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Indian firm stripped off contract in Nigeria
Nigerian federal government on Friday cancelled an agreement with Indian firm, Global Infrastructure Holdings (Nigeria) Limited, citing non-compliance by the company.
By rejecting the agreement reached with the Federal Government on the concessioning of the Ajaokuta Steel Company and the National Iron Ore Mining Company, all in Kogi State, the Federal Executive Council rescinded the concession agreement
It has directed the Economic and Financial Crimes Commission (EFCC) to bring criminal prosecution against indicted officials of the Federal Government and promoters of GIHL for asset stripping.
The government said, the agreements concessioning the two companies were not only skewed in favour of the concessionaires to the detriment of the Federal Government, but any benefits that should have accrued to the government and people of Nigeria from the implementation of the agreements have been thwarted by breaches and unwholesome practices by GIHL.
President Yar'Adua has ordered the criminal prosecution of indicted officials of the Federal Government and promoters of GIHL for asset stripping.
In addition, the Central Bank of Nigeria is to establish amounts of money borrowed by GIHL from Nigerian banks, determine the amounts actually utilized locally and amounts taken out of the country.
Nigerian federal government on Friday cancelled an agreement with Indian firm, Global Infrastructure Holdings (Nigeria) Limited, citing non-compliance by the company.
By rejecting the agreement reached with the Federal Government on the concessioning of the Ajaokuta Steel Company and the National Iron Ore Mining Company, all in Kogi State, the Federal Executive Council rescinded the concession agreement
It has directed the Economic and Financial Crimes Commission (EFCC) to bring criminal prosecution against indicted officials of the Federal Government and promoters of GIHL for asset stripping.
The government said, the agreements concessioning the two companies were not only skewed in favour of the concessionaires to the detriment of the Federal Government, but any benefits that should have accrued to the government and people of Nigeria from the implementation of the agreements have been thwarted by breaches and unwholesome practices by GIHL.
President Yar'Adua has ordered the criminal prosecution of indicted officials of the Federal Government and promoters of GIHL for asset stripping.
In addition, the Central Bank of Nigeria is to establish amounts of money borrowed by GIHL from Nigerian banks, determine the amounts actually utilized locally and amounts taken out of the country.