Ajaokuta Steel
The Minister of Mines and Steel Development, Arc Olamilekan Adegbite, says the Federal Government has engaged a British firm to revive the Ajaokuta Steel Company Limited “for free”.
He said the decision was taken after the outbreak of war between Russian and Ukraine.
He said this while responding to questions from State House reporters at the Special Weekly Briefing coordinated by the Presidential Communications Team in Abuja.
The minister, while speaking on the efforts to revive the Steel Company under the current administration, said President Muhammadu Buhari had earlier released the sum of $2b in 2020 to revive the project under an arrangement with a firm comprising both Russians and Ukrainians.
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He said “in October 2019, Nigeria’s President Muhammadu Buhari and Russia’s Vladmir Putin met at the Russia-Africa Summit in Sochi and agreed to revive the uncompleted Ajaokuta steel mill.”
Adegbite, however, said the contract could not take off due to COVID-19 global pandemic. He said “the project suffered force majeure due to COVID-19”
The minister, who did not name the British firm, said the arrangements with the Russian firm failed as the contract was awarded to a company with both Russians and Ukrainian interests.
He said the $2b was safe in the federal government account, adding that “the money has not even been given to anybody, the Russians can’t get any payment now with the way things happening in the world. All their accounts are blocked.
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