It is reported that Nigerian government has rejected an out of court settlement of its dispute with Global Infrastructure Holdings Limited over the cancellation of the concession of Ajaokuta Steel Company Limited.

Mr Musa Sada minister of mines and steel development said that the government would see the case through, adding that it would not withdraw from a case with an investor who he alleged cannibalized the assets of the steel company and breached the terms of the concession agreement.

He, however, said that the government and GHIL that was purported to have bought the entity are in arbitration. He said both parties met last month and is to meet again in January 2012.

He explained that the meeting, that will enable Nigeria to present its counter claim, saying, we have already articulated our position on the issues and hope that the matter will be amicably resolved soon.

On government's plan for the firm and the Nigeria Iron Ore Mining Company, he said that since the government does not want to repeat past mistakes, it has raised an economic team to carry out a study on what to do with the two entities. He said, the team headed by the co ordinator of the economy, Dr Ngozi Okonjo Iweala, is to study the possible scale of return from the plants.

(Sourced from www.thenationonlineng.net)