Business
Geosciences Society Urges FG To Concession Ajaokuta Steel
The Nigerian Mining and Geosciences Society (NMAS) has advised the Federal Government to concession the Ajaokuta Steel Company to competent private operator.
The President of the society, Prof. Gbenga Okunlola, gave the advice in an interview with newsmen in Abuja.
Okunlola said that although, work at the plant had reached 98 per cent completion, Nigeria would still require four billion dollars (N1.2 trillion) to complete the construction.
Okunlola said the society had advised the government to run the company as a private entity and not as a government driven company.
According to him, government may not be able to raise the fund at this time of recession and as such, the way out is to concession it.
“Government has no business in steel production; Ajaokuta must be concessioned to private company that has experience in steel production.
“One of the strengths of a country is the steel industry,’’ Okunlola said.
He said there should be holistic and stringent arrangement with any company that would be given the concession to avoid mismanagement.
The society’s president said the steel company could create 200,000 direct and indirect jobs, when it becomes operational.
He added that the company would also reduce importation of steel into the country.
Recall that the federal government in August 2016, re-concessioned the National Iron Ore Mining Company [NIOMCO] at Itakpe to Global Infrastructure Holding Limited (GIHL), an Indian company, but took full control of the Ajaokuta steel company.
Former President Olusegun Obasanjo’s administration had concessioned Ajaokuta steel and NIOMCO to GIHL in 2004 and 2005 respectively.
The Indian firm, however, did not live up to expectations in managing the two companies.
Consequently the federal government, under the late Umaru Yar’Adua, revoked the Ajaokuta concession contract in April 2008.
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.