{"id":233844,"date":"2022-12-08T17:15:59","date_gmt":"2022-12-08T16:15:59","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=233844"},"modified":"2022-12-08T17:15:59","modified_gmt":"2022-12-08T16:15:59","slug":"federal-govt-receives-11-bids-moves-to-concession-ajaokuta-steel-company","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2022\/12\/08\/federal-govt-receives-11-bids-moves-to-concession-ajaokuta-steel-company\/","title":{"rendered":"Federal Govt Receives 11 Bids, Moves To Concession Ajaokuta Steel Company"},"content":{"rendered":"<p>The federal government has received bids for Ajaokuta Steel Company from eleven companies, according to Mines and Steel Development Minister Olamilekan Adegbite.<\/p>\n<p>On Thursday, Adegbite gave a presentation on his ministry&#8217;s achievements at the 9th edition of the PMB Scorecard series, which was organized by the Ministry of Information and Culture.<\/p>\n<p>According to him, the Buhari administration had resolved all legal issues with the steel company and was in the process of selling it to a competent bidder.<\/p>\n<p>The concession of Ajaokuta Steel Company to Global Steel by then-President Olusegun Obasanjo in 2005 resulted in litigation and a $7 billion demand by Global Steel.<\/p>\n<p>Things went sour and they took us to court. The court case went on for about 12 years, but thanks to a patriotic Nigerian lawyer in the UK who handled the case very effectively,\u201d Mr Adegbite explained.<\/p>\n<p>\u201cGlobal Steel came with a demand of seven billion dollars, but our lawyer was able to puncture holes in their case and at the end, they had to settle for 496 million dollars.\u201d<\/p>\n<p>He said that the judgement was favourable to Nigeria.<\/p>\n<p>According to the minister, the Buhari regime had plans to make Ajaokuta Steel Company functional before the end of 2022, but for the outbreak of COVID-19 pandemic.<\/p>\n<p>He, however, said that the government was still committed to ensuring that the company was concessioned to a competent bidder with technical and financial capacities to optimise its potential.<\/p>\n<p>\u201cWe were supposed to make the plant work in 2022. One of the presidential mandates was to resolve all contending issues on Ajaokuta.<\/p>\n<p>In 2019, at the Russian-Africa summit in Moscow, President Muhammadu Buhari discussed the idea of resuscitating Ajaokuta with President Vladimir Putin.<\/p>\n<p>\u201cAn agreement was reached for Russian engineers to come in for a technical audit by March 2020.<\/p>\n<p>\u201cBut the emergence of the first and second waves of COVID-19 stalled the plan.<\/p>\n<p>\u201cWe hope that we can give Ajaokuta to a company, not just on concession basis, but on equity participation,\u201d he said.<\/p>\n<p>He said that out of the 11 companies bidding, three were Russian.<\/p>\n<p>We are talking of companies who intend to bring their own monies into <a href=\"https:\/\/www.withinnigeria.com\/news\/2022\/06\/24\/buhari-confers-presidential-merit-award-on-civil-servant-for-saving-fg-n90bn-on-ajaokuta-deal\/\">Ajaokuta<\/a> to make sure that it works.<\/p>\n<p>\u201cThe plant is still good if we put in the right amount of capital, it will start producing in less than two years.<\/p>\n<p>\u201cGovernment has employed a transaction adviser who will guide us through the process,\u201d he said<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The federal government has received bids for Ajaokuta Steel Company from eleven companies, according to Mines and Steel Development Minister Olamilekan Adegbite. On Thursday, Adegbite gave a presentation on his ministry&#8217;s achievements at the 9th edition of the PMB Scorecard series, which was organized by the Ministry of Information and Culture. According to him, the [&hellip;]<\/p>\n","protected":false},"author":43,"featured_media":233845,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"custom","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"single-left","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"floatbottom","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"1","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"0","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_prev_next_post":"1","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored by","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo_enable":"0","sponsored_post_logo":"","sponsored_post_desc":"","disable_ad":"0"},"jnews_primary_category":{"id":"","hide":""},"jnews_override_bookmark_settings":{"override_bookmark_button":"0","override_show_bookmark_button":"0"},"jnews_override_counter":{"override_view_counter":"0","view_counter_number":"0","override_share_counter":"0","share_counter_number":"0","override_like_counter":"0","like_counter_number":"0","override_dislike_counter":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[4],"tags":[52330,52328,52327,9618,52329],"class_list":["post-233844","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politics","tag-11-bids","tag-ajaokuta","tag-buhari-regime","tag-concession","tag-steel-company"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - 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