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Health / Re: Nigerian Nurse Sacked & Deported From The UK For Praying For Patient by sulaak(m): 6:36pm On Nov 30, 2023
Psalmir:
I feel so sorry for her though, but the bible also told us that we should watch and pray ,I think what she should have done was to add the patient up in her personal prayers coz she must have noticed it that prayer is not welcomed in the are nor vicinity where she was working ,so she ought to have done that in her personal prayers ....this is not religious fight, either Muslim or Christian,she was seeing praying 🙏...so I see nothing bad there at all and I hope she gets a better job in another better country...she should just not loose hope and not feel depressed,she should just let this be a stepping stone for her that's all and I hope God Almighty have mercy on her and help her in all her ways

I don't feel sorry for her, she has nothing to offer but useless religion that is the cause of Nigeria's backwardness. The UK does not need your Bible.

1 Like

Health / Re: Nigerian Nurse Sacked & Deported From The UK For Praying For Patient by sulaak(m): 6:35pm On Nov 30, 2023
PointB:
Who sent her? In whose name was she praying? To whom? Is that her job?

They want to corrupt another country with religion as they have done Nigeria.

Let her pray to stay in Nigeria.
Foreign Affairs / Re: Photos of the Hamas Terrorists Involved In The Jerusalem Shooting Attack by sulaak(m): 2:13pm On Nov 30, 2023
Why is Israel in the West Bank?
Culture / Re: You’re Wrong, Aworis Are Lagos First Settlers - Bamgbade Counters Oba Of Benin by sulaak(m): 2:01pm On Nov 30, 2023
Racoon:
The first Oba of Lagos was a Benin man. Beside the Portuguese were the first discoverers and named Lagos. So what is all this fuse of ownership of Lagos?

The first governor-general of Nigeria was Lord Lugard, do the British owned Nigeria. The Benin king should focus on the development of Edo state. Had the Bini developed writing , they would have recorded their claim to Lagos.

1 Like 1 Share

Politics / Re: Tinubu Targets 18% GDP Growth In His First Budget As President by sulaak(m): 4:25pm On Nov 29, 2023
ecolime:
18%? shocked

This is really ambitious.

Impossible

1 Like 1 Share

Politics / Re: Demolished Buildings Not Approved By Government – Lagos by sulaak(m): 4:19pm On Nov 29, 2023
1TrippleCee:
Hypocrisy. The water slum that has long been talked about from Oworo, Briga all the way stre thing towards Lagos Island, that comstitutes an eyesore for the international community when they drive thru from the airport to the island, what has been done about it ?


Go to Kara bridge axis, the entire market has formed what is going to be an edemic if not put under control as market men from pooping directly into the waterbody, to slaughtering and disposing if dead animals amd their wastes to massive amounts of open defecation so much so that the color of the water body surrounding the area has turned fully dead..

Agege, Pen Cinema has some of the worst violations in the state. Why has the government avoided there or not begin fron there.? Hypocrisy.


Lagos remains collectively built, developed and established and like Abuja wasnt developed by a single tribe.
Whataboutism is at its highest order because illegal structures have been tolerated in the slums of Oworo and Agege. They should be accepted in the middle-class enclave of Lekki.

1 Like 1 Share

Politics / Re: What Took America 185yrs, Nigeria Achieved It Within 24yrs – Akpabio by sulaak(m): 4:14pm On Nov 29, 2023
DaddyJapan:


Source: https://independent.ng/what-took-america-185yrs-nigeria-achieved-it-within-24yrs-akpabio

This is what impunity looks like; the current bunch of criminals will never change or improve Nigeria. They will always find an excuse for their failure or make outlandish comments, such as Yahya Bello suggesting that Kogi will be the next Lagos or Tinubu suggesting that his 2023 budget will spur 18% growth.

Nigeria is in serious trouble with the quality of leaders in the country.
Family / Re: Single Nigerian Ladies In Diaspora, Any Reason Why You Turn Down Our Guys? by sulaak(m): 4:10pm On Nov 29, 2023
Klass99:


I am not in the diaspora but I stumbled on a thread where someone made a sensible comment about this same issue.

They said something to the effect of everyone being too smart because of their papers/stay, nobody wants to compromise or make sacrifices, for the sake of an authentic relationship because too much sense is worrying all of you there.Na una know wetin dey worry all of you sha!

