The Federal Government has announced plans to begin a full technical and financial audit of the Ajaokuta Steel Complex and other major equipment under its care. This move is part of renewed efforts to attract private investors and finally bring the long-dormant steel plant back to life.
The Minister of Steel Development, Prince Shuaibu Abubakar Audu, made this known during a ceremony held in Abuja on Tuesday. The event was organised to officially welcome the newly appointed Managing Director of Ajaokuta Steel Company Limited, Prof. Nasir Naeem Abdulsalam. He was presented with his letter of appointment following a formal handover from the former Acting Sole Administrator, Engr. Kanwai Joseph.
Speaking during the ceremony, Prince Audu said the audit would allow the government to properly assess the condition of the facility and make it attractive to investors. He explained that this is in line with the directive of President Bola Ahmed Tinubu, who wants to revive the steel plant under his “Renewed Hope Agenda.”
“Reviving Ajaokuta Steel Plant is a collective project. It is not something the Minister, Permanent Secretary, or Managing Director can achieve alone,” the Minister said. “It requires the support and effort of everyone – government, private sector, and technical partners – to achieve Mr. President’s vision for the steel sector.”
He added that the government has already signed a Memorandum of Understanding with the original builders of the steel plant in Moscow, Russia. According to him, the next step is to carry out a proper audit to determine the real state of the plant and its facilities. This, he said, will pave the way for the privatisation process, which aims to bring in credible investors with the technical and financial muscle to restart operations.
The Ajaokuta Steel Complex, which was started in 1979, was designed to be the foundation of Nigeria’s industrialisation drive. It was supposed to produce steel and support other related industries. But more than 40 years later, the massive plant has not produced a single sheet of steel. It has remained a symbol of Nigeria’s missed opportunities in industrial development.
During the ceremony, Prince Audu praised the former Acting Sole Administrator, Engr. Kanwai Joseph, for his dedication. Engr. Joseph has worked at the steel plant for nearly 35 years, rising through the ranks from entry-level engineer to the top leadership position. The Minister thanked him for his loyalty and service, especially in the last six months.
He also congratulated Prof. Abdulsalam, the new Managing Director, describing him as a seasoned academic and expert in geophysics. He noted that Prof. Abdulsalam had previously served as his technical adviser and has a strong understanding of the challenges and opportunities in the steel sector.
The Permanent Secretary of the Ministry, Dr. Chris Osa Isokponwu, also spoke at the event. He told the new MD to be prepared for a tough journey, reminding him that Ajaokuta has remained inactive for more than four decades. However, he assured him of the Ministry’s full support and praised the Minister for showing commitment to the plant’s revival.
In his response, Prof. Abdulsalam thanked President Tinubu for the appointment and expressed his readiness to deliver results. He also praised the Minister for his leadership and said the foundation laid in the last two years has given him a head start.
“Our fundamental goal is to work together to realise Mr. President’s vision for the revival of Ajaokuta Steel Plant. I am confident that Ajaokuta will come alive in our time,” he said.
Engr. Kanwai Joseph, the outgoing administrator, also expressed hope. He said the decision to re-engage the original builders of the plant is the most strategic step he has seen in his 35 years at Ajaokuta. “If this had been done earlier, we might have revived the plant long ago,” he concluded.
