The attention of the Minister of Mines and Steel Development, Dr Kayode Fayemi, and the
Minister of State for Mines and Steel Development, Hon Abubakar Bawa Bwari, has been
drawn to the debate by Members of the House of Representatives on the Ajaokuta Steel
Complex, where the House adopted a resolution to stop the planned concessioning of the
Whilst the Ministers are convinced the Honourabe members mean well as patriots concerned
about an important national asset, it is also a fact that they have grossly misunderstood the
Ministers and other stakeholders working with the Ministry on this exercise.
In view of this and the need to set the record straight for the sake of the general public and the
investing community, it is important to state as follows:
The Ministry of Mines and Steel Development has not contracted any transactional
adviser for the concessioning of Ajaokuta Steel Company, as wrongly asserted by the
The process for the appointment of a Transactional Adviser is on, but cannot be
completed until it gets the approval of the Federal Executive Council (FEC).
The Ministry has not spent a dime from the N2,096,500.00 (Two billion, ninety six
million, five hundred thousand naira ) appropriated by the House for the
concessioning of Ajaokuta Steel Company (in the 2017 Appropriation Law).
The mediation process that led to the amicable settlement of the legal encumbrances
on Ajaokuta Steel Complex has not ended. There are still a few more steps to be taken
as outlined in the terms of (out of court) settlement. And the Ministry is following up
It is also important to state that no one has been hired.
We find it rather worrisome that the House of Representatives could devote an entire
day to an issue that has not even arisen.
The Ministry remains committed to making Ajaokuta Steel Plant function effectively,
convinced that steel remains the most important engineering material and backbone of
industrialisation in any economy.