FG gives 105 days for GSHL to present business plan on NIOMCO concessioning

Following Monday’s signing of the modified agreement between the Federal Government and Global Steel Holdings Limited to concession the Nigerian Iron Ore Mining Company (NIOMCO), GSHL has been mandated to submit its business plan for government’s approval within the next 105 days.

The business plan to be submitted for approval by the Federal Government is part of the timeline agreed upon by both parties in order to pave way for the revitalisation of the grossly underutilised company, and is to come after the release of claims by GSHL.

“Also, an independent audit of the Joint Audit Report is to be carried out within the next 65 days, said a statement from Kayode Fayemi, the minister of solid minerals, which was signed by Olayinka Oyebode, his special adviser on media.

“The terms of reference of the auditors of the audit state that their work is to cross check and verify the report and not to re-do the audit all over again,” the statement further read.

The ratification of the Joint Audit Report by the attorney general of the federation and GSHL is to be carried out shortly after, specifically within 80 of signing the agreement.

Under the new arrangement, the concessionaire is to implement the business plan as approved by the government.

The vice president, Yemi Osinbajo, while presiding over the signing ceremony on Monday, urged both parties to keep to the various deadlines contained in the agreement in the spirit of mediation.

According to the timeline released by the ministry of solid minerals development, GSHL would within 48 hours of the signing of the agreement gain access to NIOMCO plant at Itakpe, Kogi State, for due diligence.

Fayemi stated that getting NIOMCO and Ajaokuta working would move Nigeria from just being a mineral-rich country to a mining nation.

According to him, “once the first phase of the agreement is accomplished, it is the intention of FG to quickly move into accomplishing the objectives of concessioning the Ajaokuta Steel Plant to the most competent operator.”

He further added that, through this, the country would be able to process, beneficiate and add value to what it has.