Buhari reaches agreement with India over Ajaokuta steel

– The consultations to reach the new agreement had been ongoing since 2008

– The agreement will be signed sometime in August this year by both parties

– Nigeria’s minister of Solid Minerals development, Kayode Fayemi, led the team to reach this truce

Exclusive reports by Premium Times have it that the federal government of Nigeria has reached an agreement with an Indian firm over the ownership of Nigeria’s Ajaokuta Steel Complex.

The agreement would be reached sometime in August, when Messrs Global Steel Holdings Limited, an Indian firm, will put pen to paper with the Nigerian government to release free the Nigerian complex from all contractual impediments that made it non-functional for so many years. The negotiation over the resolution of the crisis had begun since 2008, a situation which had left the steel company redundant but Premium Times has reliably gathered that President Muhammadu Buhari has already given approval for the execution of the “modified concession agreement with Global Steel Holdings Limited, following reports of the mediation meetings forwarded to him from the Justice ministry.”

The reliable sources informed that the meetings were held in London, the United Kingdom recently following negotiations between the Nigerian government and the Indian company which spanned several months. The meeting which was coordinated by Phillip Howell-Richardson, had Kayode Fayemi, Nigeria’s minister of Solid Minerals development, leading a team of top officials of the ministry of Solid Minerals development and ministry of Justice.

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. Meanwhile, the Ukrainian Ambassador to Nigeria, Valeriy Aleksandruk has disclosed that his country is ready to invest $1bn into Ajaokuta Steel Company in order to revive the plant. The ambassador who made this known in Abuja on Wednesday, May 4, during a courtesy call on the acting director general of the Bureau of Public Enterprises (BPE), Dr Vincent Onome Akporaire said the Ukrainian company that built the plant -Tiajpromexport (TPE) – has presented a proposal to the federal government to that effect.