From my observations, there's a tendency in most of you japarians to gravitate towards self conceit and a vain superiority complex, where you start to think you're better than other Nigerians because;

1. You've lived in obodo for XYZ number of years or you have papers, so even new immigrant Nigerians are like an affront to you guys (meaning their very presence in your host country is like an offence)

2. You think with your papers you have finally arrived what can any Nigerian offer you again. But your papers alone don't provide healthy social interactions, good friendships or companionship, laughter and fun moments with others.

I see that superiority complex even here on NL with folks who haven't lived overseas for 2 years, I smile and shake my head, thinking to myself, poverty is really not a good thing. When you grow up privileged very little about the white man trips you to a point where you start to insult or look down on your country and fellow country men. Because you grow up knowing what your own people are made of and capable of. It's not so much about privilege alone, but having a healthy dose and sense of self worth, self esteem and self love.

My friend engaged an asian cabbie in conversation in the UK, while riding in his car. The cabbie told her it is very disappointing to see the way we Africans/Nigerians in particular behave overseas. He said we are quick to throw away our cultural values to embrace western ones, we are the ones who are quick to talk back to parents and disrespect them (that was an incident he witnessed in his cab with a Nigerian family)

Whereas he sees Indians, Chinese and some Asians hold onto their cultural values and practices, maintaining the family unit, and refusing to let the west negatively influence them. I think the cabbie's experience and narrative, may help you understand why you are having a hard time finding a Nigerian date.

My friend, a lot of Asians especially Muslim Asians and Arabs do not assimilate or integrate into the wilder society and are becoming a nuisance to the host community

3 Likes 1 Share

Politics / Re: Boko Haram Beheads 11 Loggers In Borno by sulaak(m): 10:44am On Nov 29, 2023
At least Boko Haram is trying to preserve Nigeria's environment smiley. Logging Nigeria's limited forest is one reason why the country is experiencing desertification in the North and erosion in the South.
Politics / Re: Kogi Will Overtake Lagos In Terms Of Development – Yahaya Bello by sulaak(m): 10:20am On Nov 29, 2023
modernWays:
These governors are just taking people for fools.

Nigerians are fools , that's why they are being led by fools
Business / Re: Bank Recapitalisation: Presidency Backs CBN, Investors Rush For Mega-Banks Stock by sulaak(m): 7:05am On Nov 29, 2023
hakym619:
cheesy


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Politics / Re: President Tinubu Seeks Senate Approval For Fresh $8.6billion, €100million Loans by sulaak(m): 9:56pm On Nov 28, 2023
Daystar7:


Pls stop making excuses for Tinubu by blaming Buhari, it makes no sense. He brought Buhari to power and told us it is his turn. He's the president now isn't he? Everything that goes right or wrong is solely on him and this right here is very bad! Our economy is dying and borrowing destroys our economy further and weakens the Naira. Where's the Trillions they saved from Subsidy and the recent repatriated Abacha's loot? Where's our internal IGR?

Buhari was borrowing to fund fuel subsidies and imports, the external debt profile is below. Ending fuel subsidies was to end consumption and increase debt.

https://www.dataphyte.com/latest-reports/governance/nigerias-debt-continues-upward-surge-as-it-hits-ten-year-growth-of-467/

Politics / Re: President Tinubu Seeks Senate Approval For Fresh $8.6billion, €100million Loans by sulaak(m): 5:00pm On Nov 28, 2023
waveman2:
So subsidy removal could not stop our borrowing.This shows that subsidy was never the problem.Well I hope the masses will see the impact of the borrowing and it won't end up in some people's pocket.

Subsidy removal was to stop further borrowing, but Buhari, Tinubu and APC have run the country to ground that they need to borrow to pay debt and fund imports for consumption. The country lacks the capacity to generate foreign exchange due to oil thief.

1 Like

Politics / Re: Ownership Of Lagos; Balogun Of Eko Abisoye Oshodi Responds To Oba Of Benin by sulaak(m): 3:08pm On Nov 28, 2023
illicit:
His Ancestor, Oshodi Tapa was a Nupe slave, manumissioned by one Oba Of Lagos (Eleko then)

It wasn't that there were indigenous Tapas in Lagos, this man Oshodi Tapa was a slave brought to Lagos from Nupe land...

Oshodi Tapa was a slave who travelled to Brazil to study the slave economy and became a slave master and political leader in Lagos, it was Oshodi Tapa who defended Lagos against British invasion.

