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Breaking : Tinubu Approves Revival of Ajaokuta Steel Mill, and others to Create more jobs for Nigerians
President Bola Tinubu has approved the setting up of an inter-ministerial committee on the execution of three steel development projects, including the revival of the Ajaokuta Steel Mill.
Minister of Steel Development, Shauibu Audu, disclosed this to journalists at the State House, Abuja, after he and the Minister of Defense, Abubakar Badaru, met with President Tinubu at the State House on Thursday.
Members of the committee include the Minister of Finance and the Coordinating Minister of the Economy, Wale Edun, Minister of Industry, Trade and Investment, Doris Uzoka, Minister of Solid Minerals Development, Dele Alake, the Minister of Defence, Muhammadu Badaru and the Minister of Steel Development, Shuaibu Audu.
According to Audu, besides the task of sourcing funding for the revitalisation of the moribund Ajaokuta Steel Company Limited, the committee will also work to actualise the setting up a steel company y a Chinese company, Lu’an Steel Holding Group, as well as finding a location for a proposed steel plant for the India firm, Jindal Steel.
Audu stated that if the committee can complete all the projects, that have been committed to its hands which include the revival of the Ajaokuta steel mill, President Tinubu’s administration will be able to create not less than 500,000 jobs.
Speaking on the agendas before the Committee, the Minister disclosed that two members of the committee, the Minister of Defence and himself met with the Lu’an Steel Company, one of the top 20 steel companies in China that produces about 20 million metric tons of steel per annum, has agreed to set up a new steel plant in Nigeria.
As a follow-up to the agreement, the steel company has given its commitment to deploy an advanced team to Nigeria after the Chinese New Year by the end of February 2024.
“We were in China on the 1st of January 2024. We were there till the 8th of January. And met with the Lu’an Steel Company, which is one of the largest steel companies in China, and the top 20 steel companies in China. They produce about 20 million metric tons of steel per annum.
“We had very meaningful discussions with them, the Minister of Defense and I, and they agreed and made a commitment to set up a new steel plant in Nigeria, where thousands of jobs would be created, and they would invest billions of dollars in foreign direct investments into Nigeria.
“In that same regard as well, basically, in our discussions with Lu’an Steel Group, they mentioned that they would send an advanced team to Nigeria after the Chinese New Year. Sometime at the end of February 2024. We briefed Mr. President that when the team is on the ground, we would like to also give them an audience with Mr. President, which he approved. Mr President was very happy with the development.”
The Minister also revealed that reviving the entire Ajaokua Steel plant will cost Nigeria between the sum of $2 to $ 5 million while restarting the living steel section of the mill will cost the nation about N35 billion.
Audu said that President Tinubu had approval in late 2023 to raise funds locally to restart and rebuild the light steel mill of the Ajaokuta Steel plant to be able to produce iron rods, he said the iron rods would be used by the Ministry of Works to drive the plans to construct 30,000 kilometres of roads across Nigeria.
He further disclosed that the light steel mill will produce about 400,000 tons out of the 7 million iron rods needed by the Federal Ministry of Works if the committee can restart the steel plant.
“The second agenda for discussion with Mr President was that Mr President gave me approval towards the end of last year to raise some money to restart and rebuild the light steel mill of the Ajaokuta Steel Plant to be able to produce iron rods, which iron rods would be taken by the Ministry of works.
“The Minister of Works, Senator David Umahi, has already written a letter to me through his ministry, guaranteeing that they will be off-takers in the iron rods that are being produced. The President under the Renewed Hope Agenda, which the Minister of Works is driving plans to construct about 30,000 kilometres of roads across Nigeria, where they will need about 7 million metric tons of iron road. We can produce about 400,000 tons of those iron rods in Ajaokuta if we’re able to restart the steel plant”, he said.
“Mr President approved for us to raise money locally. The first phase of the project. For Ajaokuta Steel Plant, to revive the entire steel plant will cost somewhere between $2 to $5 million however to restart the living steel section of the mill is going to cost us about N35 billion. So we’re going to the market to show proof of consent to raise this money from local financial institutions to be able to restart that.”
The Minister further made known that the Jindal steel company which pledged $5b on the sidelines of the G-20 Summit in India, had made a further commitment with the Nigerian government to secure an ideal location to begin operations in Nigeria.
He said that Jindal Steel would either set up a greenfield or acquire an existing plant such as the Delta steel plant.
“The last item on the agenda was feedback to Mr. President on Jindal Steel. If you recollect on the sidelines of the G 20. Meeting in India, Jindal Steel committed to invest $5 billion. So I briefed Mr. President and I’ve met with representatives of Jindal Steel, and they’re very serious about their commitment and we’re currently looking for a land that is close to a gas station that has a port and is close to the natural or mineral resources such as, you know, iron ore and the likes to be able to get them the ideal location. Either they set up a greenfield or they acquire an existing plant, such as, you know, the Delta steel plant.
