KAM Steel Acquires N60bn Plant In Ogun, Targets 10,000 Jobs For Nigerians - THE DAILY CRUCIBLE



Monday, August 31, 2020

KAM Steel Acquires N60bn Plant In Ogun, Targets 10,000 Jobs For Nigerians

          L-R: Alhaja Bolanle Yusuf, Hussein                           Nurudeen and Alhaji Kamoru Yusuf  during                             formal handover of SMC to KAM Steel on Monday
From Heritage Odih, Abeokuta

KAM Steel Integrated Company Ltd has acquired N60bn steel plants  in Sagamu, Ogun State to expand its stake in iron and steel products manufacturing for domestic and export markets.

The acquisition would also enhance the company's capacity of, to create 10,000 directs jobs for Nigerians in the coming months.

The Steel plants and assets located at Igbafa village in Sagamu, Sagamu Local Government Area of Ogun State was until the acquisition, owned by the Standard Metallurgical Company Ltd (SMC).

The formal  transfer of ownership of SMC to KAM Steel, an Integrated Company under the KAM Holding, was witnessed by major stakeholders in the industry.

The Chairperson of KAM Holding, Alhaja Bolanle Yusuf said the acquisition was part of the KAM Steel business plans to increase its capacities and reposition Nigeria as a self-sufficient nation in steel and allied products production.

Mrs Yusuf that the industry would create 10,000 jobs for Nigerians in the coming months to complement government's efforts in tackling youths' unemployment and boost Internally Generated Revenue, (IGR).

She  expressed the hope that the Federal Government would continue to provide the enabling environment and support  for indigenous firms to thrive.

Yusuf said: "Today, KAM Steel has acquired the steel plant formerly owned by SMC and we believe that with this milestone, our capacities would increase tremendously and will reposition Nigeria as a self-sufficient nation and we hope that the Federal Government shall continue to provide the enabling environment and support  for continuing the actualization of the vision of the highly committed Nigerian behind this project.

"It is our target to create about 10,000 jobs to promising Nigerians in the next coming months as a way of complementing government's efforts in tackling youths' restiveness, boost Internally Generated Revenue, (IGR), as well as promoting our Corporate Social Responsibilities in the society.

"We hereby commend President Muhammadu Buhari, GCFR and his economic team for adopting holistic policies capable of strengthening local manufacturers especially sustaining the boarder closure policy which has further made Nigeria to be self-sufficient during the trying period of COVID-19 pandemic."

The Chairman of KAM Holding, Alhaji Kamoru Yusuf applauded the owner of the SMC for a transparent process in the transfer of ownership of the steel plant. 

He also sought the Federal Government support for industry in its efforts to develop the steel sector in Nigeria. 

The General Controller of SMC, Hussein Nurudeen said the transfer offers greater opportunity for Nigeria to export steel products, describing products from the plant as being of "very high quality and standard."

In his remarks, the Minister of Mines and Steel, Architect Olamilekan Adegbite said the transfer of ownership would put an end to the “dig it and ship it” syndrome and boost down stream activities in the metal sector for jobs and wealth creation.

Adegbite was represented by his Senior Special Assistant (Technical), Olu Adebayo.

The Minister  said the KAM industry has the potential to supply a sizeable volume of the steel requirements of the nation.

"The FGN is also encouraging all metal sector operators to comply with set standard for the production of all metal products in order to ensure that our local products compete favorably in the international market. 

"In order to do so, metal operators, artisans and other skilled operators in the metal sector are encouraged to sharpen their skills via the metallurgical training centers in Nigeria 

The FGN is working towards eradicating the import of metallurgical raw materials and products that can be produced locally and support the development of home-grown technologies in line with local content," he said. 

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