-performance.

In 2004 and 2005, the Obasanjo administration, again, granted another concession to Global Infrastructure Nigeria Limited (GINL) an India company for the operation of Ajaokuta steel and the Nigeria Iron Ore Mining Company (NIOMCO) at Itakpe in Kogi.

However, the Indian company did not live up to federal government’s expectation in managing the two companies.

Consequently, the late Umaru Yar’Adua administration was compelled to revoke the contract in April 2008 without meeting the requirements of the clauses built into the agreement.

The Indian company thereafter took Nigerian government to arbitration court in London, which also crippled the two firms.

In 2016, President Muhammadu Buhari fulfilled his campaign promise on Ajaokuta steel by settling the legal bottleneck surrounding the companies out of court.

However, the federal government signed modified concession agreement with GINL to enable the firm to retain the National Iron Ore Mining Company, Itakpe.

The modified seven-year concession agreement was signed on August 1, 2016, while the federal government took over the Ajaokuta steel.

While the federal government was planning to reconcession Ajaokuta steel again, stakeholders in the Nigerian Metallurgical Society urged it to complete the remaining two per cent and operate the plant for few years before concessioning it.

The stakeholders also urged government to provide clear and articulated plan for the development and growth of metal production sector as the struggle for functional steel company in Nigeria continued.

https://www.premiumtimesng.com/news/headlines/253680-analysis-ajaokuta-nigerias-largest-industrial-project-failed.html

So you are saying the out of court settlement never scaled through??

Blue3k2:
There no way they're going to hand them a budget them a billion dollars a plant that's legally uncertain. If they get unfavorable rulling them they sank money into plant for nothing.

Is this issue still going in circles? I thought the plant has been reverted back to Nigeria, while the iron ore mining company was given to that Indian company.

Sapiosexuality:
Personally, I think it's silly. Like a mother that deliberately inhibits the growth of her children. Somebody is trying to say these Ports are state projects and you begin to wonder whether there is a body called Lagos State Custom Service that will run the place. A country doesn't grow like this. We need about 6 or more of what you have in Apapa all over the country. Same policy. Same clearing fee. Same system.

Acquaint yourself with the arrangements put in place by the visionary proponents of the project and quit talking like an illiterate. So because the ports and customs are under FG, mean a state cannot go into partnership with the FG?