| Ajaokuta Steel's Status - Fayemi by 989900: 11:00am On Aug 18, 2016 |
Dr. Fayemi spoke on Sunrise Daily against the backdrop of criticisms of the decision by the federal government to invite a company whose contract was terminated by the administration of the late Musa Yar’adua.
He explained that what the government has done with the renegotiated contract is to take back Ajaokuta Steel Plant, which is in line with the administration’s campaign promises.
“We’ve been locked down in this endless arbitration for the past eight years preventing that particular promise that the President made to Nigerians to come to fruition.
“With all of our best efforts – legal, political, we came to a conclusion that there was no other way we could have accomplished that without giving something that will enable us to do so.
“Don’t forget this was a contract that was revoked and there was clearly a breach on the part of the Nigerian government when it revoked the contract.
“This is what led Global Steel Holding Company to take Nigeria to the London Court of Arbitration and that is what we have been dragging all these years,” he explained.
Dr Fayemi recalled that Nigeria had already admitted to being liable to pay up to the tune of 700 million dollars for what the company had invested in the concession.
“So we succeeded in getting Global Steel to release Ajaokuta without paying a dime.”
He went on to clarify, however, that the return of Global Steel is for the remaining period of the concession.
“It was a 10-year concession; three years had been completed before the revocation. Now there is seven years left of the concession and all that we have done is to allow Global Steel come and complete the concession.”
He said that a joint audit of the Iron Ore Mining Company, Itakpe has been initiated to be overseen by an independent audit firm as the federal government begins the process of the takeover of Ajaokuta Steel Company. |
| Re: Ajaokuta Steel's Status - Fayemi by TheFreeOne: 11:24am On Aug 18, 2016 |
"OBJ concessioned ASCL to Solgas in which Gbenga Obasanjo has a vested interest and then brought in ICEPLAT renamed Global steel which later bought delta steel.
GS is owned by primod mittal who was accused of asset stripping a steel mill in Bulgaria of which the MD and others are presently serving 9yrs in prison. The same man was declared wanted by EFCC under Yar adua for fraud"
-Barrister Natasha (on Nigeria info). I hope the government have "shined their eyes" very well lest we get another Bulgaria treatment on our hands. |
| Re: Ajaokuta Steel's Status - Fayemi by Nobody: 11:42am On Aug 18, 2016 |
Buhari & Fayemi are brain-dead fools! Instead of contacting & inviting the original designer & builder - Tyazhprom Export (TPE) to complete the construction exercise, they (The FG) are busy playing politics with it.
Read:
[b]The Russian company that designed and built the now moribund Ajaokuta Steel Company Ltd (ASCL) about two decades ago has recently written to the federal government, indicating its willingness to return and complete the project so that the multibillion naira investment can commence production.
But it seems the federal government, which has not responded to the letter yet, is not very keen about the Russian firm’s offer to return and make the rusted company work again.
Russian Tyazhprom Export, a steel industry construction company established in the late 1950s, had after the June 4, 1976 bilateral agreements signed by Nigeria and Russia, on the development of the former’s iron deposit, sealed a contract (047/04100) for the construction of a steel plant with the capacity of producing 1.3 million tonnes of steel per year.
With the contract signed, the Russian company, as it could be recalled, deployed 1,000 Russian experts and 3,500 Nigerian workers to carry out the construction exercise that was completed up to 98 per cent by October 1993. Specifically, of the 482 Units that make up the entire ASCL, 476 of them were commissioned, including three rolling mills, TPS-TBS, repair and service shops that were all put into operation.
After that feat, the steel company was abandoned and left to rot away for years. And when the federal government made the move to revive the company in 2002, the same Russian company was invited to carry out an assessment audit of what needed to be done to revive it, but the effort was later stalled when government decided in 2005 to give the company on concession to one Global Infrastructure Holdings Ltd. That agreement, too, was later said to have been cancelled in 2008.[/b] 2 Likes |
| Re: Ajaokuta Steel's Status - Fayemi by 989900: 11:55am On Aug 18, 2016 |
Zoharariel:
Buhari & Fayemi are brain-dead fools! Instead of contacting & inviting the original designer & builder - Tyazhprom Export (TPE) to complete the construction exercise, they (The FG) are busy playing politics with it.