Further speaking on the establishment of military hardware in Nigeria, the Minister of Steel hinted that the Chinese team has agreed to help Nigeria build the military hardware capabilities in one of the production units of the Ajaokuta steel plant.
“The reason the minister of defence and I jointly met with Mr President was that we’re setting up a military hardware capacity and capability in Ajaokuta steel plant and based on that the Chinese team would help us to build that military hardware capabilities in Ajaokuta, in one of the production units. And so that’s the first agenda on the table for the joint meeting”, he said.
Meanwhile, the Minister has revealed plans to investigate why the moribund Ajaokuta Steel Company Limited accumulated N33 billion in electricity debt which caused the Transmission Company of Nigeria (TCN) to disconnect the company from the national grid.
The TCN announced the decision this week to disconnect the steel company over the debt owed to the Nigerian Bulk Electricity Trading PLC (NBET) and service providers.
The debt is made up of N33,071,002,129.49, comprising N30,849,749,981.01 for energy and capacity delivered by NBET and N2,221,252,148.48 owed to service providers.
Reacting to the development in a chat with correspondents, the minister affirmed that the issue will be clearly looked at to get to the bottom of it.
He wondered why the company will accumulate such debt in electricity consumption when it had not been in operating in full capacity.
“I mean these are some of the things that there needs to be clearly looked into. Like you mentioned. One of the things I spoke to the MD of Ajaokuta today, and this was one of the questions I asked and we’re going to get to the bottom of it, why consumption of so much electricity in a place that is not operating at full capacity.
“Part of what we also need to do is that we’re trying to revive Ajaokuta in a collegiate system, in piecemeal, and so we may not have the capacity to be able to pay all those outstanding amounts immediately.
“Part of what the MD of Ajaokuta told me is that most of them money is in interest payments. And NBET, the electricity company that has disconnected it is also a government agency.”
Noting the role of NBET in the disconnection, Shuaibu hinted that government will that not allow its agency to hinder the effort to revive the steel company, which has not been in operation for about 45 years.
“So, if we as a government ministry, government agency are trying to revive Ajaokuta working hard to do that, we should not have another hand within the same government making things very difficult for us.
“And so, part of what we plan to do is to sit down on the table in the next few days as quickly as possible to be able to come up with a plan so that they can put it back on the grid and put things back in order.
“Is a gradual process Ajaokuta cannot be revived overnight. This is an institution, this is a plant that has not been working for 45 years, it is a difficult task to try and get it back on track.
“So, we need the support of the entire government apparatus, we need support of stakeholders, we need support of everyone to be able to do this difficult job.
“This job is not a job that myself and Mr. President can do alone. We need the support of everyone including the electricity company to be able to help us to get this project back on track so that we can create the hundreds of thousands of jobs I want to create for Nigerians”, he said.
Results from the 30 local government areas in the 2026 Osun State governorship election show that Governor Ademola Adeleke of the Accord Party (AP) recorded victories in 19 councils, ahead of the All Progressives Congress (APC) candidate, Asiwaju Munirudeen Bola Oyebamiji (AMBO), who won 11 local government areas.
The local government results indicate that Adeleke polled a cumulative 511,067 votes, while Oyebamiji secured 444,815 votes across the state.
The African Democratic Congress (ADC) candidate, Najeem Salaam, garnered 17,180 votes from the 30 local government areas.
Adeleke won Boluwaduro, Ede South, Ife North, Ilesa West, Ifedayo, Ife Central, Orolu, Osogbo, Oriade, Odo-Otin, Ife East, Ifelodun, Iwo, Ede North, Ila, Aiyedire, Egbedore, Aiyedaade and Ejigbo local government areas.
Oyebamiji emerged victorious in Ilesa East, Boripe, Irepodun, Obokun, Atakunmosa West, Irewole, Atakunmosa East, Isokan, Ola Oluwa, Ife South and Olorunda local government areas.
Based on the collated local government results, Adeleke leads with victories in 19 of the state’s 30 local government areas, while the APC candidate secured 11 councils.
Accord won 19 out of the 30 LGAs: (Boluwaduro, Ede South, Ife North, Ilesa West, Ifedayo, Ife Central, Orolu, Osogbo, Oriade,
Odo-Otin, Ife East, Ifelodun, Iwo, Ede North, Ila, Aiyedire, Egbedore, Aiyedaade, Ejigbo)
APC won the remaining 11 LGAs (Ilesa East, Boripe, Irepodun, Obokun, Atakunmosa West, Irewole, Atakunmosa East, Isokan, Ola Oluwa, Ife South, Olorunda).