1 Like

Health / Re: My Ordeal With gouty Arthritis(sensitive pictures). by sulaak(m): 6:36am On Nov 28, 2023
Cut down on sugar and carbonhydrates
Politics / Re: Tinubu Retains Kyari As NNPCL GCEO, Appoints Akinyelure As Board Chairman by sulaak(m): 4:57am On Nov 28, 2023
CoronaVirusPro:
Perfect combo!

Every individual on the list is competent and capable, and would make a great team.


When did Mallam Mele Kolo Kyari — Group Chief Executive Officer, become capable? Under his NNPC leadership, NNPC has experienced the most significant fall in crude oil production.

2 Likes

Travel / Re: Lagos Rated City With Worst Road Traffic In The World (See Top 10) by sulaak(m): 1:54am On Nov 28, 2023
reiddecuti:
Our dearest Lagos. That's the result of monopoly of economy practice in our dearest country.

Diversify the economy they said no. The want to teach the igbos Igbos a lesson.

Nobody is stopping the Igbos from developing their regions, The SE has a large entrepreneur class that will rather invest in Lagos at the expense of the SE
Properties / Re: Demolitions In FESTAC: FG Warned Land Illegal Occupiers In 2021 by sulaak(m): 7:32pm On Nov 27, 2023
bid4rich:


I quite understand where you are coming from, you tribal bigot. With people like you, there can never be peace in Nigeria who base everything on tribe.

Oponu oshi

Nigeria will never have peace if one set of people always plays the victim. There is a difference between corruption and tribalism. If you intend to invest in property, invest in a land survey and a qualified lawyer to conduct a search.
Properties / Re: Demolitions In FESTAC: FG Warned Land Illegal Occupiers In 2021 by sulaak(m): 7:30pm On Nov 27, 2023
Dafresh:

You're a big liar can you swear that those lands wasn't approved

Well, the construction wasn't approved that's why it is being pulled, if you want to play the tribal card you will also lose.
Foreign Affairs / Re: Sierra Leone Declares Nationwide Curfew After Suspected Coupeist Attack Armoury by sulaak(m): 5:11am On Nov 27, 2023
nairalanda1:


No,the fact is, because too many of us benefit from political largesse, when our side loses elections, we believe we were cheated .

That's why we think democratic rule has failed.

Army rule was tried in Sierra Leone. It is one of many reasons why that county is in a mess till date

Have you heard of Siaka Stevens? He was the democratically elected president of S Leone and highly corrupt. Democracy cannot be used as a development process that will hold the political elites to account, the ignorant and uneducated electorates.

The West weren't democratic when they started industrial development; most Western countries were autocratic until the first and Second World Wars. The USA utilised an autocratic process to develop their nation. Only White land owners could vote.



Siaka Probyn Stevens (24 August 1905 – 29 May 1988) was the leader of Sierra Leone from 1967 to 1985, serving as Prime Minister from 1967 to 1971 and as President from 1971 to 1985. Stevens' leadership was often characterized by patrimonial rule and self-indulgence, consolidating power by means of corruption and exploitation.

Stevens retired from office at the end of his term on 28 November 1985. After pressuring all other potential successors to step aside, he chose Major-General Joseph Saidu Momoh, the commander of the Sierra Leone Armed Forces, as his successor. He died on 29 May 1988, in Freetown.

Crime / Re: Another Nigerian Shot Dead In South Africa by sulaak(m): 5:16pm On Nov 26, 2023
abba190:
chaii these hatred is too much. here in nigeria we hate one another and outside nigeria they also hate us. its like a curse being Nigerian

If you respect the rules, no one will hate you. Crime doesn't pay.
Crime / Re: Another Nigerian Shot Dead In South Africa by sulaak(m): 5:15pm On Nov 26, 2023
Disclaimer12:
The drug story haven't been confirmed yet, but u can read the comments from the fellow black brothers, the real mafian bringing the drugs can't be reached be they are white and control the airport shipments, as long as drug business is a terrible business and should never be encouraged, however the high demand for it by south Africans shouldn't be blamed on Nigerians , sanitation should begin in your father's house before u move to the next door neighbours! No drug dealer forcefully sell his products to you , u want stuff, he also needs money , undecided
WannaHowzit:


You're sick. I hope some robber who also "needs money" comes cleans out all the contents of your house if that's how you reason.

He is sick and the reason why Nigeria is now in a sorry state because of greed and corruption.

