• About
  • Advertise
  • Contact
Saturday, May 31, 2025
  • Login
Vital News
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
Vital News
No Result
View All Result
Home Economy

FG moves to revive Ajaokuta Steel Coy, NIOMCO , awards N853 million contracts for repairs

Vital News by Vital News
April 28, 2022
in Economy
0
Share on FacebookShare on Twitter

Abuja – The Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari on Wednesday, approved a contract sum of N853 million to effect major repairs at Ajaokuta Stella Complex in Kogi State.

Part of the money will also be used to resume operation at the National Iron Ore Mining Company (NIOMCO), Itakpe, also in Kogi State .

The FEC also approved contracts worth N10.48 billion and $27.09 million respectively for the Federal Ministry of Power, as part of efforts to boost the nation’s power sector.

Minister of Information and Culture, Lai Mohammed, who reported on the approval granted by the Council for the Ajaokuta and Itakpe companies, said the contract, worth N853.25 million, is meant to appoint contractors that would run the process of concessionning the companies.

Mohammed, who spoke on behalf of his colleague in charge of the Ministry of Mines and Steel Development, Olamilekan Adegbite, said the Council’s decision was in response to one of the two memoranda presented by the Federal Ministry of Mines and Steel Development.

RelatedStories

Sidi Ould Tah Elected New President Of AfDB

President Tinubu Appoints Former Speaker, Yakubu Dogara As Chairman Of NCGC

National Sports Festival’s Impact on Ogun Economy Massive – Abiodun

Poverty Alleviation: TMSG Hails FG’s Fast-tracked Cash Transfer To 15 million Vulnerable Households

“Council approved the engagement of transaction advisors for consultancy services for the concession of Ajaokuta Steel Company Limited and also the National Iron ore mining complex in Itakpe in favour of MSRS CPCS Transform Consortium in the sum of N853,266, 644.4 inclusive of 7.5 per cent VAT.

“I am sure we are all familiar with the story of the history of the Ajaokuta Steel complex. The contract was awarded in 1979 to a Russian company called TPE.

“By the end of 1983, the contract had reached an advanced stage, regrettably, since then it has been suffering and by 1994, TPE demobilized from the site and in 1996, the contract was determined.

“Subsequently, various administrations have tried to revive the Ajaokuta steel complex without much success.

“However, you will recall that Mr. President, was on a state visit to Russia on the 22nd and 24th of October 2019 and here it was resolved that the Ajaokuta steel complex in which the Federal Government has made a massive investment must be resuscitated.

“Regrettably COVID-19 has slowed down the efforts of the ministry of mines to bring this to fruition.

“However, today, the council has approved the award of the contract not just for Ajaokuta but for the iron ore in Itakpe.

“We believe that with this development, we would have made a significant step in bringing back to life both the Ajaokuta and the iron ore company in Itakpe and move forward the industrial revolution of Nigeria because when these two complexes begin to function, then, not only are we going to save money in terms of foreign exchange, but we are going to see a lot of industrial development and also technology transfer”, he said.

Tags: AjaokutacomplexrepairsSteel
Previous Post

2023 Presidency : I am on a mission to build a better Nigeria – Fayemi

Next Post

FG, states, LGs share N725 billion revenue

Vital News

Vital News

RelatedStories

Sidi Ould Tah Elected New President Of AfDB
Economy

Sidi Ould Tah Elected New President Of AfDB

May 29, 2025
President Tinubu Appoints Former Speaker, Yakubu Dogara As Chairman Of NCGC
Economy

President Tinubu Appoints Former Speaker, Yakubu Dogara As Chairman Of NCGC

May 29, 2025
National Sports Festival’s Impact on Ogun Economy Massive – Abiodun
Economy

National Sports Festival’s Impact on Ogun Economy Massive – Abiodun

May 27, 2025
We Are Better Off Together, President Tinubu To Malian Leader
Economy

Poverty Alleviation: TMSG Hails FG’s Fast-tracked Cash Transfer To 15 million Vulnerable Households

May 19, 2025
Economy

Tinubu’s Nigeria First Policy, Unique, Revolutionary -TMSG

May 16, 2025
Next Post

FG, states, LGs share N725 billion revenue

2014 immigration recruitment tragedy : Perm Sec sentenced to one year community service

Two top FIRS officials jailed five years for forging tax certificate

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow Us

Recommended

Another INEC Office Set Ablaze In Imo

We Are Not Responsible For Attack On INEC Facilities — IPOB

2 years ago
Tinubu To Swear In New Ministers Monday, August  21

Tinubu To Swear In New Ministers Monday, August 21

2 years ago
Makinde Presents N434.2bln 2024 Budget To Oyo Assembly

Makinde Presents N434.2bln 2024 Budget To Oyo Assembly

1 year ago

Couple arrested for stealing six-day old baby in Osun

3 years ago

Instagram

    Please install/update and activate JNews Instagram plugin.

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

Topics

Abiodun Abuja APC arrest Atiku Bandits Bello Benue Buhari CBN Court Dangote death drugs Economy EFCC Election elections FG Fraud gunmen Hajj INEC Kano kidnap Kill Kogi Kwara Lagos NDLEA Niger Nigeria Ododo Ogun Oyo PDP Police Power refinery rescue road Security Senate students Tinubu
No Result
View All Result

Highlights

NGF Expresses Sympathy, Solidarity As Flood Devastates Mokwa Community In Niger State

21 Die, 10 Missing In Niger Flood Disaster

Sidi Ould Tah Elected New President Of AfDB

President Tinubu Appoints Former Speaker, Yakubu Dogara As Chairman Of NCGC

Midterm Performance : Taraba State Rated Least In IGR, Good Governance

School Wall Collapses On Students Writing WAEC In Taraba

Trending

Death Toll From Niger Flood Disaster Rises To 115,  Many Still Missing – NSEMA
Environment

Death Toll From Niger Flood Disaster Rises To 115, Many Still Missing – NSEMA

by Vital News
May 30, 2025
0

The Niger State Emergency Management Agency (NSEMA) says death toll from the flood disaster that recently ravaged...

INEC Fixes July 20 And  August 8, 2026 For Ekiti, Osun Governorship Elections

INEC Fixes July 20 And August 8, 2026 For Ekiti, Osun Governorship Elections

May 30, 2025
Kwara Community Unites Against Female Genital Mutilation, Declares Zero Tolerance

Kwara Community Unites Against Female Genital Mutilation, Declares Zero Tolerance

May 30, 2025
NGF Expresses Sympathy, Solidarity As Flood Devastates Mokwa Community In Niger State

NGF Expresses Sympathy, Solidarity As Flood Devastates Mokwa Community In Niger State

May 30, 2025
21 Die, 10 Missing In Niger Flood Disaster

21 Die, 10 Missing In Niger Flood Disaster

May 29, 2025
ADVERTISEMENT
Vital News

Vital News is an online newspaper with a mission to uphold professional journalism by reporting and publishing only facts and figures-based news reports across Nigeria and beyond.

Recent News

  • Death Toll From Niger Flood Disaster Rises To 115, Many Still Missing – NSEMA May 30, 2025
  • INEC Fixes July 20 And August 8, 2026 For Ekiti, Osun Governorship Elections May 30, 2025
  • Kwara Community Unites Against Female Genital Mutilation, Declares Zero Tolerance May 30, 2025

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Transport
  • Uncategorized

© 2022 Vital News - . All Rights Reserved.

No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security

© 2022 Vital News - Vital News by Vital News.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In