Connect with us

VenturesNow

Nigeria not handing over Ajaotuka Steel Plant to British firm. Here’s why

Published

on

Nigeria’s Minister of Mines and Steel Development, Arc. Olamilekan Adegbite, has refuted reports that the Federal government of Nigeria plans to hand over the Ajaokuta Steel plant to a British firm for rehabilitation.

The refuter was revealed via a statement issued by the minister’s Special Assistant on Media, Ayodeji Adeyemi on Monday.

The statement is in reaction to a report on some media outlets that the Ajaokuta Steel plant will be handover to a British firm,

“A local company in partnership with a British company has offered to execute the technical audit at no cost to Nigeria and with no preconditions. This was what I said at the media parley at the statehouse and not that Ajaokuta would be handed over to a British company for rehabilitation.” The statement reads.

The minister further explains that the ministry’s partnership with a Russian firm on the resuscitation of the plant due to international sanctions placed on Russia, which have also impacted Russian firms and businesses.

“The minister clarified that a local Nigerian firm with a British partner had expressed interest in carrying out the TECHNICAL AUDIT for free with no preconditions. The minister pointed out that the federal government had been in discussion with a Russian firm Messrs TPE (nominated by the Russian government) towards conducting the technical audit. The war between Ukraine and Russia has caused a setback to the proposed plan.” The statement concludes.

The Ajaokuta Steel Company Limited (ASCL) is located in Ajaokuta, Kogi State, Nigeria on a 24,000 hectares (59,000 acres) site starting in 1979, it is the largest steel mill in Nigeria, and the coke oven and by-products plant are larger than all the refineries in Nigeria combined. However, the project was mismanaged and remains incomplete 40 years later. Three-quarters of the complex has been abandoned, and only the light mills have been put into operation for small-scale fabrication and the production of iron rods.

VenturesNow

Kenya: Parliament approves appointment of Kamau Thugge as central bank governor

Published

on

Months after throwing open the position for the country’s top banker, Kenya’s parliament has approved the appointment of Kamau Thugge as the country’s central bank governor.

The National Assembly on Wednesday approved the
appointment of economist and senior civil servant who was nominated by President William Ruto as the next apex bank chief.

Thugge, who served as principal secretary in the finance ministry until mid-2018, was nominated after serving as one of the president’s senior economic advisers since late last year.

He shook off competition from others shortlisted candidates like Adan Mohamed, who served in the cabinet from 2013-2022, with four others also interviewed for the role.

The new central bank governor will be faced with the immediate pressure of stabilizing the country’s monetary policy as the East African giant currently faces a shortage of funds amidst rising public debt.

Despite the odds, the World Bank in a report earlier today expects growth to edge up to 5.0% in 2023, underpinned by a recovery in agriculture.

Continue Reading

VenturesNow

Ghana presents ‘working proposal’ for debt restructuring— IMF sources

Published

on

West African country, Ghana has made a major move at resolving its debt crisis as the country has presented debt restructuring proposal to its creditors.

According to sources quoted by Reuters, a “working proposal” has been submitted to help the country escape its worst economic crisis in a generation.

One of the sources revealed that the proposal was a first attempt to engage the official creditor committee after its formation in May. It should be recalled that the Paris Club last month announced that official sector of creditors of Ghana had formed a committee co-chaired by China and France for debt restructuring talks.

The plan is to end restructuring of domestic debt before turning to negotiations with its official bilateral creditors and international bondholders, a government official said.

Ghana is one of several cash-strapped countries facing unprecedented delays in getting bailouts as China, its biggest bilateral creditor with about $1.7 billion of debt and Western economies disagree over how debt relief should be structured.

The first formal review of the programme will hold in the coming months as an IMF team will visit Ghana between 8th and 15th of June.

Continue Reading

EDITOR’S PICK

VenturesNow7 hours ago

Kenya: Parliament approves appointment of Kamau Thugge as central bank governor

Months after throwing open the position for the country’s top banker, Kenya’s parliament has approved the appointment of Kamau Thugge...

VenturesNow7 hours ago

Ghana presents ‘working proposal’ for debt restructuring— IMF sources

West African country, Ghana has made a major move at resolving its debt crisis as the country has presented debt...

Metro8 hours ago

Rwandan President, Kagame sacks over 200 military personnel in major shake-up

Rwandan President, Paul Kagame has sacked over 200 soldiers including top military brass and commanders from the Rwanda Defence Force...

Tech8 hours ago

Flutterwave partners Token.io to provide seamless bank transfer to users in UK, EU

Pan-Africa’s payments technology company, Flutterwave has entered into a partnership with Europe’s account-to-account (A2A) payment infrastructure provider, Token.io to power...

Culture8 hours ago

Kenyan govt to convert ‘evil cult’ forest into a memorial site

The Kenyan government says it plans to convert the Shakahola Forest, where bodies of over 250 members of a Christian...

Metro8 hours ago

UN war crimes court declares Rwandan genocide suspect, Felicien Kabuga unfit to stand trial

An 88-year-old Rwandan genocide suspect, Felicien Kabuga has been declared unfit to stand trial by judges at a United Nations...

Sports9 hours ago

FIFA honours Osimhen after amazing season with Napoli

Following his record-breaking season with Napoli where he scored 26 goals to win the Serie A top scorer award, Nigerian...

VenturesNow9 hours ago

Despite revenue crisis, World Bank projects faster growth for Kenya  

The World Bank on Wednesday said progress in the agricultural sector would likely lead to Kenya’s economic growth at a...

Musings From Abroad1 day ago

Angola, Portugal sign 13-point pact spanning finance, law, others    

Angola and Portugal have signed a Memorandum of Understanding including 13 different agreements that cut across financial, legal and other...

VenturesNow1 day ago

Congo DR, Angola advance talks over decades-long oil block dispute

Discussions are on to end a decades-long dispute between the Democratic Republic of Congo and Angola over an off-shore oil...

Trending