Nigeria to Pay $496 Million to Settle Indian Firm's Claim Over Ajaokuta Steel

Sep 5, 2022 · 52s
Nigeria to Pay $496 Million to Settle Indian Firm's Claim Over Ajaokuta Steel
Description

The government says the deal achieved through the alternative dispute resolution framework saves the country money as the company demanded $5.258 billion. The Nigerian government says it has agreed to...

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The government says the deal achieved through the alternative dispute resolution framework saves the country money as the company demanded $5.258 billion.
The Nigerian government says it has agreed to pay $496 million to settle a multibillion-dollar claim by Global Steel Holdings Limited over the control of Ajaokuta Steel Company.
Attorney-General Abubakar Malami says the federal government will pay the company $496 million instead of $5.258 billion demanded by the firm, to settle the dispute.
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Author Africa Business Radio
Organization Africa Business Radio
Website -
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