Federal Government takes ownership of Ajaokuta steel plant

Finally the Federal Government  has taken over the ownership of the Ajaokuta steel plant.

The 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. With 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.

Senior Assistant Media to Minister of Solid Minerals,  Yinka Oyebode, who  made the disclosure in a press statement, said  the new agreement, which came after four years of negotiation, was signed at a short ceremony presided over by the Vice President, Prof YemiOsinbajo, yesterday at the Villa.