The National Assembly Joint Committee on Steel Development has passed a resolution to investigate the $496 million paid by the Nigerian government to an Indian firm, Global Infrastructure Holding Ltd. (GIHL), which failed to revitalize the Itakpe Iron Ore Company.
GIHL took over the National Iron Ore Mining Company (NIOMCO), Itakpe, Kogi State, in 2016, but its agreement was terminated in 2019 due to non-performance.
The company then took the federal government to court, and damages of $496 million were awarded, which the government paid. The committee has decided to hold a public hearing to probe the concession agreement.