Nigeria has settled a $5.3 billion claim made by two Indian companies over the ownership and control of Ajaokuta Steel Company and other steel plants.
Nigeria’s attorney-general and justice minister Abubakar Malami said the settlement ‘rescued’ the country with about 91 percent reduction of the mediation claim from $5.258 billion to $496 million which takes effect on 19 August 2022.
The Indian companies – Global Steel Holdings and Global Infrastructure Steel with headquarters in the United Arab Emirates (UAE) had an agreement with the Nigerian government in 2004 during President Olusegun Obasanjo administration for five major concessions and share purchase of Nigeria’s steel industry.
Nigeria and the companies had a fallout, leading to the revocation of the contracts in 2008 after the former accused the firm of asset stripping
