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Nigeria: Steel Sector - FG May Sack Non-Performing Firms
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This Day (Lagos)
14 May 2008
Posted to the web 14 May 2008
Patrick Ugeh
Abuja
Minister of State for Mines and Steel Development, Alhaji Ahmed Mohammed Gusau, has said that the Federal Government would ask investors not performing creditably in private companies in the aluminium and steel sector to quit.
Speaking during a facility inspection tour of Dana Steel Limited, Katsina in Katsina State, he said: "Any private investor who is not willing or does not have the capacity to operate in the privatized Nigeria 's Aluminum and Steel Sector and does not operate within the confines of the laws of Nigeria and the vision and mission of the President Umaru Musa Yar'Adua Administration is advised to quit. We are not going to tolerate that kind of attitude".
Gusau said it was time for all private companies in the sector to start working in order to realize the vision and mission of the present administration. He assured that the present administration was committed to the growth of the aluminium and steel sector to make Nigerians and investors happy. He said that any privatized company in the sector that was not willing to synergize with government objectives was no longer responsible and worthy of any encouragement by the Federal Government. He however assured that privatized companies operating in conformity with the vision and mission of the present administration would be assisted.
He added that it was by putting extra efforts by both the government, Nigerians and other stakeholders that the government's dream could be realized. The Minister advised that Dana Steel Limited and other investors in the sector should operate within the confines of the Mining Act and the Minerals and Metals Policy because the present administration believes in the Rule of Law and Due Process.
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The former Katsina Rolling Mill was acquired by the present owners, Dana Steel Limited in 2006 as a result of Federal Government's Privatizations Programme to produce debars, wire and iron rods. The company has since commended production.
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