TheCable

Social Integrity Network (SINET), a civil society organisation (CSO), has asked Ahmad Lawan, the senate president, to set up a committee to quickly look into the ongoing plan for the concession and final trade-out of Ajaokuta Steel Company and Itakpe Iron Ore Company.

In a statement on Monday, Ibrahim Issah, national coordinator of SINET, said Lawan should ensure that the concession process is stopped, reversed, and handed over to the incoming administration for proper scrutiny and consideration.

Last year, Olamilekan Adegbite, minister of mines and steel development, said 11 companies were involved in the concession bid for Ajaokuta Steel Company, adding that three of the companies were Russian.

The minister also said the current government has been able to resolve all contending legal issues with the steel company and was in the process of concessioning it to a competent bidder.

Reacting to this, Issah said the minister’s move was a “questionable deal aimed at subjecting Nigerians to eternal hardship in an attempt to heed to the bidding of some capitalists whose moves are antithetical to national interest and economic growth”.

According to Issah, the concession of national heritages such as the National Iron Ore Company, Itakpe, and the Ajaokuta Steel Company, should be subjected to thorough legislative processes and contributions from major stakeholders such as the Manufacturers Association of Nigeria, (MAN) within a considerable time frame.

He also stressed that the outgoing government should be sensitive to the fact that adequate time is required for genuine participation for equity, fairness, and justice for Nigerians.

“There is a need for the leadership of the national assembly, CSOs, Independent Corrupt Practices Commission, (ICPC) Bureau of Public Enterprises, (BPE), and Economic and Financial Crimes Commission, (EFCC) to quickly intervene and order immediate reversal of the process in the interest of over 200 million Nigerians,” the statement reads.

“Failure to do this is tantamount to the fact that Nigeria is sitting on a keg of gunpowder and only waiting to explode.

“Its explosion will, no doubt, set the economy of Nigeria backwards geometrically and further create some unforeseen consequential repercussions for the incoming administration, amidst numerous campaign promises, high determination to deliver as well as high expectations from the electorates.”

The network also commended the federal government for settling the long-standing contractual dispute with a foreign investor group in the steel industry, “by securing a reduction of the blackmailing claim of the sum of $5.258 billion to $496 million.

SINET also said unlike Ajaokuta, Delta Steel Company never had any success story.

“Delta steel company, which is supposed to generate employment opportunities for Nigerians and create more economic fortunes for entrepreneurs, is still left redundant even after many years of its outright sale-off,” Issah added.