The Federal Executive Council on Wednesday approved the engagement of transaction advisors for consultancy services for the concession of Ajaokuta Steel Company Limited and the National Iron Ore Mining Complex in Itakpe, Kogi State.

FEC also approved contracts worth N10.48bn and $27.09m respectively for equipment to stabilise power supply nationwide.

Minister of Information and Culture, Lai Mohammed, disclosed this to State House correspondents shortly after Wednesday’s hybrid FEC meeting Presided over by the Presidency, at the council chambers of the State House, Abuja.

Mohammed, who spoke on behalf of the Minister of Mines and Steel, Olamilekan Adegbite, said the move breathes an air of hope into the long-abandoned piece of infrastructure.

He said “Council approved the engagement of transaction advisors for consultancy services for the concession of Ajaokuta Steel Company Limited and also the National Iron Ore Mining Complex in Itakpe in favour of CPCS Transform Consortium in the sum of N853,266,644.4 inclusive of 7.5 per cent VAT.

Credit: Punch

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