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COVID-19, Others Stalled Ajaokuta Steel Project, FG Admits …Russia Forfeits $2bn Renovation Contract

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The Federal Government, yesterday, in Abuja said it can no longer deliver its promise to complete the Ajaokuta steel rolling mill in 2022, as earlier promised.
This came after it blamed the COVID-19 pandemic and the Russia-Ukraine war for frustrating the project on several fronts.
The Minister of Mines and Steel Development, Olamilekan Adegbite, disclosed this to State House Correspondents during a Special Weekly Briefing coordinated by the Presidential Communications Team at the Presidential Villa, Abuja.
According to him, the Federal Government had before the pandemic successfully convinced Russia to complete the steel facility but could not proceed with the negotiations due to force-majeure.
The negotiations involved a $2million fee for a technical audit required to ascertain the state of the facility before works begin.
Adegbite further explained that the government moved to continue the earlier negotiations with Russia following the lockdown, but progress was stalled again due to the conflict between Russia and Ukraine.
He, however, noted that the Federal Government would initiate irreversible processes to ensure the resumption and eventual completion of the steel facility beyond the Buhari regime.
Fielding a question about gold mining in Zamfara State, the minister said the government had halted mining activities in the area because the conflict went beyond mining.
On the government’s effort against illegal mining, he said, “we try to nip them in the bud wherever they rear their head. With the community reporting to us, we have a quick intervention force. We can’t be proactive, it is too expensive to maintain. But we have a quick intervention force.
“If we hear any mining happening in any nook and cranny, we move in there and dislodge them. Those that are arrested, we confiscate their equipment and they are prosecuted.”
Adegbite also revealed that the country has attained self-sufficiency in Barite production and would no longer need imports from October, 2022.
Similarly, the crisis involving Russia and Ukraine has cost the latter a $2billion deal to renovate the ailing Ajaokuta steel company located in Kogi State, Nigeria.
The Minister of Mines and Steel Development, Olamilekan Adegbite, had said that President Muhammadu Buhari recently approved the release of the funds to the Russian firm since 2020 but that while they were planning to mobilise to site the war broke out disrupting the contract.
As it stands, the Federal Government has secured a fresh commitment from a British firm to revive the struggling Ajaokuta Steel Company Limited at no extra cost to the government.
Adegbite took to the weekly briefings coordinated by the Presidential Media team to explain current developments concerning the project.
The minister said, “in October 2019, Nigeria’s President Muhammadu Buhari and Russia’s Vladimir Putin met at the Russia-Africa Summit in Sochi and agreed to revive the uncompleted Ajaokuta steel mill.
He noted that constraints posed by the outbreak of the COVID-19 global pandemic also delayed the take-off of the project.
Adegbite was, however, economical with the name of the British firm which will now handle the job.
Giving more insights, he explained that the arrangements with the Russian firm failed because the contract was awarded to a company with both Russian and Ukrainian interests.
He disclosed that the $2billion is safe in the federal government account, adding that “the money has not even been given to anybody; the Russians can’t get any payment now with the way things are happening in the world. All their accounts are blocked.
“So, the $2million is still with the federal government is just that the President has given the money for that purpose. We had started the process of procurement, then with this war, we can no longer go that way.
The minister revealed that the “British firm is offering to do it for us free now” adding that “By the grace of God, we have started an irreversible process. The problem with Ajaokuta is actually what we call force majeure. Nobody thought of COVID, because the plan was to deliver Ajaokuta this year 2022”.
The minister regretted, however, that the steel company may not be fully revamped under the current administration, as earlier promised.
His words, “ I’ve said it before, when we came back from Russia, yes, I went to the public and said, look we will deliver Ajaokuta before the end of this tenure. And I pray that I’ll have a chance to go back and apologise and explain what happened to the people before I leave office.
“It is due to no fault of ours. Everybody was ready to go, but unfortunately, COVID came in. So, it is a force majeure”.

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Tinubu Hails NGX N100trn Milestones, Urges Nigerians To Invest Locally

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President Bola Tinubu yesterday celebrated the Nigerian Exchange Group’s breakthrough into the N100tn market capitalisation threshold, saying Nigeria has moved from an ignored frontier market to a compelling investment destination.

Tinubu, in a statement signed by his Special Adviser on Information and Strategy, Bayo Onanuga, urged Nigerians to increase their investments in the domestic economy, expressing confidence that 2026 would deliver stronger returns as ongoing reforms take firmer root.

He noted that the NGX closed 2025 with a 51.19 per cent return, outperforming global indices such as the S&P 500 and FTSE 100, as well as several BRICS+ emerging markets, after recording 37.65 per cent in 2024.

“With the Nigerian Exchange crossing the historic N100tn market capitalisation mark, the country is witnessing the birth of a new economic reality and rejuvenation,” Tinubu said.

