Ajaokuta Steel: Asset Negotiation With FG Still Ongoing – GSHL


Management of Global Steel Holdings Limited (GSHL) has debunked claims by the Minister of Mines and Steel Development, Dr. Kayode Fayemi that ownership of Ajaokuta Steel Company Limited has now reverted back to the FG.

According to a statement signed by GSHL’s Director recently, Engr. S.O. Nwanbuoke, “Although the company expects to be party to the resolution so referred to, we are not aware that the Ajaokuta Steel Company issue has been resolved.

We are aware however that the delay in resolving the matter is not caused by GSHL. The company has been open to and cooperated in all the requisite terms precedent to an amicable resolution of the matter. We put in all our efforts to conclude the Due Diligence process in the National Ore Mining Company, Itakpe (NIOMCO) with the conviction that the next phases of compliance with the terms of the International Court of Arbitration would be speedily determined. We regret that this has not been the case.

“We need to emphasize that GSHL and the FGN are still in mediation claim on assets which is still binding and therefore no investor can come in until this is finally determined.

“We are also convinced that the over three years of this mediation is more than enough time to have all the associated issues of the Ajaokuta Steel company and indeed the Nigerian steel dream concluded. We therefore beseech mediators to eschew extraneous interferences and distractions in order to realize the set objectives of this process.”

Credit: Tribune