Use Abacha loot to revive Ajaokuta steel company, Reps urge FG

    OrderPaperToday – The House of Representatives on Thursday urged the Federal Government to use the recovered Abacha loot to fund resuscitation of the Ajaokuta steel company.
    The green chamber also demanded for the recall of the original builders of the company, TPE of Russia, to complete work on the complex.
    These among others, were part of the recommendations adopted from the report of the ad hoc committee on Ajaokuta Steel Complex headed by Mr. Idris Ahmed during plenary.
    “Since it is known that most of the Abacha loot was gotten from the debt buy back deal involving Ajaokuta, then the recovered loots which are still flowing into Nigeria should be used to supplement the funding of the completion of the Ajaokuta integrated steel plant,” the lawmakers said.
    Other recommendations approved by the House as contained in the report by the ad-hoc committee is:
    “That the Federal Government should demonstrate a strong political will, just like the United States President did recently in steel sector, to resuscitate the Ajaokuta Integrated Steel plant by direct sourcing and disbursement of about $2b needed to revamp and complete the 2% external aspects of the Integrated project.”
    The project they said include  “revival of Ajaokuta Steel Company and the National Iron Ore Manufacturing Company, Itakpe, completing the various external rail track system and access roads linkages; the development and optimal functioning of the various mining sites for steady supply of raw materials to guarantee an uninterrupted steel production when the blast furnace would be started.).
     “that the Federal Government should, as a matter of national interest and security, annul and terminate the recent reconcession agreement entered into with Global Infrastructure Nigeria Ltd (GINL) of 1st August 2016, as there is still an extant Federal Government indictment against the company (GINL).
     “that the Federal Government should cease from any further thought of concessioning and/or reconcessioning of the Nigerian Steel Companies as Nigeria has capable hands under the services of the Federal Republic to manage the integrated plants when properly funded;
    ” that the Federal Government should revive relations with the original builders of the Company (TPE of Russia) towards wooing them back to continue and complete the good work they started alongside the current Management Team of indigenous Sole Administrators who have shown expertise and practical knowledge in the integrated steel plants management and production;
     “that the Economic and Financial Crimes Commission (EFCC) should heed the Presidential directive of late President Yaradua in 2008, to prosecute all the collaborators of Global Infrastructures Nigeria Ltd as economic saboteurs;
     “that both the Company, Global Infrastructures Nigeria Ltd and all indicted local collaborators should be made to pay damages to the host communities that suffered loss of lives when the Company used brutal force against the workers (most of whom were community youths) who tried to stop the Company from stripping and vandalizing the assets of the concessioned plants;
     ” that the Company, Global Infrastructures Nigeria Ltd and its associates be banned from further doing any business in Nigeria as its track record has been marred by duplicity and fraud;
     “that accelerated legislative work must be done by both Chambers of the National Assembly to ensure that both the Ajaokuta Steel Company and the National Iron Ore Manufacturing Company, Itakpe, are removed from the Privatization List;
    Majority voice votes called by the Deputy Speaker,  Yussuff Lasun who presided over the report consideration aspect of the day’s plenary, approved the recommendations.


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