FG kick-starts steel development, takes ownership

The Federal Government yesterday took a major step in its plan to revitalise the steel sector as it signed a renegotiated concession agreement with Global Steel Holdings Limited for the Nigerian Iron Ore Mining Company (NIOMCO), Itakpe. By the new agreement, Ajaokuta Steel Complex has now reverted to the Federal Government, effectively freeing the entity from all contractual encumbrances that had left it uncompleted and non-functional for decades, while GSHL retains NIOMCO.

The new agreement, which came after four years of mediation, was signed at a short ceremony presided by the Vice President, Prof Yemi Osinbajo, in his office at the Villa today Monday August 1st.