FG to Privatise Ajaokuta Steel Company – Minister

The Minister of Mines and Steel Development, Olamilekan Adegbite on Thursday disclosed that the federal government planned to privatise Ajaokuta steel company.

He said the government is on the verge of handing over the management, operation and development of the Ajaokuta Steel Company to a private investor.

He said this at the 93rd Annual Anniversary of Government College Ibadan Old Boys Association, which was held at Gbogan in Osun State.

The minister stated that five foreign investors and three Nigeria mining production companies have shown interest in the Ajaokuta Steel Company.

He explained that the ministry has sought the assistance of a private consultancy company to choose the best out of the investors that have shown interest in the steel company.

 “We have already employed the transaction adviser, PWC International, they are going to rank these proposals from one to eight, there is room for more. We are going to close by the end of November but the transaction adviser will rank them and these ranking,” he added.

“I will need to take it to the Federal Executive Council where the final decision will be taken, whoever is chosen will have Ajaokuta. People are coming up with different proposals but we will rank them and tell us what is best to go. Like I said, the federal government has its own setback in Ajaokuta.”

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