Here are the Osun 2026 Governorship Election Results of the 30 LGAs: GeographicReference
Boluwaduro LG
Accord: 7,118 votes
APC: 7,050 votes
ADC: 179 votes
Ede South LG
Accord: 26,188 votes
APC: 6,219 votes
ADC: 390 votes
Ife North LG
Accord: 13,879 votes
APC: 9,613 votes
ADC: 333 votes
Ilesa West LG
Accord: 16,196 votes
APC: 12,756 votes
ADC: 673 votes
Ifedayo LG
Accord: 7,427 votes
APC: 6,836 votes
ADC: 115 votes
Ilesa East LG
APC: 16,208 votes
Accord: 12,280 votes
ADC: 504 votes
Ife Central LG
Accord: 21,171 votes
APC: 15,913 votes
ADC: 747 votes
Boripe LG
APC: 19,963 votes
Accord: 12,448 votes
ADC: 379 votes
Irepodun LG
APC: 15,713 votes
Accord: 14,504 votes
ADC: 249 votes
Obokun LG
APC: 16,120 votes
Accord: 12,023 votes
ADC: 205 votes
Orolu LG
Accord: 12,352 votes
APC: 10,622 votes
ADC: 236 votes
Osogbo LG
Accord: 36,480 votes
APC: 30,474 votes
ADC: 1,503 votes
Oriade LG
Accord: 21,343 votes
APC: 14,863 votes
ADC: 423 votes
Odo-Otin LG
Accord: 18,003 votes
APC: 15,435 votes
ADC: 377 votes
Ife East LG
Accord: 27,201 votes
APC: 18,600 votes
ADC: 935 votes
Ifelodun LG
Accord: 21,107 votes
APC: 18,396 votes
ADC: 509 votes
Atakunmosa West LG
APC: 10,037 votes
Accord: 7,479 votes
ADC: 213 votes
Iwo LG
Accord: 27,085 votes
APC: 19,660 votes
ADC: 588 votes
Ede North LG
Accord: 35,427 votes
APC: 10,283 votes
ADC: 307 votes
Ila LG
Accord: 16,211 votes
APC: 12,934 votes
ADC: 259 votes
Irewole LG
APC: 29,972
Accord: 10,934 votes
ADC: 275 votes
Aiyedire LG
Accord: 11,073 votes
APC: 9,910 votes
ADC: 148 votes
Atakunmosa East LG
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APC: 9,936
Accord: 7,872 votes
ADC: 333 votes
Egbedore LG
Accord: 19,278 votes
APC: 11,194 votes
ADC: 363 votes
Aiyedaade LG
Accord: 16,681 votes
APC: 15,719 votes
ADC: 331 votes
Isokan LG
APC: 14,063 votes
Accord: 13,765 votes
ADC: 384 votes
Ola Oluwa LG
APC: 10,782 votes
Accord: 10,063 votes
ADC: 213 votes
Ife South
APC: 14,678 votes
Accord: 13,507 votes
ADC: 290 votes
Ejigbo LG
Accord: 18,458 votes
APC: 16,195 votes
ADC: 5,053 votes
Olorunda LG
APC: 24,671 votes
Accord: 23,514 votes
ADC: 666 votes.
President Bola Tinubu has approved a Federal Government delegation led by his Chief of Staff, Femi Gbajabiamila, to represent Nigeria at the maiden Nigeria Diaspora Investment Economic Conference in Toronto, Canada.
The delegation includes Borno State Governor Babagana Zulum, Anambra State Governor Chukwuma Soludo, Kaduna State Governor Uba Sani, Plateau State Governor Caleb Mutfwang and Zamfara State Governor Dauda Lawal.
The conference, themed “Invest Nigeria, Thrive Abroad,” is scheduled to hold from August 12 to 15 in Toronto.
The development was announced in a statement issued by Nigerians in Diaspora Commission, on X on Friday.
According to the statement, members of the delegation also include the Minister of Foreign Affairs, Bianca Odumegwu-Ojukwu; Minister of Industry, Trade and Investment, Jumoke Oduwole; and Minister of Interior, Olubunmi Tunji-Ojo.
Representatives of the Central Bank of Nigeria, Nigeria Customs Service, Nigeria Immigration Service, Nigeria Revenue Service, Nigeria Investment Promotion Commission, Nigeria Export Promotion Council and the National Information Technology Development Agency are also expected to participate.
The statement said Canadian officials expected at the conference include President of the Treasury Board of Canada, Shafqat Ali; Ontario Minister of Citizenship and Multiculturalism, Graham McGregor; Ontario lawmaker Deepak Anand; Brampton Mayor Patrick Brown; Councillor Rod Power; and Ontario Minister of Women and Economic Opportunities, Charmaine Williams.
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Quoting the Chairman/Chief Executive Officer of NiDCOM, Abike Dabiri-Erewa, the statement said, “The calibre of officials attending the conference demonstrates President Tinubu’s commitment to strengthening economic cooperation between Nigeria and Canada through trade, investment and diaspora engagement.”
