Russia has not indicated interest in Ajaokuta Steel - Fayemi discloses

Russia has not indicated interest in Ajaokuta Steel - Fayemi discloses

- Kayode Fayemi, minister of mines and steel development, said that Russia has not indicated interest to invest in Ajaokuta Steel Company

- The minister said that the Muhammadu Buhari-led administration has demonstrated commitment to revive the company

- According to Fayemi, the technical audit on the steel company will be ready in six weeks

Nigeria's minister of mines and steel development, Kayode Fayemi, has said that Russia is yet to indicate interest to invest in Ajaokuta Steel Company.

Fayemi, who spoke in Abuja, assured that technical audit on Ajaokuta Steel Company will be ready in six weeks, Vanguard reports.

Legit.ng notes that he stated that the federal government has demonstrated its commitment to revive the company. The minister said that the steel complex had been a victim of bad planning and poor execution by previous administrations, which he said the president wants to correct.

READ ALSO: Presidency replies Obasanjo, says his assessment of Buhari not new

He said: "The Russian government has not indicated interest in Ajaokuta. Yes we have had offers from companies from Ukraine, Russia, Belarus and even Nigeria. I have met with the Russian ambassador the same way I have met with the Ukrainian ambassador and many other ambassadors.

“The Russian ambassador told me they can offer technical, management or audit support, but not as a country bringing in money to take over the complex. No fewer than 14 parties have shown interest in running the complex, but government’s position is that we would not do any concessioning without a technical audit. Our interest is to make it work, so that it can create jobs and wealth, and we are ready to work with the National Assembly and other stakeholders to ensure its success."

The minister added: “Many are saying Ajaokuta is 98 per cent completed. The ministry believes that can only be determined by the outcome of the technical audit, which should be ready in about six weeks. Ajaokuta is an inherited challenge. The Chief Olusegun Obasanjo administration concessioned it, the President Umaru Yar’Adua government revoked it. And the case went to London Court of Arbitration.’’

PAY ATTENTION: Install our latest app for Android, read best news on Nigeria’s #1 news app

Meanwhile, Legit.ng previously reported that Kogi state governor, Alhaji Yahaya Bello, said on Monday, February 12, that what the Economic and Financial Crimes Commission (EFCC) recovered from a single Nigerian looter was enough to complete the moribund Ajaokuta Steel Company.

Bello stated this in Lokoja while receiving the speaker of the House of Representatives, Yakubu Dogara, and the chairman and members of the House committee on steel development.

The governor said that for Nigeria to experience true development, it must meet its steel need and also be a big player in the international steel market.

President Buhari commissions first Nigerian drone - on Legit.ng TV

Source: Legit

Online view pixel