Reps probe $1.9bn Delta steel company’s collapse

  • 📰 MobilePunch
  • ⏱ Reading Time:
  • 45 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 21%
  • Publisher: 63%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

The House of Representatives has begun an investigation of the collapse of the Delta Steel Company built with $1.89bn.

The lawmakers are also investigating why the 10 per cent of the mining proceeds has not been paid to the host community.

The committees were specifically asked to “conduct an investigation of the sale and the subsequent failure of Premium Steel and Mines Limited to put the steel company into operations.” Igbakpa said, “Delta Steel Company Plc, Oviwian-Aladja, Udu Local Government Area of Delta State was built on 172 hectares of land at the cost of $1.89bn and was established to be the flagship of the steel industry in West Africa, and the Nigerian dream of industrialisation with the capacity to provide jobs for thousands of Nigerians.

“The House is disturbed that nearly four decades after its commissioning, decline set in and the steel giant started in 1982 to totter due to bad government decisions and dishonest corporate governance perpetrated by corrupt civil servants, politicians and Indian businessmen; all at the expense of Nigerian taxpayers and the host communities.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Lol

After how many decades... Awọn oniyẹyẹ

Just as they did to Ajaokuta and no result...

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 8. in İE

Ireland Ireland Latest News, Ireland Ireland Headlines