Business and Economy
Ajaokuta Steel: Process of Re-directing the Activities of the Steel Plant Kick-starts as FG Inaugurate APPIT
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). adsbygoogle || []).push({}); [adrotate banner="51"]
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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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
- 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.
- 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.
- 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.
- I thank you all for listening and may God bless the Federal Republic of Nigeria.
Author Profile
- Prince Abdulrahman Obaje is a Media, Information and Computer Technology Consultant. A quintessential Journalist, online marketer, social media strategist, Mathematician and Computer Scientist is 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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Nigeria’s Recapitalised Banks Position as Engines of $1 Trillion Economy at London Capital Forum
By AbdulRahman Obaje
With 32 banks meeting new capital requirements and 72 per cent of funds raised domestically, Nigeria’s banking sector emerges from its most significant reform cycle as the primary engine of the country’s capital mobilisation agenda
LONDON — When Nigeria’s banking recapitalisation exercise was announced, the debate centred largely on compliance: which banks would meet the threshold, and by when.
[adrotate banner="51"] At The Africa Capital Forum’s inaugural convening in London on Tuesday, the conversation had moved on entirely. The question was no longer whether Nigeria’s banks could recapitalise. It was what a recapitalised Nigerian banking sector could now do for a $1 trillion economy.
The answer, according to the chief executives who gathered at The Peninsula London alongside President Bola Ahmed Tinubu’s UK state visit, is considerable.
Akin Ogunranti, Executive Director of Zenith Bank, set the tone early. “We need to give ourselves credit,” he told delegates. “The fact that over 72 per cent of the capital was raised locally is a major milestone.” That figure carries weight beyond optics. It signals that Nigerian capital markets are deepening, that domestic investors have confidence in the banking sector’s trajectory, and that the foundation for long-term growth is being built from within.
CBN Governor Olayemi Cardoso was direct about what the sector has become. “We are very proud of what the Nigerian banks have been able to accomplish,” he said. “They play a dominant role on the African continent and in the United Kingdom. They are our ambassadors.” Thirty-two banks have now met the CBN’s new capital requirements, and Cardoso described the system that has emerged as categorically different from what preceded it. “The financial system we had is dead and buried. What we have now is a new system that has brought liquidity and transparency.”
The implications for the broader economy were spelled out across the afternoon’s sessions. Yemisi Edun, Managing Director of First City Monument Bank, noted that recapitalisation had directly expanded the credit available to businesses: “The raised capital has created expansion of credits. The new recapitalisation has given more credibility to what we can do as industries.” Segun Alebiosu, Managing Director of First Bank, made the international dimension explicit. “With currency reforms, Nigerian banks will be able to take home bigger transactions. We can do more, and crowd new investments.” He added that Nigerian banks today maintain at least seven operations in the United Kingdom alone.
The scale of Nigerian banking’s continental footprint was perhaps most vividly illustrated by Oliver Alawuba, Group Managing Director of UBA, who noted that over 65 per cent of the bank’s revenue now comes from outside Nigeria. “That means that we can do more in Africa,” he said.
That outward reach is not incidental to the $1 trillion economy agenda. It is central to it. Miriam Olusanya, Managing Director of Guaranty Trust Bank, pointed to the restoration of correspondent banking relationships as a structural shift: “The confidence has been restored and corresponding banking relationships will continue to grow.” Those relationships determine Nigeria’s ability to facilitate cross-border trade, attract foreign investment, and participate in the global capital markets at the scale a $1 trillion economy requires.
Sanyade Okoli, Special Adviser to the President, framed the government’s position plainly: “The government alone cannot fund this growth. We need to work with partners who will bring the sticky, equity capital.” A recapitalised, internationally credible banking sector is how that partnership becomes possible.
Governor Cardoso closed by placing the banking sector’s transformation within its broadest context. “This is perhaps the first time in many years that we’ve had this level of consistent stability,” he said. “And it is likely to stay on course.”
The Africa Capital Forum was convened by the Central Bank of Nigeria in partnership with the UK Foreign, Commonwealth and Development Office and hosted by BBC News Presenter Lukwesa Burak. It was supported by Access Bank, FCMB, First Bank, Goldman Sachs, GTCO, J.P. Morgan, Nigerian Exchange Group, UBA, and Zenith Bank.
The Africa Capital Forum is an independent institutional convening platform dedicated to advancing strategic dialogue on capital mobilisation, financial system development, and investment into Africa. The Forum convenes senior leaders from global financial institutions, development finance organisations, central banks, and the private sector to examine the policy and market conditions shaping Africa’s economic trajectory.
Author Profile
- Prince Abdulrahman Obaje is a Media, Information and Computer Technology Consultant. A quintessential Journalist, online marketer, social media strategist, Mathematician and Computer Scientist is 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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Ododo Lauds Tinubu Over Public Finance Reforms, As Chief Ibori Commissions Kogi Audit House
From Joseph Amedu, Lokoja
Kogi State Governor, Alhaji Ahmed Usman Ododo has commended President Ahmed Bola Tinubu, for his visionary leadership and steadfast commitment to strengthening governance systems across the country through public finance reforms.
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The Governor who stated this on Tuesday during the official commissioning of the Kogi State Audit House, said the ongoing national reforms in public finance management, institutional accountability, and economic restructuring under his administration have created an enabling environment for states to execute impactful projects that strengthen transparency and improve service delivery.
