Nigeria: GINL to Sue Ajaokuta Management Committee Over Alleged N23 Billion Debt
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Daily Trust (Abuja)
6 October 2008
Posted to the web 6 October 2008
Mohammed Lawal Shuaibu
Indian owned Global Infrastructure Nigeria Limited (GINL) has threatened to sue the Chairman of the Interim Management Committee of Ajaokuta Steel Company Ltd, Engineer Philip Umunnakwe, over allegation it owes Nigerian banks N23 billion.
The company said Saturday in Abuja it would be compelled to take legal action against Engineer Umunnakwe if he failed to retract all "the falsehood he has shamelessly peddled befo-re the Nigerian media within a reasonable time."
The interim chairman had on September 24 at a press con-ference in Abuja said GINL used Ajaokuta Steel Company as col-lateral to borrow the said money from Nigerian banks; and alle-gedly "removed equipment worth billions of naira from Ajao-kuta to places it has interest."
But GINL in a statement signed on their behalf by Managing Director Delta Steel Company, Dr Sam Nwabuokei, said "the company did not borrow any money from Nigerian banks on behalf of Ajaokuta Steel Com-pany. GINL borrowed money from Nigerian banks on behalf of Delta Steel Company which was privatised to it, and these were borrowed in line with laid down procedures and as empowered with the content of the agreement.
"As verifiable from the banks, the loans are being serviced in spite of imposed conditions."
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The statement said the multinational steel company moved multibillion naira equip-ment from Ajaokuta to Delta Steel Company based on the approval it got from the Interim Committee Chairman, Engineer Umunnakwe.
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