Reps panel commences probe into collapse $1.89 billion Delta Steel Company

Committee on Steel, on Wednesday, commenced investigation into the collapse of Delta Steel Company Limited, Aladja, Warri.

A Senate ad hoc committee in the 7th Assembly had carried out an investigation into the matter in 2011. The committee led by Ahmad Lawan, the current senate president, investigated the process of the concession of the company to Global Infrastructure Nigeria Limited. AMCON, under the leadership of Mustapha Chike Obi, acquired the plant by virtue of the Loan Purchase Agreement that certain banks as creditors of Delta Steel Company entered into with AMCON due to DSC’s inability to pay up the debt owed these banks and subsequently sold the assets to Premium Steel Limited.

“We want this committee to revoke the sale of DSC. They can’t handle the company; the company is dying,” he said Also, the Minister of Mines and Steel , Uche Ogah, said the ministry was not carried along in the process that led to the privatisation and outright sales. The lawyer, who had not introduced himself, was not permitted to speak by the Chairman of the Committee, Abdullahi Ali .

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Senate decries alleged neglect of Ajaokuta steel company | The Guardian Nigeria News - Nigeria and World NewsThe Senate Committee on Solid Minerals, Mine, Steel Development and Metallurgy has decried the alleged neglect of Ajaokuta Iron and Steel Project by non-provision... It's high time Attention is meted towards it. Same story over the years.
Source: GuardianNigeria - 🏆 1. / 94 Read more »

INVESTIGATION: Buhari, Amaechi illegally award multi-billion maritime contract to medical companyMr Amaechi at various times got himself mired in arbitrary conduct around procurement processes involving agencies under his supervision.
Source: PremiumTimesng - 🏆 3. / 78 Read more »