Business Headline News Nigeria

Premium Steel Company to appear before lawmakers for questioning

The House of Representatives has summoned the Management of the Premium Steel Company to appear before its committee on Steel in 3 days to answer questions on the sales and present status of the Delta Steel Company.

The summoning followed the company’s walkout staged on the lawmakers at an investigative hearing over the Delta Steel Company, the action described by the lawmakers as criminal.

The walkout was in protest to the committee’s decision not to allow the company’s counsel to represent its management insisting that the Managing Director or a Director of the Company should speak.

Handing down the lawmaker’s decision, the Chairman House Committee on Steel Development, Mr. Ibrahim Halims said the failure of the company to show up on Wednesday will leave the lawmakers with no other option than to invoke the relevant laws on the company.

Speaker, House of Representatives, Mr Femi Gbajabiamila represented by the Minority Whip, Tahir Munguno while declaring the investigative hearing open, said though the country needs foreign investment for development, the laws governing such investment would not be compromised.

The Delta Steel Company, established in 1982 to produce about 5 million tons of steel annually and employ not less than 5,000 Nigerians, was initially sold to Global Steel Limited and later to Premium Steel Company that grounded the company.

Reporting by Ibrahim Shehu; editing by Muzha Kucha