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Ajaokuta Steel: How FG settled $5.3bn Contract dispute with foreign firm – Malami

The Federal Government of Nigeria has settled the long-standing contractual dispute with a foreign investor group in the steel space of $5.258 billion for $496m, Attorney General of the Federation and Minister of Justice, Abubakar Malami, SAN has said.
This was made known by Dr. Umar Jibrilu Gwandu, Special Assistant on Media and Public Relations Office of the Attorney General of the federation and Minister of Justice, in a statement made available to newsmen on Sunday.
The mediation proceedings, according to the statement, was under the International Chamber of Commerce’s (ICC) Alternative Dispute Resolution (ADR) framework led by Mr Phillip Howell-Richardson. The settlement agreement came into effect on 19 August 2022.
Nigeria succeeded in reducing the claim in mediation brought by the international firm of King and Spalding, legal representatives of the Global group, by 91%. A claim for over $10 billion was threatened in arbitration before the International Chamber of Commerce, International Court of Arbitration, Paris, in respect of five major contracts of 2004-2007 – covering steel, iron ore, and rail.
It might be recalled that the seeds of the disputes can be traced to five contracts entered into by the 1999 -2007 administration that gave complete dominance over the Nigerian steel space to one company group, the Global Steel group.
However, in 2008 a new administration proceeded to terminate these contracts contrary to legal advice supplied by the Federal Ministry of Justice, which cited the termination cost in the form of damages.
The statement noted that had the government of that day not terminated the Ajaokuta Share Purchase Agreement on 1 April 2008 and waited for just 55 days to terminate, it would have terminated lawfully and the Government would have collected more than 26 million USD from Global Steel.
This was because the firm appeared unable to pay the first tranche for the Ajaokuta shares before the first anniversary of the agreement (25 May 2008). This failure would have given Nigeria a right to over $26m as liquidated damages under cl.12 of the Ajaokuta Share Purchase Agreement.
Global steel, in consequence, took the FGN to the International Chamber of Commerce, International Court of Arbitration, Paris, commencing arbitration in 2008. Although the Federal Government negotiated a settlement in May 2013, the previous administration failed to implement its settlement agreement.
In May 2020, Global threatened a resumption of the arbitration and announced an anticipated claim in damages of over $10-14 billion against the Nigerian State in respect of the affected 5 contracts.
The administration of President Muhammadu Buhari, however, took decisive steps to resist this claim, rather than pass it on to a future administration with ballooning interest.
With this development, Malami said President Muhammadu Buhari has now rescued the steel industry from interminable and complex disputes as well as saving the taxpayer from humongous damages.
The Minister also stated that one of the lessons to be learnt included that the future arrangements – sale or concessions – must be carried out in the national interest and in compliance with the law.
The Office of the Attorney General of the Federation and Minister of Justice grappled with the inherited problem by adopting a blueprint of seven principles for the cost-effective resolution of contractual disputes wherever they occur. They are the use of institutional mediation, choice of FGN counsel, the use of financial advisers with reputational capital, the importance of not discouraging foreign investment, fiscal responsibility, transparency, and the recognition that joined-up government produces superior outcomes.
The FGN engaged PwCNigeria to do a comprehensive review to ensure taxpayers are protected. Also, Dr Tunde Ogowewo, a barrister (and senior academic at King’s College London), represented the FGN and advised the government throughout the process. The Attorney-General of the Federation and Minister of Justice, Abubakar Malami stated of Dr Ogowewo’s report:
“FGN Counsel’s Report on Case Reference 15539/VRO/AGF/ZF/TO/AZR/SPN)_ – of over 1,000 pages provided a guide on how to avoid such contractual disputes and, where they occur, how to reach cost-effective savings for the benefit of the Nigerian taxpayer.”
Malami, therefore, reiterated the commitment of President Muhammadu Buhari-led Federal Government of standing firm to continue to make assiduous efforts in protecting the public interest and ensuring that Nigeria is not denuded of its resources through whatever means.
News
Nnamdi Kanu challenges court’s jurisdiction as Justice Nyako adjourns case indefinitely


The leader of the proscribed Indigenous People of Biafra (IPOB) Nnamdi Kanu, on Monday, questioned the jurisdiction of the court over his alleged terrorism case when he re-appeared before Justice Binta Nyako of the Federal High Court for the resumed hearing of his protracted case.
Despite Kanu’s insistence that Justice Nyako has no jurisdiction over his case, the judge adjourned the matter indefinitely.
Kanu was brought into Nigeria in June 2021 and has since been detained and tried for alleged terrorism. His trial was stalled after Justice Nyako recused herself from the case following an oral application by the defendant on September 24, 2024.
The IPOB leader had directly told the judge that he no longer had confidence in her handling of his trial.
However, the Chief Judge of the Federal High Court, John Tsoho, reverted the file to Nyako on the ground that Kanu’s application must be brought formally before the court through a motion on notice.
Consequently, in a letter dated December 5, 2024, addressed to the Deputy Chief Registrar, Adegboyega Awomolo, the prosecution counsel, asked the court to fix a date for the commencement of the trial.
Opposing the request for a trial date, the defence counsel, Aloy Ejimakor, in a letter dated December 9, 2024 said the ruling of the judge recusing herself remained valid.
Subsequently, Ejimakor asked that the case be transferred to a Federal High Court in the South-East if no judge in Abuja is willing to preside over it. His prayer, however, did not see the light of day.
At the resumed hearing on Monday, February 10, 2025, Justice Nyako said the chief judge had not accepted her recusal and had referred the case back to her.
She asked the defence team led by Ejimakor to come up with a written application if they still insist on the recusal.
Earlier, the Prosecution counsel led by Adegboyega Awomolo, said they were ready for the commencement of trial as his witnesses were ready.
Poor knowledge of Court affecting Nigeria – Kanu
Addressing the court, a furious Kanu questioned why he was brought before Justice Nyako. He said all that the judge said was meaningless to him. He said he does not recognise the authority of the court presided by Justice Nyako over him.
The IPOB leader said he was only in court because of the respect he has for the rule of law, adding that the judge had previously recused herself from the case.
Kanu said he was not happy with the decision of the chief judge who returned the case to Justice Nyako, insisting that the prosecution cannot prosecute him.
The IPOB leader insisted that Justice Nyako is biased over his case and should not preside over his case. He said poor knowledge of the court is affecting Nigeria.
The prosecution counsel took an objection to Kanu’s remarks and asked for a definite date for hearing since the prosecution has refused to file a written application. Awomolo said it was not right for Kanu to insult the court.
Despite Kanu’s objection, Justice Nyako adjourned his case indefinitely. (CHANNELSTV)
News
Supreme Court dismisses Fubara’s appeal against Amaewhule-led Rivers assembly


