The Chairman of the Senate Committee on Steel Development, Patrick Ndubueze, disclosed that the moribund Ajaokuta Steel Company was at times indebted to the tune of N2 billion in electricity payments, despite not producing. Ndubueze stated this at the maiden edition of the National Steel Summit with the theme “Rebuilding and Consolidating Nigeria’s Steel Industry:

Collaborative Action for Sustainable Growth and Global Competitiveness” yesterday in Abuja. “Once in Ajaokuta I cried for my beloved country. Ajaokuta can produce brake parts, ball bearings, seals, engine blocks and other parts. “It is in some time indebted to the tune of over 2 billion in electricity payments, yet not producing, ” he decried.

According to him, Ajaokuta is a limited liability company, unfortunately the shattered power of Ajaokuta till date is N500, 000 for trillions of naira investment. He said there should be corporate governance in Ajaokuta and a review of its status.

He urged the delegates at the summit to ensure that it becomes a defining moment in Nigeria’s national resolve to harness the full potential of its steel industry. Ndubueze added that the deliberations should position Nigeria as a hub for industrial activities in Africa.

He assured of the Senate’s commitment to work with the executive and all stakeholders to deliver a vibrant, sustainable, and competitive steel industry. In his remarks, the Minister of Steel Development, Mr Shuiabu Audu said that though Nigeria was well endowed with steel making raw materials, it was yet to fully exploit its potential for industrial development.