It further quoted Dabiri-Erewa as saying the event “is more than a conference” and is designed as “an outcome-driven investment platform” that will connect international investors with “investment-ready” opportunities across key sectors of Nigeria’s economy while strengthening bilateral economic relations between the two countries.
According to the statement, the conference is being organised by NiDCOM in collaboration with the Nigerian High Commission in Ottawa, the Canadian High Commission in Abuja and other stakeholders.
It said discussions will focus on agriculture, technology, manufacturing, infrastructure, energy, healthcare and the digital economy.
Newsthumb reports that the Nigeria Diaspora Investment Economic Conference is the first investment-focused forum organised by the Federal Government through NiDCOM to promote economic partnerships between Nigeria and its diaspora community.
According to the World Bank, Nigeria is one of Africa’s largest recipients of diaspora remittances, with annual inflows amounting to billions of dollars.
…says action could undermine public confidence in electoral process
…insists anti-graft agencies must remain independent but avoid actions suggesting political interference
President Bola Ahmed Tinubu on Thursday directed the Economic and Financial Crimes Commission (EFCC) to immediately take steps to vacate a court order freezing the bank accounts of the Osun State Government, saying the timing of the action, just days before the state’s governorship election, could create the impression of federal interference in the electoral process.
The President said although he respects the constitutional independence of the anti-graft agency and had no prior knowledge of its action, he was compelled to intervene in the overriding public interest to preserve public confidence in the credibility and fairness of Nigeria’s democratic process. NigerianBusiness Coverage
The EFCC had on Wednesday froze the accounts of the Osun State Government, placing a Post No Debit (PND), on its First Bank account, alleging fraudulent handling of N11 billion ecology funds, intervention funds and Federal Account Allocation Committee (FAAC).
However, in a personally signed statement issued from the State House, Abuja, President Tinubu disclosed that the EFCC had obtained the court order on August 5, 2026, freezing the accounts of the Osun State Government.
He said he was “deeply embarrassed” by the timing of the development, explaining that actions taken by federal institutions are often attributed to the President, regardless of whether he authorised them.
“It has come to my notice that the Economic and Financial Crimes Commission (EFCC) obtained a court order on August 5, 2026, freezing the accounts of the Osun State Government. I must state that I feel deeply embarrassed not by the EFCC’s exercise of its mandate backed by a court order, but by the timing of the agency’s action.
“This is so because every action taken by an institution of State, especially at the Federal level, is always credited to me, as the President, even when I may not have had any prior knowledge of the action”, the President said.
Tinubu reiterated his long-standing policy of allowing anti-corruption and law enforcement agencies to carry out their statutory responsibilities without political interference, stressing that he had deliberately refrained from directing the operational activities of the EFCC and other investigative bodies since assuming office.
He said, “since assuming office, I have consistently maintained that anti-corruption and law enforcement agencies must be allowed to discharge their statutory responsibilities independently, professionally, without fear or favour, or political interference.
“I have therefore deliberately refrained from directing or interfering in the operational activities of the EFCC or any other investigative or prosecutorial agency because I firmly believe that strong democratic institutions, operating within the confines of the law, are indispensable to democratic good governance and the rule of law”, he said.
The President maintained that institutions established by law should be allowed to exercise their powers independently and without requiring presidential approval for routine operational decisions.
However, he said the circumstances surrounding the EFCC’s action required presidential intervention because of the proximity of the Osun governorship election.
“As President, I am committed to allowing institutions of State to function and take any action they consider necessary in the interest of proper governance without the need for any prior approval. Indeed, that is why institutions are set up by law with clearly defined powers.
“While I am yet to be fully apprised of the facts which informed the action of EFCC in approaching the court to obtain the said order freezing the Osun State Government account, I am not in the slightest doubt that the timing of the action of EFCC is inauspicious, and therefore I feel compelled to intervene”, he said.
The President warned that no action by any federal agency should create the perception that the Federal Government was attempting to influence the outcome of the forthcoming governorship poll.
“Osun State is only a few days away from its gubernatorial election. Therefore, nothing ought to be done to give an impression that the EFCC or indeed any other agency of the federal government is being used to interfere with the election”, he stated.
Tinubu said preserving public confidence in the integrity of the electoral process was paramount, adding that he was duty-bound to act in the national interest.
“Based on the foregoing premise, I am duty-bound to issue a directive on this issue in consonance with the overriding public interest in preserving public confidence and the integrity, credibility, and fairness of our democratic process”, he said.
The President consequently directed the anti-graft agency to immediately reverse its legal action against the Osun State Government.
“Accordingly, I have directed the EFCC to immediately proceed to the court to vacate the order and discontinue whatever action it has instituted against the Osun State Government in this regard”, Tinubu declared.
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