1 Like

Travel / Re: The Shelter Where Some Nigerians Are Living At Mississauga In Canada by sulaak(m): 2:03pm On Nov 24, 2023
Villa12:
if your useless country was good, Nigerianns won't find abode in another man's land. Your useless leaders has eaten up the future of unborn kids already

Then fight and remove the useless rulers.
Travel / Re: The Shelter Where Some Nigerians Are Living At Mississauga In Canada by sulaak(m): 12:05pm On Nov 24, 2023
N3TRAL:
Stay and fix your fvcking country.

They are useless cowards, always running from one problem to another, telling ignorant Nigerians that life is great and they are doing well in the West.

When you tell them the truth that leaving Nigeria without the appropriate skills and support network, will be difficult they will say you are being selfish.

Fight for your country.
Politics / Re: How Pramod Mittal Got A $500 Million Bailout In Nigeria by sulaak(m): 10:05am On Nov 22, 2023
IbnB:


He is not the first, countless Nigerian citizens have executed the same scam against their own motherland

Last I heard, 'billionaire' Leno Adesanya tried to squeeze $200m out of the national treasury via the Sunrise Hydropower deal. He probably succeeded.

Whataboutism has destroyed Nigeria.

We can agree that all Nigerian politicians have screwed Nigerians, but Buhari government corruption has taken Nigeria to a new low; how do you explain N56 Trillion ways and means debt ( government debt to CBN) or $51 billion external debt. Astronomical fuel subsidies in 2022 and 2023. Fall in Oil export from 2.3 million B/D to less than 1 million B/D

Buhari's own words that oil subsidies is stealing in 2011 only to continue oil subsidies when he got into government.
Politics / Re: How Pramod Mittal Got A $500 Million Bailout In Nigeria by sulaak(m): 11:32pm On Nov 21, 2023
forgiveness:
Fear Nigerians. It was Nigerians that negotiated this deal with this company without properly assessing the capability of the company to carry out the task. The former attorney general used the opportunity to cash out.

Malami and Buhari's government officials pushed for a settlement with Mittal as an opportunity to steal money for their self-interest. The speed in which $500 million was paid to Mittal between January -February 2023, when it's obvious that Nigeria was broke is a cash-out and why Nigeria is broke today. Ajaokuta is a cash cow that Tinubu will milk.



“I threatened them with criminal proceedings for tax evasion, in addition to other criminal infractions that they had clearly committed,” Mohammed Adoke, a former attorney general who had reached the first of these accords, wrote in his memoir titled “Burden of Service.” “To amicably resolve the issue, I insisted that Global Steel should relinquish (Ajaokuta) for free without any form of compensation.”

Adoke’s successor, Malami, who was the attorney general when the half-a-billion-dollar settlement was struck, modified the terms of the deal to take back the mining firm and award a payment. Malami didn’t respond to a request for comment.
Family / Re: After 21 Years In US, 9 Years In London, I Found Myself Under Oshodi Bridge by sulaak(m): 11:10am On Nov 21, 2023
Oyindamolah:
grin
Rule 1 Never send money home to build (we have seen it countless time end in premium tears)
Rule 2 Don't forget Rule 1

Rule 3: Make the best of your opportunities in the West (UK, USA and Canada). If you live overseas, buy your first home in Europe before you invest in Nigeria.

How can anyone spend 30 years in the West and not own even a simple house or flat as an asset? I know Nigerians working as warehouse workers who owned their homes in the UK.

2 Likes

Politics / Re: Nigeria To Seal Refinery Deal With S/Arabia H1, 2024, Despite Skepticism by sulaak(m): 11:16am On Nov 20, 2023
JuanDeDios:

Hurray! The Saudis are here to fix our refineries. They will finally starting working 'by December'.

How can they fix the refineries already being repaired (Rehabilated) ?

I don't trust this government.

1 Like

Autos / Re: List Of Indigenous Automobile Manufacturers In Nigeria by sulaak(m): 9:31am On Nov 18, 2023
How Billionaire Mittal’s Brother Got a $500 Million Bailout in Nigeria
Pramod Mittal’s firm won a settlement tied to a Soviet-era steel plant that has sucked up more than $7 billion in Nigerian public investment without producing any metal.






In this Article
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By William Clowes
17 November 2023 at 05:05 GMT
Billionaire Lakshmi Mittal’s younger brother is effectively getting a helping hand — and a possible way out of financial distress — from Nigerian taxpayers, after the country’s government agreed to pay his company almost $500 million to settle a contract dispute over a deal that a previous administration said was tarnished by fraud.
Pramod Mittal, whose career in the steel industry has been less glittering than his better-known sibling — the tycoon behind the €20 billion ($21.2 billion) ArcelorMittal SA conglomerate —, has a string of abandoned factories and a trail of unpaid debts to his name. Five years ago, his Isle of Man-registered Global Steel Holdings Ltd., or GSH, was put into liquidation over $167 million owed to Moorgate Industries Ltd., a company spun off from one of the world’s biggest steel traders.


