I THINK This News should read ''How 'Ghost Workers' in just one Cemetery consume N3.6bn annually and the 'Morgue Attendants' don't account for gullible Nigerians''

How FG Spends N3.6bn Annually on Ajaokuta

Vice President Namadi  Sambo 

More damning revelations emerged Friday  at the  public hearing on the privatisation of government-owned companies carried out by the Bureau of Public Enterprises.

The Minister of Steel Development, Alhaji Musa Mohammed Sada, told the Senate ad-hoc committee behind the investigation that the Federal Govern-ment still spends N3.6 billion annually on the Ajaokuta Steel Company Limited even though it has been moribund for several years.

He said the money, which is broken down to N300 million per month, is use to pay staff salaries.

For instance, he accused the concessionaires of the Ajaokuta steel complex of massively stripping the company’s assets.

He said the concessionaires, however, “ended up treating all those entities as one, with accounts not structured to reflect the companies and equipment and materials are being transferred from one place to the other as well as exporting some of the materials and parts that they met on the ground”.

Sada explained that these were the findings that triggered the cancellation of the concession.

He disclosed that an administrative committee set up to probe the activities of the concessionaires “found so many illegal things being done by Global Holdings running the steel complex.

Sada said despite the fact that the concessionaires were indicted in the committee’s report; the government did not apply any form of sanction, a situation the concessionaire now exploited by dragging the government to arbitration.

He said: “I think the major problem that the NCP has is that despite the accusations of so many things this company did, somehow, we sat back and they are the ones that went to arbitration...Source This Day Live.

Section of Ajaokuta...Photo credit 123next.Com

Ajaokuta is said to be capable of producing 30,000 jobs for Nigerians, but then Our graduates are languishing.


In other lands, Global Holdings and every other human being represented in this huge mess will be paying through their nose right now! But then we are in Naija where this kind of news finds its use with the Suya Man...Lawyers!!!