Senate prove alleged payment of $496m to revive Ajaokuta Steel Company

The Ajaokuta Steel Company Limited (ASCL) is Nigeria's largest steel producer. It is located in Ajaokuta, Kogi State, Nigeria. Established in 1979, it was envisioned to be the cornerstone of Nigeria's industrialization.

Unfortunately, the project has been plagued by mismanagement and remains incomplete. Despite being over 80% finished, only a small portion of the facilities are operational.

In the year 2000, the Ajaokuta Steel Company in Nigeria was undergoing a revival attempt. President Olusegun Obasanjo, who had initiated the project in 1971 as military president, restarted it during his second term in office. This time, he aimed to complete the project through a public-private partnership (PPP) scheme.

However, this attempt also faced challenges due to corruption allegations and lawsuits. The dream of a fully functional Ajaokuta Steel Company remained unfulfilled.

In 2007, the Ajaokuta Steel Company in Nigeria was still under development through a public-private partnership (PPP)  initiated in 2000. Though some progress was made, the project remained incomplete due to ongoing challenges.

Specifically, in 2007:

 * Global Infrastructure Nigeria Ltd (GINL), a subsidiary of Mittal Steel, held the concession for the Ajaokuta Steel Company.

 * The company also acquired the Delta Steel Company that year.

 * Despite these developments, the Ajaokuta Steel Company wasn't fully operational in 2007.

In 2011, the Nigerian government aimed to achieve a significant milestone regarding the Ajaokuta Steel Company. The federal government set 2011 as the target date for restarting operations at Ajaokuta Steel Company, alongside its sister company, the National Iron Ore Mining Company at Itakpe.

There was optimism that 2011 would mark a turning point for the Ajaokuta Steel Company. Plans were also in place to privatize the companies after successfully resuming operations. However, these goals were not fully realized in 2011.

In 2015, the Ajaokuta Steel Complex in Nigeria remained largely incomplete despite being a major national development project. The Nigerian government had been urged to complete the plant by 2015, but it remained unfinished.

Here's a summary of the situation in 2015:

 * Incomplete state: The Ajaokuta Steel Complex remained unfinished despite years of development.

 * Calls for completion: There were calls from various groups for the government to complete the project.

 * Reasons for incompletion: The reasons for the incompletion were complex and included financial constraints, political interference, and management issues.

While there were talks about reviving the Ajaokuta Steel Complex between 2019 and 2023, significant progress wasn't reported. The Nigerian government did announce plans to secure funding and develop a revival strategy, but the complex remained largely inoperable.