Business Hilights
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Cancel Ajaokuta steel privatization, revive it with Abacha loot, Reps tell FG

The National Assembly and particularly the House of Representatives on Thursday, called on the Federal Government to “demonstrate a strong political will, just like the United States President did recently in the steel sector, to resuscitate the Ajaokuta Integrated Steel plant by direct sourcing and disbursement of about $2bn needed to revamp and complete the 2 per cent external aspects of the integrated project.”

On funding of the scheme, the House asked the Federal Government to cancel the privatisation of the Ajaokuta Steel Company Limited and revive it with the loot recovered from a former military dictator, the late Gen. Sani Abacha.

Business Hilights recalls that the Speaker of the House, Barr Yakubu Dogara had in February this year during an oversight function tour of the complex, described the sorry state of the national asset as an embarrassment to the collective intelligence of all Nigerian leaders both past and present.

Besides, we had on November, 30th carried a report: Irony: Nigeria Imports $3.3b Steel Products Yearly, Can’t Complete Ajaokuta With $1.21bn, http://businesshilights.com.ng/irony-nigeria-imports-3-3b-steel-products-yearly-cant-complete-ajaokuta-with-1-21bn/.

According to the resolution of the lawmakers yesterday, this should be done along with the revival of the Ajaokuta Steel Company and the National Iron Ore Manufacturing Company, Itakpe, completing the various external rail track system and access roads linkages, as well as the development and optimal functioning of the various mining sites for steady supply of raw materials.

Besides, the House agreed that the new move will among other things, guarantee an uninterrupted steel production when the blast furnace would be started.

To tame further occurrence of such indiscriminate fleecing of the country, the lawmakers ruled that its time the Economic and Financial Crimes Commission (EFCC) to investigate and prosecute owners of the privatised company so as to bar them from conducting further businesses in Nigeria.

All these formed key positions of the recommendations in the report by the House’s Ad Hoc Committee on Ajaokuta Steel Company Limited on the failure of the Ajaokuta Steel Company to commence operations since inception as unanimously adopted the report at the plenary on Thursday.