The House of Representatives Committee on Public Assets has launched an investigation into the controversial sale and subsequent collapse of the Delta Steel Company (DSC) located in Aladja, Warri, Delta State.
Led by Hon. Ademorin Kuye, the committee has summoned officials from the Bureau of Public Enterprises (BPE), the Asset Management Corporation of Nigeria (AMCON), the Office of the Accountant General of the Federation (AGF), and the Ministry of Finance Incorporated (MoFI) to provide clarity on the transaction, which saw the steel company, valued at over $700 million, sold for a mere $30 million.
Kuye emphasized the committee’s responsibility to oversee the management, use, and disposal of federal government assets, stating that the investigation was prompted by a petition highlighting the discrepancies surrounding the sale of DSC and AMCON’s role in its acquisition.
During the briefing, Mr. Ayodeji Ariyo Gbeleyi, Director General of the Bureau of Public Enterprises, explained that in 2005, the Federal Government sold 80% of its shares in Delta Steel Company to Global Infrastructure Nigeria Ltd (GINL) for $30 million, retaining a 20% stake. Gbe