Read:
[b]The Russian company that designed and built the now moribund Ajaokuta Steel Company Ltd (ASCL) about two decades ago has recently written to the federal government, indicating its willingness to return and complete the project so that the multibillion naira investment can commence production.
But it seems the federal government, which has not responded to the letter yet, is not very keen about the Russian firm’s offer to return and make the rusted company work again.
Russian Tyazhprom Export, a steel industry construction company established in the late 1950s, had after the June 4, 1976 bilateral agreements signed by Nigeria and Russia, on the development of the former’s iron deposit, sealed a contract (047/04100) for the construction of a steel plant with the capacity of producing 1.3 million tonnes of steel per year.
With the contract signed, the Russian company, as it could be recalled, deployed 1,000 Russian experts and 3,500 Nigerian workers to carry out the construction exercise that was completed up to 98 per cent by October 1993. Specifically, of the 482 Units that make up the entire ASCL, 476 of them were commissioned, including three rolling mills, TPS-TBS, repair and service shops that were all put into operation.
After that feat, the steel company was abandoned and left to rot away for years. And when the federal government made the move to revive the company in 2002, the same Russian company was invited to carry out an assessment audit of what needed to be done to revive it, but the effort was later stalled when government decided in 2005 to give the company on concession to one Global Infrastructure Holdings Ltd. That agreement, too, was later said to have been cancelled in 2008.[/b] Kindly read the article again. This is about resolving a long lasting legal dispute.
The indians are not getting it again; it is either the Chinese, Russians/Ukrainians, or the Yanks.
Mittal's company is notorious. They are only getting NIOMCO for the next 7 years of the 10 previously signed contract during Yar'Adua:s . . . (of which 3 years were used).
Fayemi and team just saved us $700m in legal . . . 6 Likes |
| Re: Ajaokuta Steel's Status - Fayemi by AZeD1(m): 12:07pm On Aug 18, 2016 |
Zoharariel:
Buhari & Fayemi are brain-dead fools! Instead of contacting & inviting the original designer & builder - Tyazhprom Export (TPE) to complete the construction exercise, they (The FG) are busy playing politics with it.
Read:
[b]The Russian company that designed and built the now moribund Ajaokuta Steel Company Ltd (ASCL) about two decades ago has recently written to the federal government, indicating its willingness to return and complete the project so that the multibillion naira investment can commence production.
But it seems the federal government, which has not responded to the letter yet, is not very keen about the Russian firm’s offer to return and make the rusted company work again.
Russian Tyazhprom Export, a steel industry construction company established in the late 1950s, had after the June 4, 1976 bilateral agreements signed by Nigeria and Russia, on the development of the former’s iron deposit, sealed a contract (047/04100) for the construction of a steel plant with the capacity of producing 1.3 million tonnes of steel per year.
With the contract signed, the Russian company, as it could be recalled, deployed 1,000 Russian experts and 3,500 Nigerian workers to carry out the construction exercise that was completed up to 98 per cent by October 1993. Specifically, of the 482 Units that make up the entire ASCL, 476 of them were commissioned, including three rolling mills, TPS-TBS, repair and service shops that were all put into operation.
After that feat, the steel company was abandoned and left to rot away for years. And when the federal government made the move to revive the company in 2002, the same Russian company was invited to carry out an assessment audit of what needed to be done to revive it, but the effort was later stalled when government decided in 2005 to give the company on concession to one Global Infrastructure Holdings Ltd. That agreement, too, was later said to have been cancelled in 2008.[/b] You do know that there's a legal battle which first has to be won? 1 Like |
| Re: Ajaokuta Steel's Status - Fayemi by obailala(m): 12:07pm On Aug 18, 2016 |
Zoharariel:
Buhari & Fayemi are brain-dead fools! Instead of contacting & inviting the original designer & builder - Tyazhprom Export (TPE) to complete the construction exercise, they (The FG) are busy playing politics with it.
