Nigeria: Senate investigates Ajaokuta steel company over $496m settlement

Nigeria: Senate investigates Ajaokuta steel company over $496m settlement

By Zuleihat Owuiye, Mamos Nigeria

The Nigerian Senate has decided to conduct a thorough investigation into the affairs of Ajaokuta Steel Company Limited and the National Ore Mining Company in Kogi State. 

The investigation aims to uncover the details surrounding the payment of $496 million made to Pramod Mittal, Chairman of Global Infrastructure Holdings Ltd, by the Federal Government in September 2024 as a settlement for contractual disputes. Additionally, the Senate will examine the circumstances that led to the re-concession of NIOMCO, despite the termination of the initial Concession Agreement. The motion was sponsored by Senator Natasha Akpoti-Uduaghan, who expressed concern over the inoperative state of the Ajaokuta steel mill and NIOMCO, which have the potential to make Nigeria a leading exporter of steel products. The Senate has established a committee to investigate the matter and report back within two weeks. The committee will also engage with relevant ministries, departments, agencies, and stakeholders in the steel sector to gather information and submit a comprehensive report.

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