"This Beautiful Fantastic" - Cast & Crew Screening
Pramod Mittal in London, in February 2016.Photographer: David M. Benett/Getty Images Europe
As a UK court weighed Moorgate’s request to declare Pramod personally bankrupt three years ago, the London-based Indian national held out the prospect of a payout from the Nigerian state to clear his debt. The judge was unconvinced at the time, but the settlement subsequently reached with Nigeria last year now looks like the 67-year-old’s best route out of insolvency. Still, while payments from the Nigerian government have reached GSH’s liquidators, as of Oct. 4, Moorgate had yet to see any of those funds despite having asked for them, court documents show.

With Pramod’s bankruptcy winding its way through English court rooms, a new Nigerian president has taken office, and last month his steel minister said one of the administration’s top priorities is to finally fire up the furnaces of the massive plant at the heart of the younger Mittal’s $496 million compensation. The government has justified the agreement with a former unit of Pramod’s GSH, which was announced in September 2022, saying it frees the state to pursue its ambitions for the sprawling 24,000-hectare (92 square mile) site.

The settlement — representing about 1.5% of Nigeria’s foreign reserves — is just the latest twist in the saga of the vast Soviet-built factory complex begun 44 years ago. The project has sucked up more than $7 billion in public investment and has yet to produce any metal. The story of the Ajaokuta steel mill on the banks of the Niger River 190 kilometers south of the capital, Abuja, is often cited as emblematic of the corruption, poor governance and incompetence that bedevils the West African nation. The country’s most notorious white elephant still sparks passionate debate over whether it should be written off or revived.

“Ajaokuta has been a black hole that has gobbled up billions of dollars, enriching multiple generations of politicians and foreign enablers,” says Matthew Page, a former Nigeria expert for US intelligence agencies and now an associate fellow at London-based Chatham House. “This last failed reboot — and the giant price tag that came with it — is a preview of the next failed re-concessioning attempt. At this point, Ajaokuta’s dilapidated machinery is capable of doing only one thing: making public funds disappear.”

Nigeria’s Steel Promise
Ajaokuta has yet to produce steel


Source: Bloomberg

Neither Pramod’s representatives nor the spokespeople for the newly elected President Bola Tinubu and Steel Minister Shuaibu Audu responded to requests for comment. Abubakar Malami, Nigeria’s attorney general from 2015 to earlier this year, on whose watch the settlement was reached, said last year that the administration of former President Muhammadu Buhari “rescued the steel industry from interminable and complex disputes as well as saving the taxpayer from humongous damages.”

Pramod’s Involvement
Pramod entered into the Ajaokuta picture in 2004, when then President Olusegun Obasanjo awarded GSH a series of contracts, including an arrangement first to manage and later to buy the steel mill.

Shortly after GSH took over the plant, Solgas Energy Ltd., a small US company, sued it in Texas. Solgas claimed that GSH discussed becoming Solgas’ subcontractor on Ajaokuta before breaching a confidentiality accord and bribing Nigerian officials, including one of Obasanjo’s sons, to “steal the concession.” While the case was thrown out on jurisdictional grounds, in December 2008 a separate arbitration tribunal ordered Nigeria to pay Solgas $15.2 million in damages for the wrongful termination of the contract — while noting the US firm hadn’t provided evidence to support the corruption allegations.

By then, Umaru Yar’Adua had taken over as Nigeria’s president, and he canceled GSH’s contracts after a panel that his steel development minister set up said the concessions were rife with irregularities. GSH’s claim it had invested $200 million was “a ruse,” the inspectors said. Rather, the company had used its Nigerian assets to borrow more than $192 million from local banks — funds they “strongly” suspected had been dispatched abroad, they said.

The panel’s full report — never made public but seen by Bloomberg — said rescuing Ajaokuta was beyond the “financial, technical and experiential capabilities” of GSH, which instead had been “systematically cannibalizing, vandalizing and moving valuable equipment” out of the factory. GSH and its Nigerian unit initiated arbitration proceedings against the government and later entered mediation, which produced last year’s settlement.



