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OT: African Politics - The Exploitation of Africa
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[QUOTE]Originally posted by kenndo: [QB] more update info on nigerian steel. Ajaokuta/Delta Steels: FG Probes Indian Firm The federal government has set up a five-man committee of inquiry to carry out an investigation into the transactions of the nation's metal-based industries. The committee, which was set up yesterday in Abuja by he minister of mines and steel development, Chief S arafadeen Ishola, was h anded a nine-point terms of reference under which to carry ot its investigation, and report its findings and suggestions not later than six wee ks from the date of i nauguration. Indian Steel-manufacturing c ompany, Global infrastructure Holding Limited (G1HL), will be at the heart of the committee's investigation as it would examine the concession agreement between the steel company and the federal government to establish its merits and demerits; establish the need to continue with the concession or the joint venture agreement; and to establish the actual amount of me GIHL's fund imported into the country. Other terms of reference given to the committee include: to establish the extent of compliance by the GIHL with the terms of agreement in all ramifications; to establish the extent of breaches, contraventions and any act committed by the GIHL that is inimical to the interest of government and its holdings; and to establish outstanding amount, such as royalty against the GIHL. The committee is expected to establish the conditions-under which the GIHL won the Delta Steel Company Limited, Aladja against other bidders; establish any other acts by either the GIHL or government that are impediments to the implementation of the project; and recommend measures that should be taken by government to actualise the interest of Nigeria to be a leading steel giant in Africa. The committee has the liberty to interview any corporate body, persons or group of persons and officials who in anyway exercised functions relating to any or other transactions which have any relationship with the "outright safe of" or "liquidation of" the nation's metal-based industries. It is noteworthy that the BPE was involved in the outright safe of Delta Steel Company Limited, Aladja, under Liyel Imoke, a former minister of steel and present governor of Cross River State. Sources: (a Nigeria daily) Leadership Newspaper Tuesday October 30, 2007 Pg.1 Home Nigerian Government Set to Revisit The Steel Sector The Nigerian government seems to have suddenly woken up from its slumber by focusing its attention to steel development once again. Ever since, the government of Umar Yar'adua came to being, there has been laudable effort towards the revisiting the obnoxious privatization of the steel sector in Nigeria by Obasanjo regime During Obasanjo regime, the Steel Complex in Ajaokuta was concessioned to an Indian company called Global Infrastructures Limited (GIL). The Indians were to run the steel industry for ten years. Many stakeholders in the sector were against this arrangement and based their argument on the fact that it would be more apt for Nigerian government to first release fund for the completion of the steel complex in Ajaokuta, run the plant before considering privatization. Their argument as genuine as it might be, fell into deaf ears as Obasanjo regime eventual sold not only Ajaokuta Steel Company to the Indians so also Delta Steel Company in very controversial circumstances. The then regime as if not done with the steel sector, concessioned the Itakpe Iron Ore Mining Company to the same Indians and went ahead to liquidate the Inland Rolling Mills i.e. Oshogbo , Jos, Katsina and were subsequently sold at ridiculous prices. It should be recalled that each of the Inland Rolling Mills cost over US$120 million dollars when it was constructed in the 80s. It was against this logjam that the new regime of Shehu Yar'adua sensed the danger in privatization drive of the last regime and seem bent to put right the wrongs inherent in the privatization. It will be recalled that the stakeholders in the steel sector mostly the African Iron and Steel Association (AISA) under its indefatigable Executive Secretary - General, Dr. Sanusi A. Mohammed stood and fought head-long on what might be called government effort to kill the steel sector. Over the years, the steel sector has been relegated to the background as evident in the name given to the Ministry that supervises the sector. For instance, it was Power and Steel Ministry as the name depicted, emphasis were on the latter than the former and presently, the Ministry nomenclature has been changed to Ministry of Mines and Steel Development. If the new Logo of the Ministry is anything to go by, then emphasis might be on Mines as the logo shows mining activities and nothing on steel, let alone metallurgy. The omen is that the Committee set up to revisit the Agreement that Obasanjo regime signed with the Indians might be a right effort in a right direction. The African Iron and Steel Association (AISA) raised an alarm that the agreement reached with the Indians was fraudulent given the fact that the Indians in the Agreement was given the right to declare any equipment or machine in Ajaokuta Steel Complex obsolete and among many other obnoxious clauses in the Agreement. [/QB][/QUOTE]
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