The Minister of Steel Development, Prince Shuaibu Abubakar Audu, has revealed that the government is on the verge of initiating a comprehensive technical and financial audit of the Ajaokuta Steel Complex and other key equipment owned by the company.
He said this audit process is to allow for private investment from potential suitors as directed by President Bola Tinubu.
Audu gave the hint when he received the newly appointed Managing Director of the Ajaokuta Steel Company Limited, Prof. Nasir Naeem Abdulsalam, and presented him with his appointment letter following the handover by the former Acting Sole Administrator, Engr. Kanwai Joseph, to the new leadership.
A statement by the minister’s special assistant (media), Lizzy Okoji, on Tuesday in Abuja noted at the handover ceremony that Prince Audu expressed confidence in Prof. Abdulsalam’s ability to lead Ajaokuta Steel Company in line with President Bola Ahmed Tinubu’s “Renewed Hope Agenda” to revive the steel plant.
He said, “Reviving Ajaokuta Steel Plant is a collective project. It is not something the Minister, Permanent Secretary, or Managing Director can achieve alone. All hands must be on deck as it requires the concerted efforts of all stakeholders to realise Mr. President’s vision for the revival of Ajaokuta Steel Plant and the broader steel sector.
“I assure you that the revival of Ajaokuta Steel and the entire steel sector is well underway. Following the signing of the Memorandum of Understanding with the original equipment manufacturers in Moscow, Russia, in September last year, we are on the verge of carrying out the technical and financial audit of the complex and other critical processes so as to bring in investors and suitors from the various options available through a privatisation process as directed by Mr. President. Our role is to consolidate these gains and present viable options for Mr. President’s approval.”
The Ajaokuta Integrated Steel Complex, conceived in 1979, was developed to establish a metallurgical process plant alongside an engineering complex and various auxiliary facilities.
The complex is meant to generate important upstream and downstream industrial and economic activities that are critical to the diversification of the economy into an industrial one but hasn’t produced a single sheet of steel since its inception.
The minister also extended his appreciation to the outgoing acting sole administrator, Engr. Kanwai Joseph, commending his dedication to duty all through his almost 35 years of service at the steel plant, where he rose from an entry-level engineer to directing the affairs at the steel plant as acting sole administrator in the last six months.
“I congratulate the newly appointed Managing Director of Ajaokuta Steel Company Limited, Prof. Nasir Naeem Abdulsalam, a seasoned academician and professor of geophysics and someone well acquainted with the steel sector, having served as my technical adviser prior to this appointment.
“I wish you Godspeed as we work together towards the successful revival of Ajaokuta Steel Plant,” Prince Audu stated.
Permanent Secretary of the Ministry, Dr. Chris Osa Isokponwu, also congratulated Prof. Abdulsalam on his appointment, urging him to prepare for the enormous task ahead while assuring him of the Ministry’s full support.
“It will not be an easy task; you are facing a challenge of over 45 years. The good news is that you have a minister who is fully committed to the success of Ajaokuta’s revival,” Dr. Isokponwu stated.
In his response, Prof. Abdulsalam expressed gratitude to President Bola Ahmed Tinubu for entrusting him with this significant responsibility and thanked the Honourable Minister for his support and collaborative spirit.
He also commended the minister for the remarkable strides taken in less than two years in office and also for giving him the opportunity to serve as his technical adviser prior to his appointment, stating that the groundwork laid by the minister has positioned him for success.
“Our fundamental goal is to work together to realise Mr. President’s vision for the revival of Ajaokuta Steel Plant. I am fully prepared to deliver on this mandate with the support of the Honourable Minister, the Permanent Secretary, and the entire team at the Ministry of Steel Development. I pray, and I am confident that Ajaokuta will come alive in our time,” Prof. Abdulsalam stated.
The outgoing Acting Sole Administrator, Engr. Kanwai Joseph, praised the minister’s decision to engage the original builders of the steel plant, describing it as the most strategic move in his 35 years of service at Ajaokuta.
He noted that if this step had been taken earlier, the steel plant would have been revived long ago.
