Ajaokuta Steel Company Limited (ASCL) popularly known as Ajaokuta Steel Mill is Nigeria’s largest steel plant located in Ajaokuta, Kogi State, Nigeria. A report the other day that the Federal Government was ready to offer the Ajaokuta Steel Mill for sale to finance budget is curiously casual and. A report the other day that the Federal Government was ready to offer the Ajaokuta Steel Mill for sale to finance budget is curiously casual.
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In their report, they recommended the use of blast furnace process of iron making. It equally sanctioned that all loans and syeel relating to the project be accommodated.
The agreement, which came after four years of mediation, was signed at a short ceremony presided by Osinbajo.
NSE and AISA to revive Nigeria’s Ajaokuta Steel Company
When contacted to react to the latest news on the proposal to sell the company, one of the arrowheads of the lawmakers opposed to the sales, Hon. He also chided the Federal Government for foot dragging on the completion of the steel project, saying the outright sale of the plant will not be of interest to the country. The two unions in Ajaokuta Steel Company, Kogi State have dismissed the reported succession crisis at its managerial level.
The idea of having a steel industry was conceived in by the federal government. See What Everyone is Watching. Official website not in Wikidata All stub articles.
With all these achievements, it was, however, sad that the gigantic steel plant idea conceived and executed by past leaders had failed to contribute to the development of Nigeria. December 31, Such proceeds fompany be used to fund projects Nigerians should directly benefit from, not the ones to satisfy the greed of the power elite and their cronies.
Video: After 40 years Ajaokuta Steel Company coming back to life ?
It is also on the cart, first for a total review of the process of privatisation and payment, so that our aluminium sector can eventually come alive,”. The Lagos-Ibadan Expressway failed concession is another bad another example. So, the current move by the executive, which is predicated on poor implementation of the budget, which ajaokita made worse by the growing fear that the country may slip back into recession since Q1 when the GDP declined by 1.
A leadership crisis has brewed in Ajaokuta Steel Company ASCKogi State due the alleged refusal of its sole administrator, Joseph Onobere Isah, to hand over to the most senior official at the expiration of his tenure as stipulated in extant civil service rules. These and the other privatised assets were sold without proper due diligence. Views Read Edit View history. The efforts of the government did not yield significant compny result because they were based on the use of iron deposits in Agbaja and Udi which were later found to be unsuitable for direct reduction.
The steel company has four different types of rolling mills inside the plant, such as the Billet Mill which produces billets; the Light Section Mill which produces round, square, strip and angles metals. The integrated plant was envisaged to have multiplier effects on all sectors of the Nigerian economy such as the industrial, agriculture, transport and construction sectors, dteel others.
It is regrettable that as a result of blatant mismanagement of national assets, it gets to a point when the country is caught in a dilemma of not knowing whether to hang on to unproductive assets that constitute drainpipes of scarce resources.
The steel plant was designed to produce 1. The purported renewed move by the federal government to sell the Ajaokuta Steel Company will be met with a stiff resistance by Nigerian lawmakers, particularly members of the House of Representatives, compnay are already spoiling for a showdown over the proposal.
Iniron ore of the required quality was discovered in Itakpe, Ajabanoko, and Oshokoshoko. Nigeria Machine Tools NMT Osogbo ; shows that they have largely exited the steel industry and some turned into Warehouses for imports while a few others are doing skeletal production.
Receive News Alerts on Whatsapp: I am aware of the situation of Ajaokuta Steel Companh of Nigeria. There should be due diligence to ensure that the buyers have enough capacity and resources to complete the project and make it functional — to fulfill its original purpose for the nation.
Read the original article on Guardian. The other bill was for an act to amend the public enterprise privatisation and commercialisation Act. In tothe administration achieved 84 per cent of Ajaokuta steel plant as the Light Section Mill of the plant was commissioned earlier than the scheduled date, while the Wire Rod Mill was also commissioned in Aprilearlier than the scheduled month of December. Ajalkuta Indian company thereafter took Nigerian government to arbitration court in London, which also crippled the two firms.
This Nigerian corporation or company article is a stub. The people of the state will be mobilized to vote for any presidential candidate that is ready to complete the project.
The Wire Rod Mill produces wire rods and rebars used in construction companies and production of nails, fencing wire, rope mesh, bolts and nut and netting and the Medium Section and Structural Mill produces parallel flange channels, equal angles, unequal angles and standard channels.
Ajaokuta Steel Mill – Wikipedia
The steel plant which has 12, plots large, kilometre road network and another kilometre road network underground, was built four decades ago and has never produced any steel due to the dispute over the ownership of the Ajaokuta Steel Complex and Nigerian Iron Ore Mining Company NIOMCO.
InSoviet geological experts came to Nigeria and after a general geological investigation reported that there were high prospects for richer iron ore and coal deposits in the country.
It shows fompany government is merely selling by intuition. Ajaokuta steel has the capacity to become a major producer of industrial machineries, auto-electrical spare-parts, shipbuilding, railways and carriages.
Late Tafawa Balewa and late Nnamdi Azikiwe between invited and received proposals from foreign firms, including those from UK, U. Labour, through United Labour Congress of Nigeria, ULC, and Kogi companh on the aegis of Kogi Elders Forum faulted the economic logic underlying the planned sale, describing it as either voodoo economics or prodigal economics.
Virtually all the nations that are playing big globally have enhanced capacities for steel production.