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Ajaokuta Steel: Process of Re-directing the Activities of the Steel Plant Kick-starts as FG Inaugurate APPIT

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Ajaokuta Steel Company Limited
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The Federal Government has kick-start process of redirecting the activities of the Ajaokuta Steel Plant Limited.

This is revealed in a statement by the Secretary to the Government of the Federation, Boss Mustapha during the inauguration of the Ajaokuta Presidential Project Implementation Team (APPIT).

Boss Mustapha said, “I am delighted to address you all at this unique and historical event that is expected to culminate in pushing forward the economic diversification agenda of this government. As you are all aware, Mr. President’s quest to create opportunities for the development of our national local capacity, especially in the area of industrialization within a diversified economy remains a major cardinal point in his administration.

  1. The Ajaokuta Steel plant have languished in economic unproductivity for about four decades and previous efforts at reviving it had proved abortive. This has resulted in avoidable massive foreign exchange losses at intolerable opportunity cost to the country. The pressing need to redress these avoidable challenges has necessitated this Presidential intervention at this time. This is further underscored by difficulties being witnessed with present challenges in the global oil industry.
  2. Revamping the Ajaokuta Steel Plant, therefore clearly presents a unique opportunity to make us West Africa’s largest fully integrated steel producer and most importantly accelerate our industrialization especially in steel related industries.
  3. Honourable Minister and distinguished Members of the Committee, this government places a lot of value on the diversification of the economy, hence, Mr. President’s participation at the Russia-Africa Summit last year in Sochi, to discuss the resuscitation of the Ajaokuta Steel Plant with his Russian counterpart, President Vladimir Putin.
  4. Following the bilateral discussions in Sochi, Russia, the Ajaokuta Steel Project is to be resuscitated on the basis of a Government-to-Government agreement with funding from the Afreximbank and the Russian Export Centre. However, one of the key issues discussed by the parties was the Technical Audit, Upgrade, Completion and Operation of the Ajaokuta Steel Company.
  5. Today’s inauguration of the “Ajaokuta Presidential Project and Implementation Team” (APPIT) is therefore meant to kick start the process of re-directing the activities of the Steel Plant with the aim of bringing the Steel Project back to life for the growth and economic development of our dear nation.
  6. I am happy to note that preliminary works have commenced to determine parameters for effective and coordinated take-off of rehabilitation works on the Steel plant. It is on this note that Mr. President graciously approved the composition of this Implementation Team that is being inaugurated today, with the under listed terms of reference (TOR):

i. Engage in all bilateral negotiations as shall be necessary on behalf of the Federal Government of Nigeria leading to the execution of the Government-to-Government Agreement with the Russian Federation and the Afreximbank;
ii. Provide all relevant technical and other inputs necessary to close the Government-to-Government negotiations;
iii. Ensure that the best extreme possible, all relevant raw materials are sourced locally, bearing in mind the local content provisions and the Presidential Executive Order 005;
iv. Scrutinize and assemble Nigerian Content Engineering, Procurement and Construction (EPC), Special Purpose Vehicle Contractors which will embody the Co-Concessionaire representing Nigeria’s interest in the Build-Operate-Transfer (BOT) Concession;
v. Ensure the resuscitation of Ajaokuta Steel Plant (ASP) based on the original design; and
vi. Ensure timely commissioning of the Ajaokuta Steel Plant (ASP) within a reasonable period to be agreed upon by the parties to the agreement and recommend primary tenure of a Build-Operate-Transfer (BOT) Concession.

  1. The membership of the Ajaokuta Presidential Project Implementation Team (APPIT) include:

i. Secretary to the Government of the Federation: Chairman
ii. Hon. Minister of Mines and Steel Development: Alt Chairman
iii. Permanent Secretary, Mines and Steel Development Member
iv. Permanent Secretary, Ministry of Finance Member
v. Solicitor-General of the Federation/
Permanent Secretary Ministry of Justice Member
vi. Mr. Gabriel Aduda Member
vii. Sole Administrator, Ajaokuta Steel Company Ltd Member
viii. Sole Administrator, National Iron Ore Mining Co. Member
ix. Engr. Vincent Dogo (Industry Expert) Member
x. Prof. Elegba S.B. (Industry Expert) Member
xi. Dr. Godwin Adeogba (Industry Expert) Member
xii. Director-General, ICRC Member
xiii. Director, Steel; MMSD Member.

