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Nigeria, Indian Firm Reach Agreement On Ajaokuta Steel Company

Wednesday, 14th July 2016

"Barring any last minute change in plans, an amicable resolution of the ownership crisis surrounding the Ajaokuta Steel Complex might be reached early August when the Nigerian government and Messrs Global Steel Holdings Limited, and Indian firm, are scheduled to sign terms of settlement.

The signing of the terms of settlement will free Ajaokuta Steel Complex from all contractual encumbrances that had left it uncompleted and non-functional for decades, PREMIUM TIMES has learned.

Negotiations for amicable resolution of the ownership crisis of the foremost steel company has dragged on since 2008, leaving the country's steel and industrial sectors largely paralysed.

Those familiar with the negotiations told PREMIUM TIMES President Muhammadu Buhari had already given approval for the execution of the "modified concession agreement with Global Steel Holdings Limited, following reports of the mediation meetings forwarded to him from the Justice ministry.""

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Language: English
Contact: Abdulrahman Abdulmalik

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