Concessions of ASCL and NIOMCO
Concessions of Ajaokuta Steel Company Limited (ASCL) and National Iron Ore Mining Company (NIOMCO)
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Context
The Federal Government of Nigeria through the Ministry of Mines and Steel Development (MMSD) is actively working for the revival of the mining and steel industries in Nigeria. As a catalyst to the sector, the Federal Government intends to involve private sector parties in the redevelopment, operation and maintenance of two legacy, but core assets in the industry: the Ajaokuta Steel Company Limited (ASCL) and the National Iron Ore Mining Company (NIOMCO). NIOMCO and ASCL were established as a kick-start to the Nigerian steel industry in the 1970s. To-date, none of the companies have operated to the level and expectation of the original founders.
Successfully concessioning these two assets will stimulate the domestic steel and iron ore industry to develop self-sufficiency in steel production, while turning Nigeria into an internationally renowned mining destination.
MMSD has engaged the services of CPCS as the Transaction Advisor to assist in the procurement of interested private sector investor(s) with the requisite technical competence, managerial capability, and financial resources.
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