Six years in limbo, President Goodluck Jonathan has recovered the
Ajaokuta Steel Complex in Kogi State from Global Steel Holdings Limited.
In addition, the federal government is in the process of negotiating
the return of the Iron Ore Mining Company, Itakpe, also in Kogi State.
Chairman of the Federal Capital Territory Committee, Senator Smart
Adeyemi disclosed this to newsmen at a press conference yesterday.
The Senator expressed optimism that revamping the steel company would
provide at least 10, 000 jobs, not only for Kogi State natives but also
residents of neighbouring states as well.
The Federal Government has been locked in arbitration with Global
Steel Holdings Limited and Global Infrastructure Limited at the
International Chamber of Commerce, London, for the return of Ajaokuta
since 2007, it was learnt.
The legal tussle started in 2008 when Global Steel dragged the
Federal Government before the ICC. Attorney-General and Minister of
Justice, Mohammed Adoke led the Federal Government delegation. Ajaokuta
was sold to Global Steel during the administration of former President
Olusegun Obasanjo under the privatisation programme of the Federal
Government then.
Shortly, thereafter, allegations of downsizing and asset-stripping
rocked the complex before it finally shut down operations. But President
Goodluck Jonathan has reportedly intervened and the Federal Government
has regained total control of the steel company.
Global Steel agreed to forfeit $1billion initially being demanded as
damages allegedly suffered by the company while running the two plants.
According to Adeyemi: “The federal government has recovered the Ajaokuta
steel complex from Global Steel and with that, more than 10, 000
workers would be gainfully employed. “I think the return of this complex
is worth celebrating.
The government of President Jonathan is worth celebrating. “They
should be commended for recovering the complex. They have succeeded in
recovering Ajaokuta without any attendant financial obligation
whatsoever. “This is a great achievement that deserves commendation,
irrespective of political affiliation. The return of Ajaokuta will
reduce unemployment and crime.”
By this singular achievement, it means this government has raised the
hope for industrial development in Nigeria. “We got to know that Global
Steel asked for $1 billion damages but the concession was illegal and
unlawful. I want Nigerians to know that the federal government has been
in arbitration with the International Chamber of Commerce since the
concession was terminated in 2007.
The main case started in 2008. “The two plants have not been
functioning since they were privatized and I want to let you know that
the meeting that resolved the issue held in Dubai between April 29 to
May 1. “Ajaokuta is at the heart of technological development in
Nigeria. If we can get the complex back, then, it means Nigeria’s march
towards industrialization has started on a good path.
Return of Ajaokuta means that this will change the face of Kogi State
and hopefully, the northern region. On the negotiated return of the
Iron Ore company, Senator Adeyemi said: “The federal government may
revalidate the concession with Global Steel. I’m happy that the main
plant is back to Nigeria.”
source: the sun
No comments:
Post a Comment