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CURRENT STATE OF AJAOKUTA STEEL COMPANY

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By SOKOYA OLAOLU PETER 

 

No Nigerian can visit Ajaokuta Steel Company ASC, see investments of more than $8b rotting in the African sun and not cry. I went there, I cried. what exactly is the problem? I have written severally on this topic, but today let me do a comprehensive post.
Ajaokuta Steel is massive, 68km road network, 24 housing estates. Some of the estates have over 1,000 homes, a seaport, a 110mw power generation plant.
There are 43 separate plants in Ajaokuta alone. It is estimated that if Ajaokuta becomes operational, it will create 500,000 jobs.
There is no industrialized nation on earth that does not have a steel sector, it’s that simple. The Central Bank of Nigeria reports that Nigeria currently imports steel, aluminum products and associated derivatives of approximately 25 metric tonnes per annum estimated at $4.5bn.
Ajaokuta is an integrated steel company, it was designed by the Russian to be self-sufficient to get all its inputs from Nigeria and make steel. Ajaokuta strength is also its weakness, Ajaokuta can only work with all inputs available.

 

A Technical Post, But Please Try And Follow
Steel is an alloy of iron & carbon. Iron is the base metal in steel, to make steel, you need Iron Ore, Coke from Coal, Limestone as main components. These components are mixed in a blast furnace to make liquid steel which can be long steel for rail lines or flat steel for auto.
To give a simple example, look at steel as making jollof rice, iron ore is the rice, the limestone and coke are the pepper and salt the pot is the blast furnace. At a steel plane the blast furnace is ONLY turned on when the steel company is ready to make steel.
Blast furnaces operate continuously and are never shut down. The raw material to be fed into the furnace is divided into several small charges that are introduced into the furnace at 10- to 15-min intervals.
This means everything must be in place BEFORE the blast furnace is turned on, the iron ore, the coal, the limestone, everything, why? Because you do not switch off a blast furnace for another 10 years or however its campaign life is.
Nigeria has all raw materials needed to produce steel including iron ore in Kogi, coal & limestone in Enugu

 

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Nigerian iron has very low iron concentration. Agbaja has the largest iron ore deposit in Nigeria with about 2b tonnes but the Agbaja ore has a high phosphate content.
Phosphate can cause brittleness in steel making it to fracture, thus Agbaga was abandoned for Itakpe. Itakpe iron ore has no issues with phosphate but has low iron content.

 

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Thus to make steel with Nigeria iron ore, a process called “beneficiation” has to be done to process the Itakpe ores to raise its iron content to meet the required standard for steel production.
Coal? Most of the coal found in Nigeria is non-coking, thus, unsuitable for steel production. coal deposits in Enugu, have no impurities but are non-coking. The good news? Nigeria has abundant deposit of limestone and we have natural gas to provide power.

So back to Ajaokuta, what really happened? why can Nigeria not make steel anytime soon? let’s link up the elements

 

1. Policy Failure

 

The Ajaokuta contract was signed between the FGN & the Soviet state-owned company, Tiajpromexport (TPE) was scheduled for completion in 1986.
In 2012, the Federal Government launched her backward integration policy. Going forward import licenses for steel products was only granted to companies producing steel locally.
TPE to ensure they could import steel parts for Ajaokuta simply went ahead and built the rolling mills in Ajaokuta BEFORE the actual steel plant was completed, they imported billet from Ukraine to accomplish this.
Ajaokuta was producing steel before the actual steel plant was started. Ajaokuta has a functional rolling mills but no operational blast furnace. Ajaokuta cannot produce steel from basic iron ore found in Nigeria. This is the definition of cart before the horse.

 

2 NIOMCO

The iron ore in Nigeria earmarked for Ajaokuta is from Itakpe, it has low iron content thus the FG built National Iron Ore Mining Company (NIOMCO) a 2.15 metric tonnes beneficiation plant to process the low-quality iron ore from Itakpe to iron ore suitable for Ajaokuta.
Simply put, if NIOMCO does not operate, Ajaokuta CANNOT operate (unless Ajaokuta uses imported iron ore.) as at today, September 2019, NIOMCO is not operational

 

3. Railway:

15m tonnes of iron ore cannot be moved by road, as it will destroy the roads, thus a railway was to be built from Itakpe to Ajaokuta to take iron ore from the beneficiation plan in Itakpe to the Ajaokuta. Rail link not working today

 