The disused Ajaokuta Steel Complex in Ajaokuta, Nigeria, in 2018.Photographer: David Malingha Doya/Bloomberg
Pramod had signed two earlier agreements with the Nigerian government – in 2014 and 2016 – that would have seen his firm retain the right to manage an idled state-owned iron ore mining company but receive no payout.

“I threatened them with criminal proceedings for tax evasion, in addition to other criminal infractions that they had clearly committed,” Mohammed Adoke, a former attorney general who had reached the first of these accords, wrote in his memoir titled “Burden of Service.” “To amicably resolve the issue, I insisted that Global Steel should relinquish (Ajaokuta) for free without any form of compensation.”

Adoke’s successor, Malami, who was the attorney general when the half-a-billion-dollar settlement was struck, modified the terms of the deal to take back the mining firm and award a payment. Malami didn’t respond to a request for comment.


Moorgate’s Case
Even before finalizing the Ajaokuta windfall, Pramod had suggested using the money to pay down the Moorgate debt. In June 2020, as Moorgate sought his bankruptcy, he told Judge Catherine Burton that GSH’s liquidators had failed to account for the “very real prospects of a payment” from Nigeria. He said his Abuja-registered subsidiary would settle the obligation to Moorgate “out of whatever money it receives from the mediation,” according to the decision issued by Burton, who — unpersuaded — ruled in favor of the creditor.

Pramod also tried another way to skirt bankruptcy — using an individual voluntary arrangement, or IVA. He proposed repaying less than £5 million out of £2.5 billion ($3.1 billion) — or 0.2% of what a handful of companies and individuals said they were owed by the businessman.

Moorgate countered that “friendly creditors” who approved this meager offer were either associated with Pramod or relying on loan agreements that were “not true or contemporaneous documents.” A UK judge revoked the IVA last November, expressing “serious doubts” about the authenticity of the paperwork. In the IVA, Pramod said he was worth £117,000, claiming he didn’t control GSH. The family’s London mansion is held through an offshore company whose directors were senior managers at GSH.

Contrary to Pramod’s argument, the court determined he controlled the British Virgin Islands-registered company that owned GSH through his influence over a family trust, with an Isle of Man judge similarly describing him as that firm’s “driving force.”

Pramod made other apparent attempts to distance himself from the group and its subsidiaries. Since April 2021, GSH’s Nigerian unit — the settlement’s beneficiary — has been owned by a Mauritian entity named Luminous Star Ltd., classified as defunct for a decade and with a director who was formerly a GSH employee. While Pramod ceased to be a director of the Nigerian firm in late 2020, his son sits on the board.

In January, Nigeria’s then Information Minister Lai Mohammed said the government had paid $446 million to GSH’s local unit in multiple instalments under the settlement. The law firm hired by the Nigerian subsidiary for the mediation made six transfers from these funds to GSH’s account, totaling £219 million ($272 million) between October 2022 and February 2023, according to reports filed by the company’s liquidators. The law firm, King & Spalding LLP, declined to comment on the rest of the money.

In December and again in March, Moorgate asked to be paid out of funds recovered by GSH’s liquidators, according to a court decision issued last month in the Isle of Man. The liquidators, who estimate that only £40 million is available for creditors once GSH’s potential tax liability and additional costs are taken into consideration, are yet to comply with the request, the judge said on Oct. 4, ruling that Moorgate is entitled to receive part-satisfaction of the debt. Moorgate and GSH’s liquidators declined to comment.


Meanwhile, in Nigeria, the attachment of the country’s leaders to the Ajaokuta plant shows no sign of abating, even though critics including the World Bank have called the facility obsolete. President Tinubu pledged during his election campaign to get the steel mill up and running. His predecessor’s government, which left office in May, congratulated itself not only for liberating Ajaokuta from Pramod’s legal claim but also securing it for a settlement significantly smaller than the $5.3 billion that GSH had apparently demanded.

Just last month, touting the potential of the complex to one day create half a million jobs, Vice President Kashim Shettima said the “Ajaokuta plant can be a game changer for the Nigerian nation.”

— With assistance from Misha Savic, Slav Okov, and Swansy Afonso

https://www.bloomberg.com/news/articles/2023-11-17/how-lakshmi-mittal-s-younger-brother-got-a-massive-nigerian-bailout?srnd=premium-africa

1 Like

Politics / How Pramod Mittal Got A $500 Million Bailout In Nigeria by sulaak(m): 7:57pm On Nov 17, 2023
Buhari government really destroyed Nigeria and should be investigated


How Billionaire Mittal’s Brother Got a $500 Million Bailout in Nigeria

Pramod Mittal’s firm won a settlement tied to a Soviet-era steel plant that has sucked up more than $7 billion in Nigerian public investment without producing any metal.

