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Showing posts from September, 2017

​Nigeria finally retakes ownership of Ajaokuta steel, Itakpe mining Companies –  Fayemi

Ifeoluwa AdeyemoNigeria has recovered ownership of Ajaokuta Steel Company, ASC, and National Iron Ore Mining Company Limited, NIOMCO, Itakpe, following the resolution of a protracted legal dispute.The Minister of Mines and Steel Development, Kayode Fayemi disclosed this on Thursday in Abuja at the maiden meeting of the National Council on Mining and Mineral Resources Development.He said Nigeria and Global Infrastructure Nigeria Limited, GINL, have signed a ‘Modified Concession Agreement’ resolving their protracted dispute on the two companies located in Kogi State.He said Vice President Yemi Osinbajo executed the agreement on behalf of the Federal Government.“With this development, both NIOMCO and Ajaokuta Steel Company Limited have now reverted to the Federal Government Nigeria, and we can now proceed to engage a new core investor with the financial and technical capacity to run the steel complex.“The operation of ASC will provide the needed inputs to support the infrastructure requi…