FG to audit Ajaokuta steel complex, paves way for private investment

The Minister of Steel Development, Prince Shuaibu Audu, has revealed that the government is on the verge of initiating a comprehensive technical and financial audit of the Ajaokuta Steel Complex and other key equipment owned by the company.

He said this audit process is to allow for private investment from potential suitors as directed by President Bola Tinubu.

Audu gave the hint when he received the newly appointed Managing Director of the Ajaokuta Steel Company Limited, Prof. Nasir Naeem Abdulsalam and presented him with his appointment letter following the handover by the former Acting Sole Administrator, Kanwai Joseph, to the new leadership.

A statement by the minister’s Special Assistant (Media), Lizzy Okoji, on Tuesday in Abuja, noted that at the handover ceremony, Prince Audu expressed confidence in Prof. Abdulsalam’s ability to lead Ajaokuta Steel Company in line with President Bola Ahmed Tinubu’s “Renewed Hope Agenda” to revive the steel plant.

He said, “Reviving Ajaokuta Steel Plant is a collective project. It is not something the Minister, Permanent Secretary, or Managing Director can achieve alone. All hands must be on deck as it requires the concerted efforts of all stakeholders to realise Mr. President’s vision for the revival of Ajaokuta Steel Plant and the broader steel sector.

He said this audit process is to allow for private investment from potential suitors as directed by President Bola Tinubu.

“I assure you that the revival of Ajaokuta Steel and the entire Steel Sector is well underway. Following the signing of the Memorandum of Understanding with the original Equipment Manufacturers in Moscow, Russia in September last year, we are on the verge of carrying out the technical and financial audit of the Complex and other critical processes so as to bring in investors and suitors from the various options available through a privatization process as directed by Mr. President. Our role is to consolidate these gains and present viable options for Mr. President’s approval.”

The Ajaokuta Integrated Steel Complex, conceived in 1979, was developed to establish a Metallurgical Process Plant alongside an Engineering Complex and various auxiliary facilities.