Friday, July 25, 2025
  • REPORT A STORY
  • PRIVACY
  • CONTACT US
WITHIN NIGERIA - NEWS PICKS
  • HOME
  • FEATURES
  • NEWS PICKS
    • BREAKING
    • National
    • Local News
    • Politics
    • Diaspora
    • Business
    • Education
    • Sports
    • World News
      • Africa
      • U.S
      • Asia
      • Europe
    • XTRA
  • ENTERTAINMENT
  • MORE
    • GIST
    • ARTICLES
    • VIDEOS
No Result
View All Result
WITHIN NIGERIA - NEWS PICKS
No Result
View All Result
  • HOME
  • FEATURES
  • NEWS PICKS
  • ENTERTAINMENT
  • MORE

Reps Investigate AMCON, BPE Over Sale of $700M Delta Steel Asset for $30M

Investigation Launched into Controversial Sale of Delta Steel Company

paulcraft by paulcraft
February 16, 2025
in National
Reading Time: 3 mins read
0 0
A A
0
House of reps
Share on FacebookShare on Twitter
  • The House of Representatives is investigating the sale of Delta Steel Company, which was valued at $700 million but sold for just $30 million

  • BPE Director Gbeleyi revealed that GINL acquired 80% of DSC in 2005 under privatization, using its assets as loan collateral


The House of Representatives Committee on Public Assets has launched an investigation into the controversial sale and collapse of Delta Steel Company (DSC), Aladja, Warri, Delta State.

The committee, led by Hon. Ademorin Kuye, interrogated officials from the Bureau of Public Enterprises (BPE), Asset Management Corporation of Nigeria (AMCON), the Office of the Accountant General of the Federation (AGF), and the Ministry of Finance Incorporated (MoFI) over the alleged undervaluation of DSC’s sale.

READ ALSO

PDP announces date for National Convention

Your threat ‘a waste of time’, You can’t stop me from visiting Edo, I’ll return: Peter Obi replies Gov Okpebholo

FULL LIST: LPPC pencils 57 for Senior Advocate of Nigeria rank

Nigerian Army orders probe into troops’ complaints of abysmal meal

The investigation follows a petition received by the House, alleging that a $700 million asset was sold for less than $30 million.

According to BPE Director-General, Ayodeji Ariyo Gbeleyi, the Federal Government’s privatisation policy led to the sale of 80% of DSC’s shares to Global Infrastructure Nigeria Ltd (GINL) in 2005, while the government retained 20%. Gbeleyi confirmed that GINL acquired 80% of DSC for just $30 million, despite the company’s valuation at $700 million.

He also revealed that residential buildings and plots of land belonging to DSC were later used to settle workers and pensioners.

The investigation uncovered that GINL used DSC assets as collateral to obtain a loan from Ecobank. However, due to loan default, AMCON acquired the DSC assets in 2015 and sold them to Premium Steel and Mines Ltd.

Gbeleyi criticized AMCON for failing to consult BPE before acquiring and reselling DSC’s assets, violating contractual agreements.

Meanwhile, petitioners, including the Association of Concerned Residents of DSC’s Camp 2, 4, and 5 estates, alleged harassment and intimidation by security personnel acting on behalf of AMCON and Premium Steel and Mines.

One of the petitioners, Dr. David Emomotimi, argued that the assets AMCON acquired were strictly those used as collateral for loans and did not include residential buildings.

A major controversy arose when petitioners claimed GINL’s loan from Ecobank was N250 million, yet AMCON allegedly inflated it to N7 billion.

BPE Director Gbeleyi admitted that the agency was aware of the Ecobank loan but unaware of loans from three other banks that AMCON cited as creditors.

AMCON’s legal representative, Chukwuemeka Umunakwu, stated that the agency acquired DSC’s assets for N22 billion and sold them to Premium Steel and Mines for N32 billion. However, the AGF’s representative, Kabiru Ademola (Director, Finance), said the federal government had only received N3 billion from BPE for the original sale to GINL.

Regarding the alleged N32 billion payment by AMCON to the federal government’s Treasury Single Account (TSA), the Central Bank of Nigeria (CBN) had not confirmed the transaction as of the committee’s last inquiry.

The Managing Director/CEO of the Ministry of Finance Incorporated (MoFI), Dr. Armstrong Takang, distanced the agency from the Delta Steel Company issue due to “numerous controversies.”

Takang expressed concern over the collapse of DSC and similar entities, stating:

If our forefathers, who were less exposed and educated, could build such infrastructure, why is it now difficult for contemporary leaders to maintain them? I wonder what the future holds for this country.

The House committee has ordered AMCON and Premium Steel and Mines to stop harassing DSC estate residents until the investigation is concluded.

POPULAR TODAY

    • All
    • National
    • Local News
    • Politics
    • World News
    • Sports
    • XTRA

    Ex-Gov Aliyu warns PDP against embracing ‘nomadic politicians’

    July 24, 2025
    Death

    Gombe: Teenager stabs friend to death during argument

    July 24, 2025
    Hulk Hogan

    WWE legend Hulk Hogan is dead

    July 24, 2025

    Ex-presidential candidate Hashim returns to PDP, declares party Nigeria’s best hope in 2027

    July 24, 2025

    Discussion about this post

    ADVERTISEMENT
    NEWS PICKS — WITHIN NIGERIA

    WITHIN NIGERIA MEDIA LTD.

    NEWS, MULTI MEDIA

    WITHIN NIGERIA is an online news media that focuses on authoritative reports, investigations and major headlines that springs from National issues, Politics, Metro, Entertainment; and Articles.

    Follow us on social media:

    CORPORATE LINKS

    • About
    • Contacts
    • Report a story
    • Advertisement
    • Content Policy
    • Privacy Policy
    • Terms
     
    • Fact-Checking Policy
    • Ethics Policy
    • Corrections Policy
    • REPORT A STORY
    • PRIVACY
    • CONTACT US

    © 2022 WITHIN NIGERIA MEDIA LTD. designed by WebAndName

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    No Result
    View All Result
    • HOME
    • FEATURES
    • NEWS PICKS
      • BREAKING
      • National
      • Local News
      • Politics
      • Diaspora
      • Business
      • Education
      • Sports
      • World News
        • Africa
        • U.S
        • Asia
        • Europe
      • XTRA
    • ENTERTAINMENT
    • MORE
      • GIST
      • ARTICLES
      • VIDEOS

    © 2022 WITHIN NIGERIA MEDIA LTD. designed by WebAndName