Bloomberg reported that Nigeria's Senate has voted for the cancellation of the sale of 12 state owned companies, including steel company bought by Global Steel Holdings Limited of India.

According to a Senate investigative report approved by lawmakers, the process of privatizing the companies was marred by political interference and injustice. There was inadequate transparency and failure to comply with the privatization procedure.

The lawmakers want the affected companies to be re advertised for sale. President Mr Goodluck Jonathan must endorse the decision for it to take effect.

Mr Pramod Mittal’s Global Steel Holdings bought 80% of the 1 million tonne capacity Delta Steel Co Limited in 2005. The plant is located in the southern city of Warri.

(Sourced from www.bloomberg.net)