News

Senate Investigates Ajaokuta Steel Company Over $496m Settlement

Published

2 years ago

February 27, 2024

Editor

The Senate on Tuesday resolved to carry out a thorough investigation on the affairs of Ajaokuta Steel Company Limited and the National Ore Mining Company in Kogi State from 2008 to date.

It planned to unravel the mystery behind the payment of $496m allegedly made to Pramod Mittal, Chairman, Global Infrastructure Holdings Ltd by the Federal Government in September 2022 as a settlement over said contractual disputes.

It also resolved to investigate the circumstances that led to the re-concession of NIOMCO even when the initial Concession Agreement was validly terminated by the Yar’adua Administration with a positive review by the International Chamber of Commerce, London.

Senate’s resolutions to this effect were sequel to a motion sponsored by Senator Natasha Akpoti-Uduaghan ( PDP Kogi Central) and exhaustively debated by many of the Senators.

Akpoti-Uduaghan said the Ajaokuta Steel Company Limited and the National Iron Ore Mining Company located in Kogi State were established sometime in the late 70s by the Federal Government with the potential to put Nigeria on the path of technological and industrial advancement and establish the country as one of the leading exporters of steel products in the world.

She lamented that decades after their establishment, the Ajaokuta steel mill and NIOMCO have remained inoperative and unable to produce steel despite seeming efforts by several administrations due to a lack of earnest political will and bureaucratic corruption.

According to her, Nigeria currently expends about $3.3bn annually on steel imports and is quite saddened that a nation blessed with abundant natural ore resources yet plagued by moribund Ajaokuta and Delta steel that have become conduits pipes for diversion of public funds at the expense of Nigerian tax payers.

She added that there exists an abnormal management structure at the Ajaokuta Steel Complex whereby a Sole Administrator has unilaterally decided upon the steel mill’s corporate affairs for the past 12 years.

She said, “This has further worsened the inefficiency of the moribund company with the recently queried 33bn naira electricity debt incurred by Presidential villa.”

The Senate after debate on the motion, consequently set up a committee to be chaired by Senator Adeniyi Ayodele Adegbonmire ( SAN) with senators Natasha Akpoti (Kogi Central), Onawo Mohamed (Nasarawa South) Joel Onowakpa (Delta), Onyesoh Allwell Heacho (Rivers East) Abdullahi Yahaya (Kebbi North), Sen Patrick Chukwuba Ndubueze (Imo North), Tokunbo Abiru (Lagos East) and Osita Ngwu (Enugu West) as members.

While the committee is to report back to the Senate in two weeks, they are also to interface with relevant Ministries, Departments and Agencies and other critical stakeholders in the steel sector especially those with interest in Ajaokuta Steel Manufacturing Plant and (all mining company NIOMCO to obtain relevant information and submit a comprehensive report to the Senate regarding the affairs of the two plants between 2018 to date.

News

Transfer: Premier League Clubs Scramble For Dele-Bashiru

Published

2 hours ago

May 6, 2026

Editor

Lazio midfielder, Fisayo Dele-Bashiru is a subject of interest from three Premier League clubs, according to Sky Sports.

Lazio reportedly rejected offers from Nottingham Forest and Bournemouth for the Nigeria international in January.

La Biancolesti are bracing for more interest in Dele-Bashiru ahead of the summer transfer window, according to Sky Sports.

The 24-year-old has two years left on his contract with the Serie A club.

The attacking midfielder joined the Rome-based club from Turkish Super Lig outfit Hatayspor in 2024.

He has been a regular feature for Lazio this season.

News

Xenophobic Attacks: Nigerian Students To Picket MTN, MultiChoice, Other Businesses

Published

2 hours ago

May 6, 2026

Editor

The leadership of the National Association of Nigerian Students, NANS South-West Zone D, has announced plans to picket South African companies in Nigeria following the ongoing xenophobic attacks in the country.

DAILY POST reports that some Nigerians were recently killed in South Africa over the violent attacks.

A statement issued to newsmen by Comrade Adeyemo Josiah Kayode, Coordinator, NANS South-West, Zone D, said that the association is mobilizing to take decisive and lawful action by organizing peaceful picketing and mass advocacy against South African business interests operating in Nigeria.

“We categorically state that the continued targeting of Nigerians under any guise is unacceptable and must come to an immediate end.

“This will include major corporations such as MTN Group and MultiChoice Group. It is morally indefensible for businesses to thrive in an environment where the lives of Nigerians are protected, while Nigerians are subjected to fear and violence elsewhere.

“This contradiction will no longer be tolerated,” the statement said.

News

N5m, N10m Zero-interest Loans: SheVentures Opens Applications For Women Entrepreneurs

Published

4 hours ago

May 6, 2026

Editor

First City Monument Bank (FCMB) has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to ₦10 million to women entrepreneurs to ease access to working capital and support business growth.

The facility provides loans ranging from ₦500,000 to ₦5 million under a general category, and ₦5 million to ₦10 million for sector-specific businesses, with funding capped at up to 50% of an applicant’s average monthly turnover.

At the centre of the offering is a 0% interest rate, with all charges embedded in a transparent structure.

Repayment is structured over four or six months, allowing businesses to match obligations with their cash flow cycles.

Yemisi Edun, Managing Director and Chief Executive of First City Monument Bank (FCMB), said the initiative reflects a deliberate approach to inclusive growth.

“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively.

“Women-led enterprises are critical to economic activity, yet they face structural barriers.

This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs.”

“Access to affordable finance remains a major constraint for women entrepreneurs,” said Nnenna Jacob-Ogogo, Group Head, SheVentures and Impact Segments at First City Monument Bank (FCMB).

“By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions.”

Women-owned businesses account for a significant share of Nigeria’s small and medium-sized enterprises but continue to face high borrowing costs and limited access to credit.

Through these efforts, SheVentures tackles persistent financing gaps facing women-led businesses, combining targeted funding with broader support to empower women entrepreneurs, encourage business innovation, and enhance their ability to compete on a national scale.

Applications for the zero-interest loan are now open.Apply now.