Wednesday, 25 February 2015

Nigeria Sells Delta Steel Company to Automobile Firm

According to Minister of Mines and Steel Development, Mr. Mohammed Sada, FG has concluded necessary arrangements to sell the multi-billion dollar Delta steel company to an automobile firm, Vanguard reports.

Speaking when he appeared before the senate on Tuesday, he said the ministry is working in close partnership with the Assets Management Company of Nigeria.

Sada recalled that the company had been in the hands of a private investor but was retrieved by AMCON but was now set to be sold to another investor who is interested in the automobile industry.

“Now AMCON is in the process of selling it and I am aware there are quite a number of people that have written letters of intent that they are interested. What interests us in the ministry is that those interested are people that are interested in automobile development.

“We believe in the system now that someone who has interest in developing a value chain around the company is showing interest in buying it. We have no role to play by the way, they are consulting us as experts in the industry and we have had several meetings with them to guide them.

“The last time I had a meeting with the MD of AMCON he assured me that in the next couple of weeks, they are going to have somebody they are discussing with a view to selling it over”

He further clarified issues relating to fears of future claims to the steel company by any other private investor and said that all pending issues have been resolved

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