Breaking News

No agreement on NIOMCO revoked-FG

Kindly Share This Story:

By Gabriel Ewepu

THE Federal Government has disclosed that no agreement on concessioning of the National Iron Ore Mining Company, NIOMCO, to Global Steel Holdings Limited, has been revoked as claimed by some persons.

This was stated by the Permanent Secretary, Federal Ministry of Mines and Steel Development, Abbas Mohammed, who represented the Minister, Dr Kayode Fayemi, at the ECOWAS Federation of Chambers of Mines, EFEDCOM, General Assembly Meeting in Abuja.

Mohammed said there was no truth about the alleged revocation of the modified agreement signed by the Acting President, Prof Yemi Osinbajo, with the management of Global Steel Holdings Limited in 2015.

According to him, the deal was also for the eventual release of Ajaokuta Steel Company to the Federal Government by Global Steel Holdings Limited, and will be repackaged for concessioning.

Recently, there were claims by some people that the modified agreement between the Federal Government and the Global Steel had been revoked.

He said: “The Acting President, at that time he signed in  2015, signed the modified concessioning agreement with Global Steel Holdings Limited, there was part of a settlement package for the eventual release of Ajaokuta Steel back to the Nigerian government so that the government can repackage Ajaokuta for further concessioning to people who are financially and technically capable of taking Ajaokuta to where we expect it.

“The modified concession agreement is still valid. No agreement has been revoked. The modified concession agreement the Vice President signed with GNIL on Ajaokuta and NIOMCO is still valid, and we are working to implement that terms of that agreement.

“And part of that agreement is to re-concession NIOMCO to GNIL, while GNIL will release Ajaokuta to the Federal Government of Nigeria, and the Federal Government, at that point in time, will appropriate Ajaokuta as it deems fit.”

He also urged Nigerians and investors not to take serious some people who claimed not to be carried along when the agreement was reached, but are now out to dent the image of the government.


Kindly Share This Story:
All rights reserved. This material and any other digital content on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from VANGUARD NEWS.


Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.
Do NOT follow this link or you will be banned from the site!