President Bola Tinubu should direct the Economic and Financial Crimes Commission (EFCC) to conduct a comprehensive investigation into the corrupt practices, financial mismanagement, and lack of accountability that have plagued the Ajaokuta Steel Company project, the Middle Belt Youth Council (MBYC), said on Monday.

The socio-political organisation, which is the youth wing of Middle Belt Forum (MBF), also advised that the findings of the investigation should be made public, while those found culpable should be prosecuted to the fullest extent of the law.

The National Youth Leader of MBF, Emmanuel Zopmal, in a statement said the Ajaokuta Steel Company in Kogi State has a long history of corrupt practices, financial mismanagement, and lack of accountability.

According to the MBYC, although Ajaokuta Steel Company, a critical national asset that was established in the 1970s to drive industrialization and economic development in Nigeria, it has, over the decades, been plagued by massive corruption, misappropriation of funds, and failure to complete construction and operationalize the plant.

The MBYC identified some of the key issues and concerns as follows:

*Global Steel Holdings Ltd has a scandalous reputation where it’s being found culpable of contract scams in Libya, India, Bulgaria, and Bosnia

*Repeated contract renegotiations and cost overruns: The project has seen numerous contract renegotiations over the years, leading to ballooning costs from the initial estimate of $1.5 billion to over $8 billion currently, with little to show for the investments.

*Lack of transparency and accountability: There has been a severe lack of transparency in the management of funds and contracts related to Ajaokuta. Repeated attempts to uncover the details of spending and contracts have been met with stonewalling and obfuscation.

*Allegations of corruption and misappropriation of funds: There have been widespread allegations of job racketeering, kickbacks, inflated contracts, and diversion of funds meant for the Ajaokuta project over the years. However, these allegations have not been properly investigated, and the culprits have not been held accountable.

*Failure to complete and operationalize the plant: Despite the enormous sums of money invested, the Ajaokuta Steel Company still remains incomplete and non-operational, depriving Nigeria of a critical industrial asset that could drive job creation and economic growth.

Zopmal said, “We, the Middle Belt Youth Council, therefore resolve that: The Federal Government should reinforce the Federal Executive Council’s decision during the administration of former President Umaru Yar’Adua that the EFCC should prosecute the consortium handling the Ajaokuta Steel Company.

“The Federal Government should ignore the international arbitration on Ajaokuta Steel Company and order for the arrest of the owner of the Global Steel Holdings Ltd for a contract scam that led to that arbitration.

“All the big sharks in the Federal Ministry of Steel Development, Federal Ministry of Justice, and the Ajaokuta Steel Company, cooking the mischievous international consortia contract negotiations and agreements must be fished out and brought to justice.

“The EFCC should conduct a comprehensive investigation into the corrupt practices, financial mismanagement, and lack of accountability that have plagued the Ajaokuta Steel Company project. The findings of this investigation should be made public, and those found culpable should be prosecuted to the fullest extent of the law.

“We want to assure Nigerian youths that Middle Belt Youth Council (Worldwide) will take any step necessary to follow up on this matter and ensure this giant company is completed.

“Furthermore, we call on President Bola Ahmed Tinubu, to direct the EFCC to work with relevant government agencies to probe the activities surrounding the Ajaokuta Steel Company and ensure the proper completion and operationalisation of the Company, so it can fulfill its potential as a driver of industrialization and economic development in Nigeria.” (AriseNews TV)

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