House of Reps approve reversal of Ajaokuta privatisation

The House of Representatives has asked the Federal Government to cancel the privatisation of the Ajaokuta Steel Company Limited and revive it with the loot recovered from a former military dictator, the late Gen. Sani Abacha, The Punch reports.

Also, the lower chamber of the National Assembly asked the Economic and Financial Crimes Commission to investigate and prosecute owners of the privatised company, asking the Federal Government to bar them from further conducting businesses in Nigeria.

Reps approve reversal of Ajaokuta privatisation lailasnews 2
Reps approve reversal of Ajaokuta privatisation


These were part of the recommendations in the report by the House’s Ad Hoc Committee on Ajaokuta Steel Company Limited on the failure of the Ajaokuta Steel Company to commence operations since inception.

The lawmakers unanimously adopted the report at the plenary on Thursday.

They asked the Federal Government to “demonstrate a strong political will, just like the United States President did recently in the steel sector, to resuscitate the Ajaokuta Integrated Steel plant by direct sourcing and disbursement of about $2bn needed to revamp and complete the 2 per cent external aspects of the integrated project.”

This, the lawmakers said should be done along with the revival of the Ajaokuta Steel Company and the National Iron Ore Manufacturing Company, Itakpe, completing the various external rail track system and access roads linkages, as well as the development and optimal functioning of the various mining sites for steady supply of raw materials.

According to them, this will guarantee an uninterrupted steel production when the blast furnace would be started.

137 Comments

  1. This is a nice step, the government should just stop to privatise things in this country, if the government can’t run a company who then?

  2. This is what we need from those that said the are representing us, at least it will create job opportunity for our youths

  3. By the time every thing is privatized, what will b owned by the govt. Thank you for letting this stay

  4. This is a very good development from the government perhaps there is still hope for good governance in this country

  5. This is a on e step government should stop privatisation, with this its a guarantee for job employment kudos to the senate on this move

  6. This is a on e step government should stop privatisation, with this its a guarantee for job employment kudos to the house of rep on this move

  7. It’s important we get it right with our steel industry because it will seriously support our automobile and other related industries. On the other hand, I thought this Federal Government said is has shared the Abacha loot with the poor.

  8. I think they are right. When they privatized Delta Steel Company every thing changed, Even the Technical high School standard dropped. There are really better things to do

  9. what we need from those that are representing us, at least it will create job opportunity for our youths and to growth.

  10. Government should do something about the nice decision cos it will enhance adequacy in steel production

  11. What will these our government do in their office sef! ordinary maintainance of company they can’t do passing responsibility up and down.

  12. Great move, this will better the economy, it will take a good number of youth, reducing unemployment rate,

  13. The revitalization of the Ajaokuta steel company will provide employment for the Nigerian youths and greatly add to the revenue generated by the government which in turn will help in the development of the country.

  14. Thank God the federal gov’t has taken a good decision , it shouldn’t be privatized for any reason

  15. They did well,the privatisation of companies in this country is not helping in the development of the country.

  16. This is wat we need from those who re representing us. At least it will create job employment for the youths.

  17. Nice one this is what we need from those that said the are representing us, at least it will create job opportunity for our youths

  18. Fantastic associate, This is a very good development from the government perhaps there is still hope for good governance in this country.

  19. Wow this is good. Hope they put it in action without any delay because the problem we have in this country is making legislation without execution. If this is implemented and executed, it will revamp the industry and provide thousands of job.

  20. Nice one by the house of reps, everything the country have they want to privatize it, no to privatization of our industries and resources

  21. This is a good decision by the house of reps …is not even better as ithe was under privatisation maybe the government should just handle it

  22. It’s better to privatise it than for it to wroth away since the government has never been a good manager of any business.

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