The Iron and Steel Senior Staff Association of Nigeria (ISSSAN) has said it is pertinent for the federal government to resolve all legal issues that could affect the proposed revival of the Ajaokuta Steel Plant.
ISSAN President, Mr Otori Maliki, told newsmen in Lagos that the federal government should ensure that it settles any court case involving the company before restructuring it.
Maliki said the steel plant stopped functioning since 2005 when it was sold to Global Steel, an Indian company, during former president, Olusegun Obasanjo’s administration.
He said there were transnational irregularities at the rolling mill when it was privatised and those issues needed to be rectified before rebuilding it.
“Since 2007, the government has been in arbitration with Global Steel and Global Infrastructure Limited at the International Chamber of Commerce, (ICC) London,” he said.
Maliki said if revamped, the plant could employ no fewer than 10,000 people and boost the economy of the country.
He said it was regrettable that Nigeria had continued to suffer unquantifiable losses from the depreciation of the multi-billion dollar investment due to its abandonment.
“Ajaokuta steel plant is in need of resuscitation for the company to serve its purpose. There is also brain drain of the manpower trained in Russia, Bulgaria and India for the steel plant,” he said.
The ISSAN president said Ajaokuta could produce over 110MW of electricity to meet its local consumption needs, while the remaining would be transferred to the national grid.