4. Blast Furnace:

The furnace is the heart. It is the pot where the jollof rice will be cooked, however it has never been turned on, why? because there has never been any time Ajaokuta has had raw materials available to ensure continuous day in day out production for 5 years.
Why no raw materials? Because there is no rail to take iron ore from Itakpe to Ajaokuta. Why no railway from Itakpe to Ajaokuta? Because NIOMCO in Itakpe is moribund and not functional thus cannot convert Itakpe iron ore to high grade ore for the furnace in Ajaokuta.
For Ajaokuta to work, she MUST have three key critical paths

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The Three Key Critical Paths

1 – NIOMCO must be functional

 

2 – Itakpe to Ajaokuta Railway line must be functional

 

3 – Blast Furnace operational

All three are not functional, so its clear Nigeria cannot make steel in Ajaokuta for now.
Nothing however stops a corrupt government official from importing billets and running them in the rolling mills. So, when anyone tells you Ajaokuta will soon begin working, ask them, can a steel plant work without NIOMCO, railways and a blast furnace?
Ajaokuta is the only steel plant in the world built by the USSR, sold to Americans, then to Indians, all these teams have come and gone with their own technical style, there have even been accusations of asset stripping by the Indians.
Ajaokuta is Nigeria and probably Africa biggest failure. It has failed. Can it be made to work? yes but the cost to integrate Ajaokuta with her mines and rails can be used to build new smaller modern turn key functional steel mills.
The government should get out of Ajaokuta, sell the place and allow private sector capital and expertise restructure and own it.
If you want to make jollof rice and there is no rice the solution is not to keep boiling water without rice but to go and get rice.
SOKOYA OLAOLU .P

Naabiae Nenu-B is a Medical Health Student and an SEO Specialist dedicated to flushing the web off fake news and scam scandals. He aims at being "Africa's Best Leak and Review Blogger" and that's the unwavering stand of Xycinews Media.

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1 Comment

1 Comment

  1. Omowaye Ayotunde

    January 22, 2020 at 7:42 am

    Possibly viable steps should be taken by the Federal government into knowing positive actions is needed in Nigeria for the citizenry.

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Leaks

Polyvorex Investment Review – Is Polyvorex Scam or Legit

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Polyvorex Review

Polyvorex is another investment platform just like a lot already listed on this blog that is made for the purpose of generating revenue from the cryptocurrency market. The platform claims to have a real-time software that makes it easy to generating maximum revenue within a short period of time. 

They also claim to combine the software algorithms with their investment expertise. According to Polyvorex, your funds will be protected and processed in the best way by their expert analysis.

 

Polyvorex Investment

  • 3.10% daily
  • for 21 days
  • Min – Max: $25 – $999.99
  • Payment every 24 hours
  • Instant Withdrawal
  • Return of principal after 21 days

 

  • 4.10% daily
  • for 31 days
  • Min – Max: $1,000 – $4999.99
  • Payment every 24 hours
  • Instant Withdrawal
  • Return of principal after 31 days

 

  • 5.10% daily
  • for 41 days
  • Min – Max: $5,000 – $100,000
  • Payment every 24 hours
  • Instant Withdrawal
  • Return of principal after 41 days

 

Polyvorex Founder

While documenting this Polyvorex review, I did my best to search and found no information on the founder of this platform.

I believe knowing the background record of a brand owner is a step forward into knowing how legitimate it is and the reputation of the Profile.

Polyvorex provides no verifiable information about who owns or runs the company on its website.

 

Polyvorex Withdrawal

On Polyvorex investment platform, withdrawal is instant and will be made available to your cryptocurrency wallet by the crypto network.

 

Polyvorex Referral Program

For every online platform, the referral model follows a pattern, all company wants to promote its product, app or site so they offer all potential users the opportunity to share their link, make a new member, and earn a bonus as reward.

The same model is applied on the Polyvorex site. .It is 5% for the First Level, 3% for the Second Level and 1% for the Third Level. We pay the referral commission right away.

 

Polyvorex Registration

Polyvorex Registration on the site isn’t so complicated, but it’s really necessary to have the below information handy is a as it might be needed of you.

  • Email Address  
  • User Name  
  • Phone Number  
  • Contact Info  
  • Password

 

Polyvorex Login

Before you have access to Polyvorex login page, it’s obvious you must registered successfully.

To login Polyvorex only the below is needed 

  • User name  
  • Password

 

Is Polyvorex Legit 

The business model is very similar to a lot already here and timely, it’s certain to go down. 