Justice Uwani Abba-Aji-led five-man panel of Supreme Court has dismissed the appeal filed by the Governor of Rivers State, Siminalayi Fubara, challenging the leadership of the Rivers State House of Assembly loyal to FCT Minister Nyesom Wike and led by Martin Amaewhule.
Justice Uwani Abba-Aji while dismissing the appeal awarded a cost of two million naira against the governor payable to the Rivers State House of Assembly as the first respondent and Martin Amaewhule as the second respondent.
The dismissal of the appeal by Fubara was hinged on the withdrawal of the suit by his counsel, Yusuf Ali, CHANNELS TV reports.
Governor Fubara, had earlier officially withdrawn his appeal against the Court of Appeal’s ruling, which nullified the 2024 state budget.
The announcement was made on Monday by Lere Olayinka, media aide to the Minister of the Federal Capital Territory, Nyesom Wike.
Governor Fubara initially presented the 2024 budget to the faction of the Rivers State House of Assembly led by Edison Ehie in December 2023. However, on October 10, 2024, the Appeal Court in Abuja upheld a previous Federal High Court ruling from January 22, 2024, which declared the budget’s passage illegal.
The legal dispute arose after pro-Wike lawmakers, led by Martins Amaewhule, challenged the budget in court, arguing that it was not properly passed through the legally recognized Assembly.
Tensions between Fubara and his former political ally, Wike, have escalated, with the rift reportedly centered on control over the state’s political structures.
In a social media post on Monday, Olayinka stated that Fubara’s decision to withdraw the appeal was an admission of wrongdoing.
He wrote: “Governor Fubara of Rivers State has withdrawn his appeal No. SC/CV/1071/2024 against the Appeal Court judgment declaring the 2024 Budget of the State illegal and ordering him to present the budget to the House of Assembly led by Rt. Hon. Martins Amaewhule.
The Appeal Court had upheld the ruling of Justice J. K. Omotosho in Suit No: FHC/ABJ/1613/2023, which directed the governor to re-present the budget to the Assembly under Rt. Hon. Martins Amaewhule.
By withdrawing the appeal, Governor Fubara has effectively accepted both the lower and appellate courts’ decisions, which deemed the initial budget presentation to three lawmakers as unlawful.”
As of the time of this report, Governor Fubara’s camp has yet to issue an official statement regarding the development.
News
How I sacked my daughter over lateness — Obasanjo


Former President Chief Olusegun Obasanjo has revealed how he sacked his daughter from his farm due to lateness. He explained that the incident sent a strong message to his employees, saying, “If Baba could do this to his daughter, who are we?”
Obasanjo made this disclosure while hosting the new Chairman of the Board of Management of the Federal Medical Centre (FMC), Idi-Aba, Abeokuta, Dr. Dayo Israel, at his Penthouse residence within the Olusegun Obasanjo Presidential Library complex in Abeokuta, Ogun State.
The former president advised Dr. Israel to brace himself for challenges and be willing to step on toes if necessary to ensure a successful tenure. He emphasized that no effective leader can achieve success without stepping on toes.
“Shortly after I left office as Head of State, my first daughter, who was then studying Veterinary Medicine at the University of Ibadan, joined my farm for practical experience during a long vacation. On her first day, she arrived at 7:15 a.m. instead of the usual 7:00 a.m. I warned her about the need to set a good example for other workers.
“To my amazement, she was late again the following day. I did not hesitate to send her back right from the gate. This had a significant impact on my employees, who said, ‘If Baba could do this to his daughter, who are we?’”
Obasanjo encouraged Dr. Israel to be just, fair, and humane even when it became necessary to step on toes. He also commended the Medical Director, Prof. Adewale Musa-Olomu, for his remarkable achievements over the past seven and a half years.
Earlier, Dr. Israel described Obasanjo as an international figure full of wisdom and wit, saying,
“Meeting Baba Obasanjo is always so much fun. His wisdom and experience are invaluable as we begin this journey of transformation at FMC Abeokuta.”
The chairman pledged to support the hospital management in transforming FMC Abeokuta into a world-class health institution. He highlighted his priority of moving the hospital away from the national grid to renewable energy and emphasized openness to partnerships.
During his familiarization visits, Dr. Israel also met with the royal fathers of Alake, Osile, and Olowu, who blessed and prayed for his successful tenure. He also visited the former Commandant General of the Nigerian Security and Civil Defence Corps (NSCDC), Dr. John Ade Abolurin. (Vanguard)
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