He attributed the stellar performance to Nigerian companies proving they can deliver strong investment returns across all sectors, from blue-chip industrials localising supply chains to banks demonstrating technological innovation.

The President added, “Year-to-date returns have significantly outpaced the S&P 500, the FTSE 100, and even many of our emerging-market peers in the BRICS+ group. Nigeria is no longer a frontier market to be ignored—it is now a compelling destination where value is being discovered.”

Tinubu disclosed that more indigenous energy firms, technology companies, telecoms operators and infrastructure firms are preparing to list on the exchange, a move he said would deepen market capitalisation and broaden economic participation.

He also cited what he described as a sustained decline in inflation over eight months—from 34.8 per cent in December 2024 to 14.45 per cent in November 2025—projecting that the rate would fall below 10 per cent before the end of 2026.

“Indeed, inflation is likely to fall below 10 per cent before the end of this year, leading to improved living standards and accelerated GDP growth. The year 2026 promises to be an epochal year for delivering prosperity to all Nigerians,” he said.

The President attributed the trend to monetary tightening, elimination of Ways and Means financing, and agricultural investments, which he said helped stabilise the naira and ease post-reform pressures.

Nigeria’s current account surplus reached $16bn in 2024, with the Central Bank projecting $18.81bn in 2026, reflecting a trade pattern shift toward exporting more and importing less locally-producible goods.

Non-oil exports jumped 48 per cent to N9.2tn by the third quarter of 2025, with African exports nearly doubling to N4.9tn. Manufacturing exports grew 67 per cent year-on-year in the second quarter.

Foreign reserves have crossed $45bn and are expected to breach $50 billion in the first quarter, giving the CBN ammunition to maintain currency stability and end the volatility that previously fuelled speculation, according to the President.

Tinubu also highlighted infrastructure expansion in rail networks, arterial roads, port revitalisation, and the Lagos-Calabar and Sokoto-Badagry superhighways, alongside improvements in healthcare facilities that are reducing medical tourism costs, and increased university research grants funded through the Nigeria Education Loan Fund.

“Our medicare facilities are improving, and medical tourism costs are declining. Our students benefit from the Nigeria Education Loan Fund, and universities are receiving increased research grants,” he said.

He described nation-building as a process requiring hard work, sacrifices, and citizen focus, pledging to continue working to build an egalitarian, transparent, and high-growth economy catalysed by historic tax and fiscal reforms that came into full implementation from January 1.

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RSG Kicks Off Armed Forces Remembrance Day ‘Morrow  …Restates Commitment Towards Veterans’ Welfare

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The Rivers State Government has reiterated its commitment towards the welfare of veterans, serving officers and widows of fallen officers in the State.

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?The Secretary to the Rivers State Government, Dr. Benibo Anabraba, in a statement by ?Head, Information and Public Relations Unit, SSG’s ?Office, ?Juliana Masi, stated this during the Central Planning meeting of the 2026 Armed Forces Remembrance Day in Port Harcourt, yesterday.

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?Anabraba thanked the Committee for their contributions to the success of the Emblem Appeal Fund Ceremony recently held in the State and called on them to double their efforts so that the State can record resounding success in the remaining activities.

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?According to him, the remembrance day events will begin with Jumaàt Prayers on Friday, 9th January at the Rivers State Central Mosque, Port Harcourt Township, while a Humanitarian Outreach/Family and Community Day will be hosted on Saturday, 10th January, by the wife of the governor, Lady Valerie Siminalayi Fubara, for widows and veterans.

?”On Sunday, 11th January, an Interdenominational Church Thanksgiving Service will hold at St. Cyprian Anglican Church, Port Harcourt Township while the Grand-finale Wreath- Laying Ceremony will hold on Thursday, 15th January at the Isaac Boro Park Cenotaph,  Port Harcourt”, he said.

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?The SSG noted that one of the highlights of the events is the laying of wreaths by Governor Siminalayi Fubara and Heads of the Security Agencies.

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Fubara Redeploys Green As Commissioner For Justice

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The Governor of Rivers State, Sir Siminalayi Fubara, has approved a minor cabinet reshuffle in the State Executive Council.

Under the new disposition, Barrister Christopher Green, who until now served as Commissioner for Sports, has been redeployed to the Ministry of Justice as the Honourable Attorney General and Commissioner for Justice.

This is contained in an official statement signed by Dr. Honour Sirawoo, Permanent Secretary, Ministry of Information and Communications.

According to the statement, Barrister Green will also continue to coordinate the activities of the Ministry of Sports pending the appointment of a substantive Commissioner to oversee the ministry.

The redeployment, which takes immediate effect, was approved at the last State Executive Council meeting for the year 2025, underscoring the Governor’s commitment to strengthening governance, ensuring continuity in service delivery, and optimising the performance of key ministries within the state.

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