Nigerian Government Recovers Ajeokuta Steel From Indian Firm.
After years of litigation, the Federal Government of Nigeria has recovered the Ajaokuta Steel Complex in Kogi State.
Speaking in an interview with journalists at the National Assembly complex, a Senator lawmaker representing Kogi state, Smart Adeyemi said the federal government is also in the process of negotiating the return of the Iron Ore Mining Company, Itakpe, also the state.
The Federal Government has been locked in arbitration with Global Steel Holdings Limited (GSHL) and Global Infrastructure Limited at the International Chamber of Commerce (ICC), London, for the return of Ajaokuta since 2007.
The legal tussle started in 2008 when Global Steel dragged the federal government before the ICC.
Former President Olusegun Obasanjo during his administration concessioned the complex to (GSHL) in 2005, despite criticisms from steel workers and labour leaders.
The Indian firm was allegedly accused of going against the concessional agreement, which led to a faceoff between the firm and the company’s workers. The agreement was terminated in 2008 by President Umaru Musa Yar’Adua , who set up an Interim management Committee (IMC) to oversee it.
Source : #CHANNELS TV
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