I Did Not Say FG ‘ll Hand over Ajaokuta Rehabilitation To British Firm

Posted by Eric Ojo Featured, Latest Headlines, News Across Nigeria Monday, April 11th, 2022

(AFRICAN EXAMINER) – Minister of Mines and Steel Development, Olamilekan Adegbite has debunked media reports alleging that the Federal Government wants to hand over Ajaokuta Steel Plant to a British firm for rehabilitation.

The minister said at no time did he say that the Federal Government was handing over Ajaokuta to a British firm for rehabilitation as reported by some media outlets. In a statement by his Special Adviser on Media,

Ayodeji Adeyemi today, Adegbite however noted that a local Nigerian firm with a British partner, had expressed interest in carrying out the TECHNICAL AUDIT for free with no preconditions. He further explained that the

Federal Government had been in discussion with a Russian firm Messrs TPE (nominated by the Russian government) towards conducting the technical audit.

The war between Ukraine and Russia, according to him, has caused a setback to the proposed plan, adding that the it was difficult to move forward with the Russian firm due to international sanctions placed on Russia, which has also impacted Russian firms and businesses.

“Meanwhile, a local company in partnership with a British company has offered to execute the technical audit at no cost to Nigeria and with no preconditions. This was what I said at the media parley at the State House and not that Ajaokuta would be handed over to a British company for rehabilitation”, he said.

The minister reassured that when the technical audit is completed, the result would be shared with all interested investors and potential partners interested in Ajaokuta Steel Plant resuscitation, which they would use to enter their submission bids.

“To ensure that the entire process is transparent, a firm was appointed in 2018 as Transaction Advisor. This firm has been revalidated by the BPP (Bureau of Public Procurement) and will guide and ensure a transparent due process in the selection of the eventual firm for Ajaokuta Steel restoration.

“The Transaction Advisor will carry out all financial, environmental and technical due process to establish the successful firm and the mode of engagement. The various bids would then be ranked by the transaction advisor according to merits”, he further explained.

Adegbite noted that the outcome of the transaction advisors work would be taken to the Federal Executive Council for a robust discussion and eventual decision.