Nigeria: Mittal Sues Nigeria Over Ajaokuta Steel Company

22 April 2008

Lagos — The Chief Executive Officer (CEO) of Global Steel Holdings, Pramod Mittal, has dragged Nigeria to the International Court of Arbitration (ICA) over Federal Government's decision to renege on the sale of its largest iron and steel plant at Ajaokuta, Kogi State.

Pramod, the younger brother of London-based steel billionaire, Lakshmi, has invested $450 million (N53 billion) in the Ajaokuta Steel Company and National Iron Ore Mining Company over the past four years, making $192 million (N22 billion) as down-payment on stakes in them.

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