By Musa Adamu
Abuja
Following the signing of the modified Nigerian Iron Ore Mining Company (NIOMCO) concession between the federal government and Global Steel Holdings Limited (GSHL) two days ago, the concessionaire would submit its business plan for government’s approval within the next 105 days.
The submission of business plan for approval by the federal government is part of the time line agreed upon by both parties for the revitalisation of the entity.
A statement issued by the Special Adviser, Media, to the minister of solid minerals development, Olayinka Oyeboda, the submission and approval of the business plan is to come after the release of claims by GSHL.
It said under the new arrangement, the concessionaire is to implement the business plan as approved by the government.
It said: “The Vice President, Prof Yemi Osinbajo, had, while presiding over the signing ceremony on Monday, urged both parties to keep to the various deadlines contained in the agreement in the spirit of mediation.”
According to the timeline released by the ministry, the statement further revealed, GSHL will, within 48 hours of the signing of the agreement, gain access to NIOMCO plant at Itakpe, Kogi state, for due diligence.
“Also, an independent audit of the Joint Audit Report (JAR) is to be carried out within the next 65 days while the terms of reference of the auditors will be to “cross check and verify the report and not to re-do the audit all over again.”
“The ratification of the JAR by the Attorney General of the Federation and GSHL is to be carried out shortly after, specifically within 80 days of the agreement signing.”