The Nigerian Minister of Steel Development, Prince Shuaibu Audu, announced on Wednesday that the government is set to launch a comprehensive technical and financial audit of the Ajaokuta Steel Complex, as well as other critical equipment owned by the company.
The audit, according to Audu, is a crucial step towards attracting private investment, in line with directives from President Bola Tinubu.
Audu made the revelation during a meeting with the newly appointed Managing Director of Ajaokuta Steel Company Limited, Professor Nasir Naeem Abdulsalam, where he also presented Abdulsalam with his appointment letter. This followed the handover from the former Acting Sole Administrator, Kanwai Joseph, to the new leadership.
In a statement from the minister’s Special Assistant (Media), Lizzy Okoji, on Tuesday in Abuja, Audu expressed confidence in Abdulsalam’s leadership ability, particularly in relation to the revival of Ajaokuta Steel under President Tinubu’s “Renewed Hope Agenda.”
Audu remarked, “Reviving the 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 and the broader steel sector.”
Audu further revealed that following the Memorandum of Understanding (MoU) signed in Moscow in September 2023 with the original equipment manufacturers, the government is now on the brink of carrying out the necessary technical and financial audits. This is aimed at bringing in investors through a privatisation process, as instructed by the President.
The Ajaokuta Integrated Steel Complex, conceived in 1979, was designed to establish a metallurgical plant alongside engineering and auxiliary facilities to drive industrial and economic diversification. However, despite its long history, it has yet to produce any steel.
Audu also expressed gratitude to the outgoing Acting Sole Administrator, Engr. Kanwai Joseph, for his dedicated service at the Steel Plant over nearly 35 years. He congratulated the newly appointed MD, Prof. Abdulsalam, noting his qualifications and experience in the steel sector.
In his speech, the Permanent Secretary of the Ministry, Dr. Chris Isokponwu, congratulated Abdulsalam and stressed the monumental challenge ahead. He reassured him of the Ministry’s full support, stating, “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.”
In response, Prof. Abdulsalam expressed his gratitude to President Tinubu for entrusting him with the responsibility, and thanked Audu for his support. He also acknowledged the significant progress made by the Minister during his tenure, setting the stage for the successful revival of the Ajaokuta Steel Plant.
Outgoing Acting Sole Administrator, Engr. Joseph, commended the Minister’s decision to engage the original builders of the steel plant, calling it the most strategic move in his 35 years of service at Ajaokuta.