“We remain fully aligned with the Renewed Hope Agenda and deeply appreciate the support extended to sub-national governments.
Governor Ododo also acknowledge and commended Chief James Onanefe Ibori, former Governor of Delta State, who he described as a respected statesman and distinguished son of Niger Delta, for presence to commission the Audit House.
Speaking further on Chief Ibori, the governor said “Your contributions to governance, leadership, and national development continue to inspire many of us, and we are deeply grateful for your solidarity with the Government and people of Kogi State on this historic day.
“I therefore use this opportunity to specially welcome our visiting dignitaries, Auditors-General from across the Federation, party leaders, members of civil society organizations, development partners, and all friends of Kogi State who have honored us with their presence today.
“Your participation underscores the national significance of this event and the shared responsibility we all bear in strengthening democratic accountability and public sector performance in Nigeria.
“As we mark this commissioning, let this facility serve not only as an administrative center, but as a symbol of our collective resolve to uphold integrity, professionalism, and transparency in the management of public resources.
“It should also stand as a model and inspiration to other states to invest deliberately in institutional frameworks that support effective oversight and responsible governance.
“In conclusion, I reaffirm the commitment of my administration to building systems that protect public interest, strengthen public institutions, and promote inclusive development. The Kogi State Audit House represents a major step in that direction.
“It is therefore my honor and privilege, with gratitude to Almighty God and in recognition of his distinguished service to our nation, to invite His Excellency, Chief James Onanefe Ibori, former Governor of Delta State, to kindly perform the official commissioning of the Kogi State Audit House. The governor said.
While commissioning the edifice, Chief Ibori commended the the Kogi State Governor, Alhaji Ahmed Usman Ododo for his effort in promoting accountability and transparency in governance through institutional support.
He called on the people of the state to continue to support the programmes and vision of the Governor Ododo administration, saying that this will enhance all round development of the state.
“Let me commend Governor Ododo for his effort in promoting accountability and transparency in governance. I therefore called on all citizens of the state to continue to give their support to the administration, which will enhance all round development of the state.
Speaking earlier, the Auditor General of Local Government, Alhaji Yakubu Adabenege, noted that the commissioning of the Audit House was a dream come through.
Speaking further he said “Someone may ask why the audit house at this time. I have to tell the story for your record and for history. What you are seeing here today is beyond an ordinary building, it’s God’s own project, it is a dream come true.
“From this Audit House, we promise to put our body and soul to support your administration to achieve all its set goals. We shall follow every kobo, every resource deployed to its final intended destination, for you to leave many more lasting legacies for our dear Kogi State. He stressed
In his remarks, the Commissioner for Housing and Urban development, Hon. Taiye Abanika, noted that the Audit House stands as further proof of the Governor’s promise to support critical institutions with the needed infrastructures to enable them perform their responsibilities effectively.
He said It also reflects the governor’s firm belief that accountability and good governance can function effectively, if they are properly equipped and empowered.
“I sincerely appreciate the Governor for his trust in us and for his consistent support in the execution of this and all other projects across the state.
Author Profile
- Prince Abdulrahman Obaje is a Media, Information and Computer Technology Consultant. A quintessential Journalist, online marketer, social media strategist, Mathematician and Computer Scientist is 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
Nupe Natives Of Lokoja Flags Off Cooperative Union To Facilitate Development
From Joseph Amedu, Lokoja
Nupe Natives of Lokoja, has flagged off its CAMPDAVID MULTIPURPOSE COOPERATIVE UNION LIMITED registered with the Kogi State government, aimed at facilitating the development of the community of the native Nupe of Lokoja and her entire residents.
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Twelve other Cooperative Societies are registered to operate under the umbrella union which was launched in Lokoja over the weekend.
The Etsu Lokoja and Chairman, Lokoja Native Traditional Council, His Royal Highness, Emmanuel Akamisoko Dauda Shelika – Nyamkpa IV, performed the flag off ceremony during the first General Meeting of Nupe Natives of Lokoja in 2026, organized to showcase their culture and had interactions on how to attract development to their community.
The Royal Father in his speech, said that the Cooperative Union and its other sub-societies would no doubt facilitate people’s zeal to embark on self-help development that would impact on their living standards.
According to the traditional ruler “The newly registered cooperative societies would serve as veritable tools with which our people could utilize to generate funds to enable them embark on self-help projects such as drilling of motorized boreholes for portable water supply, rural electrification and health clinics amongst others.
“The need to complement government’s efforts in the provision of basic infrastructure for improved living conditions of citizens cannot be over emphasized, hence our desire as a people to do the needful”
The Etsu Lokoja used the occasion to call on the younger generation of the community to embrace skills acquisition of vocational enterprises such tailoring, welding, fabrication, carpentry, plumbing, hair dressing and farming among others for self-reliance.
He also disclosed his community’s planned programmes for this new year to include; facilitating of Summer Studies, Medical Outreaches for the less privileged, cultural and political summits.
He commended Governor Ahmed Usman Ododo of Kogi state for his passion to carry everybody along in his development programmes irrespective of political, ethnic and religious differences.
He reiterated the loyalty of his people to the present administration in Kogi state and assured that the tempo would be sustained.
Author Profile
- Prince Abdulrahman Obaje is a Media, Information and Computer Technology Consultant. A quintessential Journalist, online marketer, social media strategist, Mathematician and Computer Scientist is 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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