  1. The Committee is expected to prepare and submit a periodic work plan along with quarterly progress reports on assignment activities, end-of-assignment report and develop concession contract terms.
  2. I am happy to note that the Honourable Minister of Mines and Steel Development has prepared a detailed Scope of Work which takes cognizance of technical due diligence, costing of investment required, forecast and financial analysis amongst others. It would, therefore be necessary that you focus your minds on the following deliverables, as a minimum:
    • periodic work plan and quarterly progress reports and an end-of-assignment report.

• Briefing Materials for participating in road infrastructure development and Roundtables and Road-Show events;

• Technical reports on key aspects of the project preparation work and concession contract terms.

• Stakeholder engagement

  1. It is my utmost believe that the APPIT will carry out this assignment with the highest degree of professionalism and integrity. It is equally expected of members to conduct assigned duties in an open and transparent manner at all times.
  2. I am confident that with the calibre of members of this team and their associated high degree of professionalism and integrity, Nigeria would witness a revamped steel industry that will propel further industrialisation.
  3. Hon. Minister, distinguished guests, it is therefore my singular honour and privilege to formally inaugurate the ‘’Ajaokuta Presidential Project and Implementation Team’’ (APPIT) to the good of our dear country, Nigeria.
  4. I thank you all for listening and may God bless the Federal Republic of Nigeria.

Author Profile

Abdulrahman Obaje
Abdulrahman Obaje
Prince Abdulrahman Obaje is a Media and ICT Consultant, Journalist, online marketer, social media strategist, Mathematician and Computer Scientist based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.

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Business and Economy

Reps Passes 2022 Budget of N17.1 Trillion

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Femi Gbajabiamila
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Ogechi Okorie

The House of Representatives on Tuesday passed N17,126,873,917,692 as 2022 budget.

The budget was passed by the Green Chamber following the presentation of report by the Chairman, House Committee on Appropriation, Hon. Muktar Betara.

The report was considered at the Committee of Supply presided over by the Speaker, Hon. Femi Gbajabiamila and his deputy, Hon. Idris Wase.

According to the Bill passed by the lawmakers authorises the issue from the Consolidated Revenue Fund of the Federation the total sum of N17,126,873,917,692 (Seventeen Trillion, One Hundred and Twenty-Six Billion, Eight Hundred and Seventy-Three Million, Nine Hundred and Seventeen Thousand, Six Hundred and Ninety-Two Naira) only.

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N869,667,187,542 (Eight Hundred and Sixty-Nine Billion, Six Hundred and Sixty-Seven Million, One Hundred and Eighty-Seven Thousand, Five Hundred and Forty-Two Naira) only is for Statutory Transfers while N3,879,952,981,550 (Three Trillion, Eight Hundred and Seventy-Nine Billion, Nine Hundred and Fifty-Two Million, Nine Hundred and Eighty-One Thousand, Five Hundred and Fifty Naira) only is for Debt Service.

N6,909,849,788,737 (Six Trillion, Nine Hundred and Nine Billion, Eight Hundred and Forty-Nine Million, Seven Hundred and Eighty-Eight Thousand, Seven Hundred and Thirty-Seven Naira) only is for Recurrent (Non-Debt) Expenditure while the sum of N5,467,403,959,863 (Five Trillion, Four Hundred and Sixty-Seven Billion, Four Hundred and Three Million, Nine Hundred and Fifty-Nine Thousand, Eight Hundred and Sixty-Three Naira) only is for contribution to the Development Fund for Capital Expenditure for the year ending on the 31st day of December, 2022.

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According to Chairman committee on Appropriation Hon. Muktar Betara, the report was a result of work done on the submission of estimates by the president.

He observed that the 2022 budget would be the last to be fully implemented by the current administration.

According to him, the report took cognizance of the benchmark estimates and the financial/economic realities of current times.

He earlier urged members to support and approve the recommendations in the spirit of the harmonious execution of projects for the good of Nigeria.

The report was considered clause by clause and passed.

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The Green Chamber adjourned plenary till Tuesday, January 18th, 2022 following a motion for adjournment moved by the Leader of the House, Hon. Alhassan Ado-Doguwa

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Business and Economy

CBN To Bars Deposit Money Banks Customers From Accessing Credit If…

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The Central Bank of Nigeria’s has warned that any customer of Deposit Money Banks that violate the Bank verification Number policy will be barred from accessing credit and opening new account.

The CBN said this in a Revised Regulatory Framework for Bank Verification Number (BVN) operations and Watch-List for the banking industry.

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The framework was signed by the Director, Payment System Management Department of the CBN, Mr. Musa Jimoh and was released in its Update Report circular.

The CBN stated that the new framework has been designed to enhance the effectiveness of customer due diligence and Know Your Customer.

