The National Assembly Joint Committee on Steel Development has resolved to investigate the circumstances surrounding the $496 million paid by the Federal Government to Global Infrastructure Holding Limited (GIHL), an Indian firm.informationguidenigeria
The payment was made following a failed attempt by GIHL to revitalize the National Iron Ore Mining Company, Itakpe, in Kogi State.JAMB Portal
GIHL was initially given control over the Itakpe Iron Ore Company in 2016. However, the concession agreement was terminated in 2019 due to the firm’s non-performance.NYSC Portal
See Other Top Stories:
- Nigeria Police Affirm Citizens’ Right to Record Officers on Duty
- Tragic Accident in Plateau State Claims 12 Lives, Injures 30
- Trading activities on the Nigerian Exchange Limited moderated on Tuesday
- Nigeria Relies Heavily on Petrol and Diesel Generators for Electricity
Subsequently, GIHL sued the Federal Government for breach of contract and was awarded damages amounting to $496 million, which has already been paid.JAMB Portal
The issue came to light during a budget defense session at the National Assembly, where the Minister of Steel Development, Abubakar Audu, and other ministry officials were present.
Audu explained to the panel that the concession was terminated because the concessionaire failed to meet the set expectations.
Check JAMB Result
Check and Confirm: How much is Dollar to Naira
