FG To Privatise Ajaokuta Steel Company, Enlists Private Consulting Firm

The Federal Government says it is planning to privatise the 43-year-old year Ajaokuta steel company in kogi state.

The Minister of Mines and Steel, Olamilekan Adegbite, disclosed this at Gbongan in Osun at the 93rd annual anniversary of Governnent College, Ibadan Old Boys Association.

According to him, the company’s management, operation, and development will soon be transferred from the government to a private investor.

The Minister further revealed that
the ministry had enlisted the aid of a private consulting firm to help in selecting the top investor from the pool of potential buyers for the steel company.

He explained that governnent had hired the transaction adviser, PWC International to rank these offers from one to eight and make more suggestions.

” We are going to close by the end of November, but the transaction counsel will rank the offers,” he said.

The Ajaokuta Steel Company Limited came into existence in 1979 during the administration of President Shehu Shagari.

Shagari government began the project up to 84 per cent completion before the administrstion was removed from office in 83.

The steel mill got to 98 per cent completion in 1994, with 40 of the 43 plants at the facility built.
===================

For More News Join Our WhatsApp Group With This Link Below:
WhatsApp group: https://chat.whatsapp.com/CdPVxGOPHCI5Kd4ALZduZ7