Middle Belt Youth Council has urged the Economic and Financial Crimes Commission (EFCC) to investigate the alleged financial mismanagement of the moribund Ajaokuta Steel Company in Kogi State.
The council maintained that despite being a critical national asset that was established in the 1970s to drive industrialisation, the project was plagued by massive corruption and misappropriation of funds.
National youth leader of the forum, Emmanuel Zopmal, in a statement on Monday, expressed concern that the project has seen numerous contract renegotiations over the year with little to show for the investments.
“There has been a severe lack of transparency in the management of funds and contracts related to Ajaokuta. Repeated attempts to uncover the details of spending and contracts have been met with stonewalling and obfuscation,” Zopmal said.
“There have also been widespread allegations of job racketeering, kickbacks, inflated contracts, and diversion of funds meant for the Ajaokuta project over the years. However, these allegations have not been properly investigated, and the culprits have not been held accountable.”
Zopmal observed that despite the huge money invested, the Ajaokuta Steel Company remains incomplete and non-operational, depriving Nigeria of a critical industrial asset that could drive job creation and economic growth.
He called on the Federal Government to reinforce the Federal Executive Council’s decision during the administration of former President Umaru Yar’Adua that the EFCC should prosecute the consortium handling the Ajaokuta Steel Company.
He added: “The Federal Government should ignore the international arbitration on Ajaokuta Steel Company and order for the arrest of the owner of Global Steel Holdings Ltd for a contract scam that led to that arbitration
“All the big sharks in the Federal Ministry of Steel Development, Federal Ministry of Justice, and the Ajaokuta Steel Company, cooking the mischievous international consortia contract negotiations and agreements must be fished out and brought to justice
“EFCC should conduct a comprehensive investigation into the corrupt practices, financial mismanagement, and lack of accountability that have plagued the Ajaokuta Steel Company project. The findings of this investigation should be made public, and those found culpable should be prosecuted to the fullest extent of the law.
“We want to assure Nigerian youths that Middle Belt Youth Council worldwide will take any step necessary to follow up on this matter and ensure this giant company is completed.
“We call on President Bola Ahmed Tinubu, , to direct the EFCC to work with relevant government agencies to probe the activities surrounding the Ajaokuta Steel Company and ensure the proper completion and operationalization of the Company, so that it can fulfill its potential as a driver of industrialization and economic development in Nigeria.”
