Business Hilights
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Finally, FG gets set to sell Ajaokuta Steel Complex to private operators

Contrary to the advice of several economists, the Federal Government Wednesday said it will sell the Ajaokuta Steel Complex to a private sector operator with the capacity to turn around the fortunes of the beleaguered company.

Minister of Mines and Steel Development, Dr. Kayode Fayemi, made the revelation during a visit to the Abuja Steel Mill.

In a statement issued by his Special Assistant on Media, Mr. Olayinka Oyebode, the minister was quoted as saying that the government was putting a lot in place to ensure that the Ajaokuta Steel Complex got back to life, said the company would no longer be run as a public concern.

Though the details of the new plan was scanty in the statement, the minister said experts with proven track records and the required financial capability would be encouraged to key into the scheme through a competitive bidding process that would be transparent.

More details on the timeframe was not contained in the statement as to when the Federal Government would invite bids from prospective core investors, or other terms and conditions.

Business Hilights recalls that the Ajaokuta Steel Complex was recently recovered from an Indian firm to whom the Federal Government had given it to as a concession until the deal was revoked.