Stop Foreign Takeover of Ajaokuta Steel Mill, Advises Social Integrity Network

The Social Integrity Network (SINET) strongly urges the Nigerian Federal Government to reconsider its decision regarding the transfer of the Ajaokuta Steel Rolling Mill to a foreign firm. Following an emergency meeting held in Kaduna, the group has expressed serious concerns over the government’s governance and the potential transfer of the mill to foreign ownership.

SINET has emphasized the expertise and experience of national professionals and leaders in various fields, highlighting the importance of not allowing foreigners to take advantage of the nation with unrealistic proposals and business plans. The group has also referenced the recent resolution by the National Assembly Joint Committee on Steel Development to investigate a $496 million payment to an Indian firm, which failed to revitalize the Itakpe Iron Ore Company after three years.

According to SINET, the government should prioritize national companies that can effectively operate such plants, create employment opportunities, and reduce the need for imports. The group has criticized the unsuccessful attempt to revitalize the Itakpe Iron Ore Company and the subsequent payment of $496 million in damages awarded to the Indian firm.

SINET firmly opposes the government’s decision to sell off the nation’s heritage without considering the wishes of Nigerians, particularly during a period of economic instability. The group has highlighted past mistakes in the steel industry and cautioned against repeating them.

SINET specifically criticized the failed involvement of the Indian company, Global Infrastructure Holding Ltd. (GIHL), and stressed that the government should not allow a foreign company to exploit the resources of Ajaokuta and Delta Steel plants and Itakpe mines. The group has called for careful consideration of all proposals and business plans, involving independent agencies and local business leaders to prevent another financial disaster.

In conclusion, SINET urged the Federal Government and relevant ministries to thoroughly assess any potential foreign involvement in the Ajaokuta mill and related facilities, warning against exaggerated investment figures and emphasizing the importance of protecting Nigeria’s assets and resources.