The Senate has once again expressed concerns regarding the prolonged inactivity of the Ajaokuta Steel Company Limited (ASCOL) in Kogi State, Nigeria. Since its establishment, ASCOL has remained non-operational for nearly 40 years. During a one-day investigative hearing focused on allegations of corruption and inefficiency at ASCOL and the National Iron Ore Mining Company (NAICOM) and the overall performance of …

The Federal Government has said Ajaokuta Steel complex in Kogi State will soon start the production of military hardware. The government said the ministries of Steel Development and Defence were set to sign a Memorandum of Understanding (MoU) to implement the production of weaponry. Steel Development Minister Shuaibu Abubakar Audu, and the Minister of State for Defence, Dr. Bello Matawalle, …

The Minister of Steel Development, Prince Shuaibu Audu, on Monday, said the Federal Government plans to start the production of military hardware in Ajaokuta Steel Mill. The minister said he has been working closely with his counterparts in the Ministries of Defence and Works to perfect plans for the steel plant which has been moribund for many years to start …

The Federal Government on Thursday said it would investigate how the non-functioning Ajaokuta Steel Company Limited accrued N33 billion in electricity debt which prompted the Transmission Company of Nigeria (TCN) to disconnect the company from the national grid. The Minister of Steel Development, Shuaibu Audu, revealed this to State House correspondents after meeting President Bola Tinubu at the Aso Rock …

The Federal government has been advised to respect the majority opinion of Nigerians by halting any further transaction on the revitalisation of Ajaokuta Steel Rolling Mill, which is aimed at transferring its ownership to foreigners. Such a transfer through the back-door is said to be contrary to the national interest of protecting the nation’s heritage. A group, the Social Integrity …

The Minister of Steel Development, Shuaibu Audu, has requested N35b funding from financial institutions to revive the moribund Ajaokuta Steel Company. In a statement, the ministry’s Chief Information Officer, Tine-Iulun Maureen said the minister revealed this when he received a delegation from Stanbic IBTC Bank, at its headquarters on Tuesday in Abuja. The minister said the collaboration with financial institutions, …

The Nigerian Society of Engineers (NSE) has urged the federal government to focus on simplifying regulatory processes, providing incentives for innovation, and infrastructural upgrades, and ensuring consistency to foster an enabling environment for manufacturing growth. This was as it identified infrastructural limitations, limited access to funds, technology, innovation, skill gaps, policy inconsistencies, regulatory hurdles, and global market dynamics as seven …

President Bola Ahmed Tinubu on Sunday declared that, with the hitherto abandoned Ajaokuta Steel Complex now nearing completion, the project would have the capacity to employ 500,000 Nigerians once designated as a free trade zone. The President further promised to fully harness the potentials of the complex once it is completed, as it would boost Nigeria’s foreign direct investment and …