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The director in the circular explained that under the new framework, breaches on the part of customer could see the individual getting barred from entering a new relationship with any bank. adsbygoogle || []).push({});

Musa said that where a financial institution chooses to continue an existing business relationship with holders of an account/wallets on the watch-list, the account holder will be prohibited from all electronic channels.

He said: “The new framework further stipulates that a customer with watch-listed BVN shall not reference accounts, access or guarantee credit facilities, thus, breaches it continued on the customer’s part include – use of forged documents, forgery, compromise, complicity and connivance.

“Also listed as punishable breaches were: duplicate enrolment, use of fictitious information, receipts of proceeds of deception, deception, receipts of fraudulent proceeds and any infractions on Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) laws, and dishonest acts.

“Others were non-cooperation with efforts (as stipulated in the Regulation on Instant Interbank Electronic Funds Transfer) to reverse wrong credit, erroneous, multiple or duplicated payments or credits; and any infringement of the Cybercrimes (Prohibition, Prevention, etc.) Act. 2015.”

The director also said that those who misuse identity and financial information and indulge in identity theft and breach of confidentiality will be punished in line with the new regulations.

“Banks and other financial institutions involved in BVN operations were instructed by the CBN to ensure all operating accounts/wallets are linked with the signatories’ BVNs within 24 hours of availability,” the circular said.

The CBN, however, said it would continue to monitor industry developments and issue further guidance as might be appropriate in the nearest future.

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Business and Economy

Nigeria Central Bank To Inaugurate N15 Trillion Infrastructure Fund In October 2021

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The CBN Governor, Godwin Emefiele has disclosed that   the N15 trillion infrastructure fund would be inaugurated in Oct. 2021.

Emeifele who made this known at the 14th Annual Banking and Finance Conference of Chartered Institute of Bankers of Nigeria in Abuja, stated that the innovations like the Nigeria/International Financial will provide a gateway for capital and investments, and digital currency, e-naira, will enhance inclusion.

He said the regulatory body had been working with the Bankers Committee to scale the challenges posed by Covid-19, which include reduction of interest rates on loans, increasing the moratorium for payments, and injecting N3 trillion loans in the private sector.

“We do expect that the pace of inflation will moderate as we approach the harvest season,’’ he added.

President Muhammadu Buhari says N300 billion has been disbursed to farmers while 1.6 million poor and vulnerable households are currently benefiting from the Conditional Cash Transfer programme.

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The president who  revealed this while virtually declaring the conference open, said that  some of the various initiatives embarked upon to boost agricultural trade in Nigeria include the Anchor Borrowers Programme.

He stated that the Central Bank of Nigeria had made more than N300 billion available to over  3.1 million smallholder farmers of 21 different commodities.

He said the commodities included Rice, Wheat, Maize, Cotton, Cassava, Poultry, Soybeans, Groundnut, Fish, cultivating over 3.8 million hectares of farmland.

“It is on record that 80% of rice consumed in Nigeria is now produced locally,’’ he said.

He added that the National Social Register of poor and vulnerable Nigerians had 32.6 million persons from seven million poor and vulnerable households identified, imploring bankers to play a stronger role in improving livelihoods.

President Buhari said the National Social Investment Programme was biggest in Sub-Sahara Africa and one of the largest in the world.

To further strengthen recovery and enable more Nigerians, President Buhari said, last year, he approved the establishment of InfraCo Plc, a world-class infrastructure development vehicle, wholly focused on Nigeria, with combined debt and equity take-off capital of N15 trillion.

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“In May 2021, the Rural Electrification Agency announced the planned deployment of solar-powered grids to 200 Primary Health Centres and 104 Unity Schools nationwide.

“Under the Family Homes Fund Limited, Social Housing programme incorporated by the Federal Government of Nigeria, more than two thousand hectares of land with title documents have been issued by 24 states with the capacity to accommodate about 65,000 new homes.

“The Central Bank of Nigeria is providing a N200 Billion financing facility, with a guarantee by the Federal Government,’’ he said.

The president affirmed that the theme of the conference, “Economic Recovery, Inclusion, and Transformation: The Role of Banking and Finance’’ was most appropriate, following the global shocks from COVID-19.

“I salute the Institute and the entire banking and finance industry for the commitment towards charting a practical path for economic recovery and transformation of our country, Nigeria, and by extension Africa as epitomized by the theme of your conference.

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The President commended CBN, working in collaboration with the Bankers’ Committee, for providing single-digit financing to young Nigerians in the fields of fashion, film, music and Information Technology through establishment of the Creative Industry Financing Initiative.

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