Coalition of civil society organisations, under the auspices of ‘CSO Coalition for the Revival of Ajaokuta’ has commended the Federal Government of Nigeria for the recent efforts at paying off the $5.3 Billion claim of a foreign investor, Global Steel Group over the Ajaokuta Steel Mill.
Gatekeepers News reports that the group commended the federal government for succeeding in negotiating the claim from $5.28b to S496m.
The National Coordinator, Mohammed Attah in a statement said the action which as reported, accounts for about 91% reduction of the Mediation Claim.
The group in a statement said, “The negotiations which put to rest the long-standing contractual dispute with a foreign investor group in our view constitute the last process in the efforts to bring back Ajaokuta Steel Company Limited back to fruition. It is also a relief to win back the National Ore Mining Company in Itapke, NIOMCO that was hitherto under concession to this foreign interest.
“We, therefore commend President Muhammad Buhari for keeping to his promise of ensuring the Steel Company is back to full operations before the end of his administration. And all these we know would not have been possible without the political will from the President and the support of his Ministers & the Administrators of both Ajaokuta Steel Company Limited, ASCL, and NIOMCO administrators.
“And with the settlement agreement coming into effect in August this year, we are convinced that this is a milestone to getting the steel plant back to life for the good and development of the country. We are convinced further that the ‘Industrialization Agenda’ of the Buhari administration is indeed working.”
On November 25 2021, at the National Conference on Ajaokuta Steel Company, organised by the Coalition, the CSOs urged the federal government to consider it a patriotic gesture by putting the Ajaokuta phenomenon to rest through this process of arbitration, which has held backward the revival process over the years.
The statement added, “It is therefore clear, as stated by the Hon. Attorney General and Minister of Justice, Abubakar Malami that President Muhammadu Buhari “has succeeded in rescuing the steel industry from interminable and complex disputes as well as saving the taxpayer from humongous damages.”
