The Minister of Steel Development, Prince Shuaibu Audu, has announced that the government is preparing to conduct a full technical and financial audit of the Ajaokuta Steel Complex and other key assets under the company’s ownership. This move is aimed at attracting private investments as part of President Bola Tinubu’s broader economic agenda.
Prince Audu made the disclosure in Abuja during the handover ceremony where the newly appointed Managing Director of Ajaokuta Steel Company Limited, Prof. Nasir Naeem Abdulsalam, received his letter of appointment. The new MD took over from the outgoing Acting Sole Administrator, Engr. Kanwai Joseph. who had served for the past six months.
In a statement by the Minister’s Special Assistant on Media, Lizzy Okoji, Prince Audu described the revival of the Ajaokuta Steel Plant as a collective project that requires the commitment of all stakeholders.
“Reviving Ajaokuta Steel Plant is not a one-man show,” he said. “It is a national assignment that needs the support of all relevant actors. The audit is one of the necessary steps we must take to bring credible investors on board through a guided privatization process.”
He noted that this move builds on the Memorandum of Understanding signed with the original Equipment Manufacturers in Moscow, Russia, in September 2023.
“Our goal is to consolidate these gains and present viable options to Mr. President for approval,” the Minister added.
Audit of Ajaokuta Steel
Ajaokuta Steel Complex, initiated in 1979, was designed to be the backbone of Nigeria’s industrial growth by driving economic diversification. However, more than four decades later, the plant is yet to produce its first sheet of steel.
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Welcoming the new MD, Prince Audu expressed confidence in Prof. Abdulsalam’s ability to drive the new vision, citing his vast experience as a professor of geophysics and his prior role as the Minister’s Technical Adviser.
“I wish you success as we work together to bring Ajaokuta back to life,” the Minister stated.
Also speaking at the ceremony, the Permanent Secretary of the Ministry, Dr. Chris Isokponwu, urged the new MD to be prepared for the challenge, describing the Ajaokuta revival as a 45-year-old mission that must be completed.
Prof. Abdulsalam, in his response, thanked President Tinubu for the opportunity to serve and appreciated the Minister for the confidence reposed in him.
“I am fully prepared to deliver on this mandate,” he said. “With the support of the Minister, the Ministry, and all stakeholders, I believe Ajaokuta will come alive in our time.”
On his part, the outgoing Acting Sole Administrator, Engr. Kanwai Joseph, who spent nearly 35 years at the steel plant, praised the decision to reconnect with the original builders of the plant. He described it as the most strategic move he had seen in his career at Ajaokuta.
“If this had happened years ago, we might have had a different story today,” he noted.
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