Billionaire Lakshmi Mittal’s younger brother is effectively getting a helping hand — and a possible way out of financial distress — from Nigerian taxpayers, after the country’s government agreed to pay his company almost $500 million to settle a contract dispute over a deal that a previous administration said was tarnished by fraud.

Pramod Mittal, whose career in the steel industry has been less glittering than his better-known sibling — the tycoon behind the €20 billion ($21.2 billion) ArcelorMittal SA conglomerate —, has a string of abandoned factories and a trail of unpaid debts to his name. Five years ago, his Isle of Man-registered Global Steel Holdings Ltd., or GSH, was put into liquidation over $167 million owed to Moorgate Industries Ltd., a company spun off from one of the world’s biggest steel traders.

As a UK court weighed Moorgate’s request to declare Pramod personally bankrupt three years ago, the London-based Indian national held out the prospect of a payout from the Nigerian state to clear his debt. The judge was unconvinced at the time, but the settlement subsequently reached with Nigeria last year now looks like the 67-year-old’s best route out of insolvency. Still, while payments from the Nigerian government have reached GSH’s liquidators, as of Oct. 4, Moorgate had yet to see any of those funds despite having asked for them, court documents show.

With Pramod’s bankruptcy winding its way through English court rooms, a new Nigerian president has taken office, and last month his steel minister said one of the administration’s top priorities is to finally fire up the furnaces of the massive plant at the heart of the younger Mittal’s $496 million compensation. The government has justified the agreement with a former unit of Pramod’s GSH, which was announced in September 2022, saying it frees the state to pursue its ambitions for the sprawling 24,000-hectare (92 square mile) site.

The settlement — representing about 1.5% of Nigeria’s foreign reserves — is just the latest twist in the saga of the vast Soviet-built factory complex begun 44 years ago. The project has sucked up more than $7 billion in public investment and has yet to produce any metal. The story of the Ajaokuta steel mill on the banks of the Niger River 190 kilometers south of the capital, Abuja, is often cited as emblematic of the corruption, poor governance and incompetence that bedevils the West African nation. The country’s most notorious white elephant still sparks passionate debate over whether it should be written off or revived.

“Ajaokuta has been a black hole that has gobbled up billions of dollars, enriching multiple generations of politicians and foreign enablers,” says Matthew Page, a former Nigeria expert for US intelligence agencies and now an associate fellow at London-based Chatham House. “This last failed reboot — and the giant price tag that came with it — is a preview of the next failed re-concessioning attempt. At this point, Ajaokuta’s dilapidated machinery is capable of doing only one thing: making public funds disappear.”

Neither Pramod’s representatives nor the spokespeople for the newly elected President Bola Tinubu and Steel Minister Shuaibu Audu responded to requests for comment. Abubakar Malami, Nigeria’s attorney general from 2015 to earlier this year, on whose watch the settlement was reached, said last year that the administration of former President Muhammadu Buhari “rescued the steel industry from interminable and complex disputes as well as saving the taxpayer from humongous damages.”

Pramod’s Involvement
Pramod entered into the Ajaokuta picture in 2004, when then President Olusegun Obasanjo awarded GSH a series of contracts, including an arrangement first to manage and later to buy the steel mill.

Shortly after GSH took over the plant, Solgas Energy Ltd., a small US company, sued it in Texas. Solgas claimed that GSH discussed becoming Solgas’ subcontractor on Ajaokuta before breaching a confidentiality accord and bribing Nigerian officials, including one of Obasanjo’s sons, to “steal the concession.” While the case was thrown out on jurisdictional grounds, in December 2008 a separate arbitration tribunal ordered Nigeria to pay Solgas $15.2 million in damages for the wrongful termination of the contract — while noting the US firm hadn’t provided evidence to support the corruption allegations.

By then, Umaru Yar’Adua had taken over as Nigeria’s president, and he canceled GSH’s contracts after a panel that his steel development minister set up said the concessions were rife with irregularities. GSH’s claim it had invested $200 million was “a ruse,” the inspectors said. Rather, the company had used its Nigerian assets to borrow more than $192 million from local banks — funds they “strongly” suspected had been dispatched abroad, they said.

The panel’s full report — never made public but seen by Bloomberg — said rescuing Ajaokuta was beyond the “financial, technical and experiential capabilities” of GSH, which instead had been “systematically cannibalizing, vandalizing and moving valuable equipment” out of the factory. GSH and its Nigerian unit initiated arbitration proceedings against the government and later entered mediation, which produced last year’s settlement.

