The House of Representative has asked the Federal Government to cancel the privatisation of the Ajaokuta Steel Company Limited.
Concise News gathered that the lawmakers have instead told the government to use the recovered loot from an ex-military dictator, Sani Abacha to revive the firm.
The House’s Ad Hoc Committee on Ajaokuta Steel Company Limited gave the recommendations on Thursday.
According to the lawmakers, the Federal Government must “demonstrate a strong political will, just like the United States President did recently in steel sector, to resuscitate the Ajaokuta Integrated Steel plant by direct sourcing and disbursement of about $2bn needed to revamp and complete the 2 per cent external aspects of the integrated project.”
The House resolved that, “The Federal Government should, as a matter of national interest and security, annul and terminate the recent reconcession agreement entered into with Global Infrastructure Nigeria Ltd of 1st August, 2016, as there is still an extant Federal Government indictment against the company.
“The Federal Government should cease from any further thought of concessioning and/or reconcessioning of the Nigerian steel companies, as Nigeria has capable hands under the services of the Federal Republic to manage the integrated plants when properly funded.
“The Federal Government should revive relations with the original builders of the Company (TPE of Russia) towards wooing them back to continue and complete the good work they started alongside the current management team of indigenous sole administrators who have shown expertise and practical knowledge in the integrated steel plants management and production.”
The lawmakers said, “Since it is known that most of the Abacha loot was got from the debt by back deal involving Ajaokuta, then the recovered loot, which are still flowing into Nigeria, should be used to supplement the funding of the completion of the Ajaokuta integrated steel plant.
“The Economic and Financial Crimes Commission should heed the presidential directive of late President (Umaru) Yar’adua in 2008, to prosecute all the collaborators of Global Infrastructures Nigeria Ltd as economic saboteurs.
“Both the company, Global Infrastructures Nigeria Ltd, and all indicted local collaborators should be made to pay damages to the host communities that suffered loss of lives when the company used brutal force against the workers (most of whom were community youths) who tried to stop the company from stripping and vandalising the assets of the concessioned plants.”