The Federal Government yesterday took a major step in its plan to revive the steel sector as it signed a renegotiated concession agreement with Global Steel Holdings Limited for the Nigerian Iron Ore Mining Company (NIOMCO), Itakpe.
With this new agreement, Ajaokuta Steel Complex is now back to the Federal Government, effectively freeing the entity from all contractual burden that had left it uncompleted and non-functional for decades, while GSHL retains NIOMCO.
The new agreement, which came after four years of mediation, was signed yesterday at a short ceremony presided by the Vice President, Prof Yemi Osinbajo, in his office at the Villa
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