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USD 652 Million Needed to Reactivate Ajaokuta Steel Plant - Audit

Steel News - Published on Wed, 17 Jul 2019

Image Source: Construction Review Online
Punch Nigeria reported that an audit conducted by Nigerian and Ukrainian experts showed that a total of USD 652 million is required to reactivate and complete the Ajaokuta steel plant. The audit was conducted in April 2018 by Nigerian engineers, technicians, and other professionals as well as two Ukrainian experts in steel plant. According to the audit, the plant, which was started in the 1970s, had reached 95.7% completion. The audit report was presented to a former Minister of State for Mines and Steel Development, Mr Bawa Bwari, by the Sole Administrator of the company, Mr Sumaila Abdul-Akaba.

The company said that “The technical audit report on Ajaokuta Steel Plant, which ascertained that the plant is 95.7% erection ready has been submitted. Reactivation and completion requirement stands at USD 652 million.”

It said that “The internal technical audit, which was conducted on the facilities of the steel plant between February and April 2018 was an updated version of the last technical evaluation done in the year 2010 by Reprom Nigeria Limited.”

Source :

Posted By : Ratan Singh on Wed, 17 Jul 2019
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