Pramod had signed two earlier agreements with the Nigerian government – in 2014 and 2016 – that would have seen his firm retain the right to manage an idled state-owned iron ore mining company but receive no payout.

“I threatened them with criminal proceedings for tax evasion, in addition to other criminal infractions that they had clearly committed,” Mohammed Adoke, a former attorney general who had reached the first of these accords, wrote in his memoir titled “Burden of Service.” “To amicably resolve the issue, I insisted that Global Steel should relinquish (Ajaokuta) for free without any form of compensation.”

Adoke’s successor, Malami, who was the attorney general when the half-a-billion-dollar settlement was struck, modified the terms of the deal to take back the mining firm and award a payment. Malami didn’t respond to a request for comment.


Moorgate’s Case
Even before finalizing the Ajaokuta windfall, Pramod had suggested using the money to pay down the Moorgate debt. In June 2020, as Moorgate sought his bankruptcy, he told Judge Catherine Burton that GSH’s liquidators had failed to account for the “very real prospects of a payment” from Nigeria. He said his Abuja-registered subsidiary would settle the obligation to Moorgate “out of whatever money it receives from the mediation,” according to the decision issued by Burton, who — unpersuaded — ruled in favor of the creditor.

Pramod also tried another way to skirt bankruptcy — using an individual voluntary arrangement, or IVA. He proposed repaying less than £5 million out of £2.5 billion ($3.1 billion) — or 0.2% of what a handful of companies and individuals said they were owed by the businessman.

Moorgate countered that “friendly creditors” who approved this meager offer were either associated with Pramod or relying on loan agreements that were “not true or contemporaneous documents.” A UK judge revoked the IVA last November, expressing “serious doubts” about the authenticity of the paperwork. In the IVA, Pramod said he was worth £117,000, claiming he didn’t control GSH. The family’s London mansion is held through an offshore company whose directors were senior managers at GSH.

Contrary to Pramod’s argument, the court determined he controlled the British Virgin Islands-registered company that owned GSH through his influence over a family trust, with an Isle of Man judge similarly describing him as that firm’s “driving force.”

Pramod made other apparent attempts to distance himself from the group and its subsidiaries. Since April 2021, GSH’s Nigerian unit — the settlement’s beneficiary — has been owned by a Mauritian entity named Luminous Star Ltd., classified as defunct for a decade and with a director who was formerly a GSH employee. While Pramod ceased to be a director of the Nigerian firm in late 2020, his son sits on the board.

I[b]n January, Nigeria’s then Information Minister Lai Mohammed said the government had paid $446 million to GSH’s local unit in multiple instalments under the settlement. The law firm hired by the Nigerian subsidiary for the mediation made six transfers from these funds to GSH’s account, totaling £219 million ($272 million) between October 2022 and February 2023, according to reports filed by the company’s liquidators. The law firm, King & Spalding LLP, declined to comment on the rest of the money.[/b]

In December and again in March, Moorgate asked to be paid out of funds recovered by GSH’s liquidators, according to a court decision issued last month in the Isle of Man. The liquidators, who estimate that only £40 million is available for creditors once GSH’s potential tax liability and additional costs are taken into consideration, are yet to comply with the request, the judge said on Oct. 4, ruling that Moorgate is entitled to receive part-satisfaction of the debt. Moorgate and GSH’s liquidators declined to comment.

Emulating Lakshmi
Like his brother Lakshmi, who built the world’s second-largest steel producer after splitting from the family business in the mid-1990s and embarking on a legendary deal-making spree, Pramod’s efforts also hinged on international acquisitions. As Lakshmi, the UK’s sixth-richest person, entered the wealth stratosphere, his brother sought to emulate him.

In 2004, Lakshmi’s daughter got married in a lavish ceremony at Versailles, France. Nine years later, the younger Mittal spent £50 million on his daughter’s wedding in Barcelona, according to Moneylife, an Indian media outlet, and Spanish news site Vanitatis. Pramod’s spokespeople didn’t comment on the figure. Just this year, Pramod’s son got married to his long-term partner in a “multi-million pound ceremony” at a five-star UK hotel, the Daily Mail reported.

https://www.bloomberg.com/news/articles/2023-11-17/how-lakshmi-mittal-s-younger-brother-got-a-massive-nigerian-bailout?srnd=premium-africa

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