AYC demands thorough probe of ‘moribund’ Ajaokuta Steel

The Arewa Youth Council on Friday demanded a thorough probe of the moribund Ajaokuta Steel Company.

The council also urged the government to disregard the international arbitration concerning the steel plant and pursue legal action against Global Steel Holdings Ltd’s owner for contract fraud.

In a statement by its president, Balarabe Rufai, the council expressed concern over the ongoing setbacks faced by Ajaokuta Steel despite efforts by past administrations to revive the national asset.

The statement read, “We, the patriotic citizens of the Federal Republic of Nigeria from the Arewa Youth Council, hereby call on the Federal Government of Nigeria and the Economic and Financial Crimes Commission (EFCC) to investigate the long history of corrupt practices, financial mismanagement, and lack of accountability at the Ajaokuta Steel Company in Kogi State.

“The Ajaokuta Steel Company is a critical national asset that was established in the 1970s to drive industrialization and economic development in Nigeria. However, over the decades, this project has been plagued by massive corruption, misappropriation of funds, and failure to complete construction and operationalise the plant.”

The Arewa Youth Council stressed the need to hold accountable those involved in dubious contract negotiations, noting that the FG should 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 said, “The Federal Government should ignore the international arbitration on Ajaokuta Steel Company and order 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, involved in the dubious 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.”

The Arewa Youth Council has pledged to actively monitor and advocate for the project’s completion, ensuring it fulfils its intended role in driving Nigeria’s industrial and economic advancement. They also call on President Bola Ahmed Tinubu to direct the EFCC and relevant agencies to probe the Ajaokuta Steel Company thoroughly, ensuring its completion and operationalisation.