The Federal Government yesterday took a major step in its plan to
revitalise the steel sector as it signed a renegotiated concession
agreement with Global Steel Holdings Limited for the Nigerian Iron Ore
Mining Company (NIOMCO), Itakpe. By the new agreement, Ajaokuta Steel
Complex has now reverted to the Federal Government, effectively freeing
the entity from all contractual encumbrances that had left it
uncompleted and non-functional for decades, while GSHL retains NIOMCO.
The new agreement, which came after four years of
mediation, was signed at a short ceremony presided by the Vice
President, Prof Yemi Osinbajo, in his office at the Villa today Monday
August 1st.
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