FEDERAL LAWMAKERS ‘SACK’ NIGERIAN MINISTER OVER STEEL COMPLEX CONCESSION DEAL
“Almost two years since NIOMCO, Itakpe was again handed over to Global Steel in the so-called modified concession agreement for a seven-year period with an option of a further 10 years, the plant which is integrated with Ajaokuta Steel Complex has remained moribund, which signposts the likely failure of yet another concession,”he declared.
The House while adopting the motion mandated its ad-hoc committee on Ajaokuta Steel Complex to include the urgent consideration of the possibility of a Bill for an Act to Provide for the Completion of Ajaokuta Steel Company and Prohibit the Concessioning thereof prior to its Completion.
The sitting also resolved to expand the mandate of the ad-hoc committee to further inquire into why the Minister engaged a globally-discredited firm, in auditing Ajaokuta Steel Complex without due process and in spite of the fact that the firm had been indicted and punished in many jurisdictions.
The committee was also mandated to inquire into the nature of the conflict of interest that may have arisen on account of the minister appointing a firm headed by wife of political mentor to serve as transaction adviser for the complex.
The lawmakers called on President Muhammadu Buhari to stop the Minister from proceeding further with concessioning processes of the steel complex, pending a review ordered by the House.
Penpushing also recalled that, the lawmakers and Fayemi have repeatedly disagreed on government’s plan to concession the oldest uncompleted steel company in the country, while the Speaker Yakubu Dogara, after visiting Ajaokuta said leadership problem was the reason the steel company had not been completed.
He said sourcing about $500million estimated to be required to complete the company should not be a problem, adding that the required fund could be sourced through the Sovereign Wealth Fund, Excess Crude Account and recovered financial crimes loots, noting that even if it means borrowing the money, the House would give its approval
