Breaking News
Awujoola yusuf babatunde
Apr 08 2025
75
The Steel Development Minister, Prince Shuaibu Audu, has revealed that the government is on the verge of opening a full technical and financial audit of the Ajaokuta Steel Complex and other key machinery of the company.
He further explained that the audit exercise is aimed at preparing the ground for private investment by potential buyers in line with directives by President Bola Tinubu.
Audu dropped the clue when he hosted the newly appointed Managing Director of the Ajaokuta Steel Company Limited, Prof. Nasir Naeem Abdulsalam, and accepted his appointment letter after the takeover by the immediate past Acting Sole Administrator, Kanwai Joseph, to the new crew.
A special assistant (media) to a minister, Lizzy Okoji, in a statement on Tuesday in Abuja, said that at the handover ceremony, Prince Audu was optimistic that Prof. Abdulsalam would steer Ajaokuta Steel Company in line with President Bola Ahmed Tinubu's "Renewed Hope Agenda" to resuscitate the steel factory.
He said, "Restarting Ajaokuta Steel Plant is a joint venture. It is not feasible for the minister, permanent secretary, or managing director to do it alone. Everyone's hands must be on deck because it requires all stakeholders to come on board to make Mr. President's dream of resuscitating Ajaokuta Steel Plant and the whole steel industry come to fruition."
I want to assure you that the revival of Ajaokuta Steel and the entire steel sector is already underway." Following the Memorandum of Understanding signing with the Original Equipment Manufacturers last September in Moscow, Russia, we are now set to perform the financial and technical audit of the complex and other principal processes for purposes of attracting investors and suitors from the various possibilities available through a process of privatization as guided by the president.
It is our responsibility to advance these strides and develop practical options for the consideration of Mr. President."
The Ajaokuta Integrated Steel Complex, conceived in 1979, was conceived to establish a metallurgical process plant in conjunction with an engineering complex as well as attendant facilities.
The project is specifically tasked with generating major upstream and downstream industrial and economic activities, which are core to diversifying the economy into an industrial economy, but has never generated a sheet of steel ever since the plant went into operation.
Speaking at whose handover ceremony, the minister also expressed appreciation to the outgoing acting sole administrator, Engr. Kanwai Joseph, in appreciation of his commitment to work during his close to 35 years in the steel plant, having moved from the position of a junior engineer to spearheading the affairs at the steel plant as acting sole administrator in the last half year.
"I commend the newly appointed Managing Director of Ajaokuta Steel Company Limited, Prof. Nasir Naeem Abdulsalam, a seasoned academic and professor of geophysics and one well known in the steel industry, having previously worked as my technical advisor."
"I wish you Godspeed as we toil together towards the successful resuscitation of Ajaokuta Steel Plant," Audu stated.
The Permanent Secretary in the Ministry, Dr. Chris Isokponwu, also congratulated Abdulsalam on his appointment, urging him to get set for the tremendous task ahead and assuring him of the Ministry's support.
It will not be an easy job; you are facing a challenge of more than 45 years. The silver lining is that you have a minister who is absolutely dedicated to the success of Ajaokuta's revival," Dr. Isokponwu stated.
Replying on behalf of President Bola Tinubu, Prof. Abdulsalam thanked him for entrusting to him this very important assignment and respected the Honorable Minister for his cooperation and working spirit.
He also commended the minister for the impressive progress achieved within less than two years in office and also for giving him the chance to serve him as his technical advisor prior to his appointment, and stated that the foundation laid by the minister has positioned him for success.
"Our fundamental mandate is to work together to realize Mr. President's dreams for the revival of Ajaokuta Steel Plant. I am perfectly poised to make this mandate a success with the Honorable Minister, the Permanent Secretary, and the entire team of the Ministry of Steel Development. I pray and I hope that Ajaokuta shall be revived in our lifetime," Prof. Abdulsalam stated.
The outgoing Acting Sole Administrator, Engr. Kanwai Joseph, commended the Minister for the decision to bring in the original contractors of the steel plant, describing it as the most strategic decision he had witnessed in his 35 years working at Ajaokuta.
He further stated that if this was done a long time ago, the steel plant would have been operating long ago.
