The Ajaokuta Steel Company Saga And The Role Played By Former Minister Fayemi

Following the public hearing called after the resolution of the house of Reps whhich set up and Ad-Hoc commitee to investigate the reasons for the failure of Ajaokuta steel company,the following is concluded.....

1. That Despite the obvious ample evidence contained in the Inuwa Magaji’s report upon which late Yar’Adua’s acted to cancel the Global Infrastructure Nigeria Limited concession, the Former Hon. Minister Mr. Fayemi told Nigerians that the country lost against Global Infrastructure Nigeria Limited (the Indian company that vandalized Ajaokuta Steel, Delta steel and Nigeria Iron Ore NIOMCO) at the London arbitration because there was no proof of vandalism to present in the country’s defense .


2. Though the contract Mr. Fayemi signed with GINL has in as a clause an option for renewal for additional 10 years at the concessioneer's request, Mr. Fayemi told Nigerians the reconcession of NIOMCO to GINL was only for 7 years to simply enable them complete their earlier terminated concession.


3. Notwithstanding a vote of 'no confidence' passed by the 301 of 360 members of the house of representatives on the Ministry, accompanied by a stay action order on Ajaokuta Steel Company till conclusion of a thorough investigation/audit, Mr. Fayemi allegedly about 3 weeks to his resignation took the concession agenda to FEC meeting for approval/ratification!