FG Announces Plan To Sell Ajaokuta To Private Operators

The Federal Government has said it will sell the Ajaokuta Steel Complex to a private sector operator with the capacity to turn around the fortunes of the beleaguered company. The Minister of Mines and Steel Development, Dr. Kayode Fayemi, said this during a visit to the Abuja Steel Mill, according to a statement issued on Tuesday his Special Assistant on Media, Mr. Olayinka Oyebode.

Fayemi, who stated that the government was putting a lot in place to ensure that the Ajaokuta Steel Complex got back to life, said the company would no longer be run as a public concern. Although, he did not disclose when the Federal Government would invite bids from prospective core investors, the minister listed some of the criteria to be met by anyone willing to invest in the steel complex.

He said experts with proven track records and the required financial capability would be encouraged to key into the scheme through a competitive bidding process that would be transparent.