Read:
[b]The Russian company that designed and built the now moribund Ajaokuta Steel Company Ltd (ASCL) about two decades ago has recently written to the federal government, indicating its willingness to return and complete the project so that the multibillion naira investment can commence production.
But it seems the federal government, which has not responded to the letter yet, is not very keen about the Russian firm’s offer to return and make the rusted company work again.
Russian Tyazhprom Export, a steel industry construction company established in the late 1950s, had after the June 4, 1976 bilateral agreements signed by Nigeria and Russia, on the development of the former’s iron deposit, sealed a contract (047/04100) for the construction of a steel plant with the capacity of producing 1.3 million tonnes of steel per year.
With the contract signed, the Russian company, as it could be recalled, deployed 1,000 Russian experts and 3,500 Nigerian workers to carry out the construction exercise that was completed up to 98 per cent by October 1993. Specifically, of the 482 Units that make up the entire ASCL, 476 of them were commissioned, including three rolling mills, TPS-TBS, repair and service shops that were all put into operation.
After that feat, the steel company was abandoned and left to rot away for years. And when the federal government made the move to revive the company in 2002, the same Russian company was invited to carry out an assessment audit of what needed to be done to revive it, but the effort was later stalled when government decided in 2005 to give the company on concession to one Global Infrastructure Holdings Ltd. That agreement, too, was later said to have been cancelled in 2008.[/b] This man obviously did not read the report, I doubt he even has a clue about the history of the Ajaokuta impasse, the legal tussles and all. But within the limits of his wisdom, he has just jumped in to insult his fathers as 'brain dead fools.' Tufiakwa! 7 Likes |
| Re: Ajaokuta Steel's Status - Fayemi by BlackMerchant(m): 12:12pm On Aug 18, 2016 |
Zoharariel:
Buhari & Fayemi are brain-dead fools! Instead of contacting & inviting the original designer & builder - Tyazhprom Export (TPE) to complete the construction exercise, they (The FG) are busy playing politics with it.
Read:
[b]The Russian company that designed and built the now moribund Ajaokuta Steel Company Ltd (ASCL) about two decades ago has recently written to the federal government, indicating its willingness to return and complete the project so that the multibillion naira investment can commence production.
But it seems the federal government, which has not responded to the letter yet, is not very keen about the Russian firm’s offer to return and make the rusted company work again.
Russian Tyazhprom Export, a steel industry construction company established in the late 1950s, had after the June 4, 1976 bilateral agreements signed by Nigeria and Russia, on the development of the former’s iron deposit, sealed a contract (047/04100) for the construction of a steel plant with the capacity of producing 1.3 million tonnes of steel per year.
With the contract signed, the Russian company, as it could be recalled, deployed 1,000 Russian experts and 3,500 Nigerian workers to carry out the construction exercise that was completed up to 98 per cent by October 1993. Specifically, of the 482 Units that make up the entire ASCL, 476 of them were commissioned, including three rolling mills, TPS-TBS, repair and service shops that were all put into operation.
After that feat, the steel company was abandoned and left to rot away for years. And when the federal government made the move to revive the company in 2002, the same Russian company was invited to carry out an assessment audit of what needed to be done to revive it, but the effort was later stalled when government decided in 2005 to give the company on concession to one Global Infrastructure Holdings Ltd. That agreement, too, was later said to have been cancelled in 2008.[/b] You just dived into the ocean of conclusion the way women jump into conclusion. 5 Likes |
| Re: Ajaokuta Steel's Status - Fayemi by NairaandNigeria: 12:52pm On Aug 18, 2016 |
989900:
Kindly read the article again. This is about resolving a long lasting legal dispute.
