Nigeria’s House of Representatives has again embarked on a probe of controversies surrounding the management of the defunct Delta Steel Company, DSC, Ovwian-Aladja, Delta State.
The House Committee on Public Assets, during an investigative hearing in Abuja, on Friday, received oral submissions from parties involved in the sale and management of the DSC.
Chairman of the committee and member representing Shomolu Federal Constituency (Lagos State) Honourable Kuye Ademorin Aliu, explained that the committee, in the discharge of its oversight functions received information with allegations of desecration and mismanagement of assets of the steel company.
It would be recalled that the Federal Government sold 80% share of the company to Global Infrastructure Nigeria Limited, GIN, in 2005 through the privatisation policy of then President Olusegun Obasanjo’s administration.
It was gathered that GIN Ltd, allegedly used the steel company’s assets as collateral to obtain loans from financial institutions which they failed to pay back, leading to the seizure of the assets by Assets Management Company of Nigeria, AMCON.
Present during the House investigative hearing were representatives, AMCON, Bureau of Public Enterprises, BPE, Premium Steel Company amongst others.
Recall that the BPE has always maintained that it has no hand in the sale or mismanagement of the steel company, stressing that its role ended with privatisation in 2005.
