Abuja, April 8, 2025 – The federal government is to carry out a comprehensive technical and financial audit of Ajaokuta Steel Complex to pave way for private sector investment in the plant as directed by the president.
Shuaibu Audu, the Minister of Steel Development, said this while receiving the newly appointed Managing Director of the Ajaokuta Steel Company Limited, Prof. Nasir Naeem Abdulsalam.
A statement by Lizzy Okoji, the minister’s Special Assistant (Media), on Tuesday said the minister expressed confidence in the ability of Abdulsalam’ to revive the steel plant in line with President Bola Ahmed Tinubu’s “Renewed Hope Agenda”.
“Reviving Ajaokuta Steel Plant is a collective project. It is not something the Minister, Permanent Secretary, or Managing Director can achieve alone.
“All hands must be on deck as it requires the concerted efforts of all stakeholders to realise Mr. President’s vision for the revival of Ajaokuta Steel Plant and the broader steel sector.
“I assure you that the revival of Ajaokuta Steel and the entire Steel Sector is well underway.
“Following the signing of the Memorandum of Understanding with the original Equipment Manufacturers in Moscow, Russia in September last year, we are on the verge of carrying out the technical and financial audit of the Complex and other critical processes so as to bring in investors and suitors from the various options available through a privatization process as directed by Mr. President.
“Our role is to consolidate these gains and present viable options for Mr. President’s approval.”
The Minister also extended his appreciation to the outgoing Acting Sole Administrator, Engr. Kanwai Joseph, commending his dedication to duty all through his almost 35 years of service at the Steel Plant, where he rose from an entry-level engineer to directing the affairs at the Steel Plant as acting Sole Administrator in the last six months.
“I congratulate the newly appointed Managing Director of Ajaokuta Steel Company Limited, Prof. Nasir Naeem Abdulsalam, a seasoned academician and Professor of Geophysics and someone well-acquainted with the steel sector, having served as my Technical Adviser prior to this appointment.
“I wish you Godspeed as we work together towards the successful revival of Ajaokuta Steel Plant,” the minister said.