The indians are not getting it again; it is either the Chinese, Russians/Ukrainians, or the Yanks.
Mittal's company is notorious. They are only getting NIOMCO for the next 7 years of the 10 previously signed contract during Yar'Adua:s . . . (of which 3 years were used).
Fayemi and team just saved us $700m in legal . . . Thank you very much, I don't understand the reading habit of some Nigerians as if they skipped comprehension passages in their English language. Someone explained things as clear as indicated above yet somebody still go ahead to spit..... . Chai 2 Likes |
| Re: Ajaokuta Steel's Status - Fayemi by SuperS1Panther: 1:03pm On Aug 18, 2016 |
Zoharariel:
Buhari & Fayemi are brain-dead fools! Instead of contacting & inviting the original designer & builder - Tyazhprom Export (TPE) to complete the construction exercise, they (The FG) are busy playing politics with it.
Read:
[b]The Russian company that designed and built the now moribund Ajaokuta Steel Company Ltd (ASCL) about two decades ago has recently written to the federal government, indicating its willingness to return and complete the project so that the multibillion naira investment can commence production.
But it seems the federal government, which has not responded to the letter yet, is not very keen about the Russian firm’s offer to return and make the rusted company work again.
Russian Tyazhprom Export, a steel industry construction company established in the late 1950s, had after the June 4, 1976 bilateral agreements signed by Nigeria and Russia, on the development of the former’s iron deposit, sealed a contract (047/04100) for the construction of a steel plant with the capacity of producing 1.3 million tonnes of steel per year.
With the contract signed, the Russian company, as it could be recalled, deployed 1,000 Russian experts and 3,500 Nigerian workers to carry out the construction exercise that was completed up to 98 per cent by October 1993. Specifically, of the 482 Units that make up the entire ASCL, 476 of them were commissioned, including three rolling mills, TPS-TBS, repair and service shops that were all put into operation.
After that feat, the steel company was abandoned and left to rot away for years. And when the federal government made the move to revive the company in 2002, the same Russian company was invited to carry out an assessment audit of what needed to be done to revive it, but the effort was later stalled when government decided in 2005 to give the company on concession to one Global Infrastructure Holdings Ltd. That agreement, too, was later said to have been cancelled in 2008.[/b] Is this one Ok? Another mud brain Ipod forming knowledge. 1 Like |
| Re: Ajaokuta Steel's Status - Fayemi by DelGardo: 6:56pm On Aug 18, 2016 |
That's the sound of progress right there...
Goodluck spent over 5 years doing diddly squat about Ajaokuta... and some are still looking for the change. 1 Like |
| Re: Ajaokuta Steel's Status - Fayemi by Abagworo(m): 7:15pm On Aug 18, 2016 |
DelGardo:
That's the sound of progress right there...
Goodluck spent over 5 years doing diddly squat about Ajaokuta... and some are still looking for the change. Ajaokuta remains a scam till date. I somehow feel it's better we forget Ajaokuta and embrace a new steel company sited elsewhere solely owned by private investors. That we've been running around same cycle for 40 years makes us a fool at 40. |
| Re: Ajaokuta Steel's Status - Fayemi by policy12: 7:26pm On Aug 18, 2016 |
Hmmm another scam from apc because I know this.. . 
|
| Re: Ajaokuta Steel's Status - Fayemi by mrvitalis(m): 8:00pm On Aug 18, 2016 |
This ans making nnpc a profitable company for me is Buhari's best achievement so far 1 Like |
| Re: Ajaokuta Steel's Status - Fayemi by Vatsyayana: 8:01pm On Aug 18, 2016 |
I trust my uncle Fayemi. I pray for him everyday. I know he'll not fail on this one. |
| Re: Ajaokuta Steel's Status - Fayemi by Silverstars: 9:49pm On Aug 18, 2016 |
These psychos should stop being foolish and let TPE come back and do what they do best. These guys they are bringing in are known criminals. Im just sick and tired. |
