Ajaokuta Steel complex belongs to FG – Fayemi

Contrary to the claims of the Director of Global Steel Holdings Limited, Dr. Sam Nwanbuokei, that the protracted litigation surrounding the ownership of the Ajaokuta Steel Complex had not been resolved, the Minister of Mines and Steel Development, Dr. Kayode Fayemi, has reaffirmed that the facility belongs to the Federal Government of
Nigeria.
He said, “The Federal Government does not need any mediation to determine its ownership of Ajaokuta Steel Complex as the integrated steel complex has always been the property of FGN. It must be stated clearly that concessioning of an asset does not make one lose the ownership of the asset.
“In the case of Ajaokuta Steel Complex, government remained the actual owner of the asset, while the concessioning arrangement was in place. This situation has not changed after the entire concessioning arrangement crumbled.”
The Permanent Secretary of the ministry, Mr. Mohammed Abbas, explained that the position of government was that, having ceded the National Iron Ore Mining Company, Itakpe to GSHL, for the remaining concession period, as part of the agreement reached during the mediation, government would at the appropriate time take a decision on how best to put Ajaokuta Steel Complex to profitable use.
“This includes engaging a new core investor with proven financial and technical capacity to turn around, complete and run the steel complex profitably. This is still the position of government,” he said..