 

Is Polyvorex Scam

Primarily, Xycinews Media contents is to give an overview of platforms and what they entails to help you decide if proceeding with them or Investing only what you can afford to lose.

  • Do you think Polyvorex is scam?
  • How you being defrauded?

With a lot of platforms on our desk to review for the general public, we might not be able to keep track of Polyvorex on a regular. Please help us by dropping a comment and this will help other potential investors from falling prey or proceeding to invest.

 

Disclaimer

This Polyvorex Review Article isn’t aimed at defaming Polyvorex nor is it targeted to promoting them. 

This article is strictly for enlightening purposes and a honest guide from our perspective because we strongly believe every brand needs a good background check.

Therefore, you are at liberty to accept or reject this article and act base on your own perspective of the platform. You are encouraged to share your own opinion or views about the platform with us via the comments box below so as to further improve this Polyvorex review.

Team Xycinews is no third party and we can’t handle any queries whatsoever. 

 

 

 

 

 

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Bullseye Markets Review – Bullseye No-deposit Bonus – ECN Forex Brokers

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Bullseye Markets Review is going to cover everything. Firstly, this is a Forex Broker offering Forex Trading services via MetaTrader 4, MT4 Mobile and Web trading platforms. Regarding orders execution model, Bullseye Markets is a b-book broker (market maker). Bullseye Markets offers trading of currencies, indices, cryptocurrencies, CFDs and commodities. Bullseye Markets is unregulated.

Welcome to Xycinews Media, this article about BullsEye Markets Review was written after my research and coming to know users are searching for keywords like;

  • BullsEye Markets Review
  • How does BullsEye Markets Work
  • BullsEye Markets Certification
  • BullsEye Markets Withdrawal System
  • BullsEye Markets Deposit
  • BullsEye Markets Registration & Login
  • Bullseye no-deposit bonus
  • Is BullsEye Markets Scam
  • Is BullsEye Markets Legit

And so on…. Nonetheless, I might not have the exact response to all the above entries at the moment, but this article is well detailed.

Traders are provided with a range of useful trading tools that are in place to ensure a seamless trading process. They include forex calculators and an economic calendar.

In this detailed BullsEye Markets review, our online broker research team has covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.

 

JUST READ TO THE END PATIENTLY..!!

 

If you want more information and get to know BullsEye Markets better, I encourage you to kindly take a few minutes to read this article calmly because I have gathered the best of information in well outlined paragraphs to help you understand and the table of contents to help you navigate the post.

 

NOTICE: In as much as Team Xycinews aims to deliver a near perfect review, we have a lot of Platforms on our Log to review & a lot already reviewed. Sadly this limits us from backdating to track the status of already reviewed platforms.

Kindly note that the platform information were correct as of time of publishing but might turn out to be SCAM without our notice.

Always check our article’s published date & the comment section below for users opinion. Thanks ♥️

 

BullsEye Markets Review

BullsEye Markets is an online financial services provider that operates from the Marshall Islands. They provide sophisticated trading platforms, some useful trading tools, and a selection of educational resources to help traders effectively trade the financial markets. The broker offers multiple account opening options, rapid execution, and helpful customer services.

Headquartered in Majuro, Marshall Islands, BullsEye Markets is an online retail forex broker that offers CFD trading. The broker offers multiple account types, different trading platforms, and marketing tools to help individuals and companies trade forex online.

 

Bullseye No-deposit Bonus

Start your trading Journey with a $25 No Deposit Bonus with BullsEye Markets. Big opportunity for the new traders to adapt risk-free trading without any Deposit. $25 No Deposit Bonus allows Forex Newbies to start making profit without any deposit. 

BullsEye Markets is a forex broker form Marshal Island. The broker offers five types of accounts: Micro, Classic, ECN, ECN Pro and Prime. Minimum initial deposit is $50 on Micro accounts.

This Bullseye No-deposit Bonus is only open to clients from India and Thailand. Only profits made with the bonus can be withdrawn after trading 2.5 lots. The promotion can be changed or terminated at any time without previous notice.

 

BullsEye Markets Trading Platform

The broker provides traders with the intuitive MetaTrader 4 trading platform. It comes with charting tools, market indicators, and real-time execution. With BullsEye Markets MT4 Forex Trading Platform, you can enjoy the flexibility of an advanced yet user-friendly platform. BullsEye Markets tries to fulfill your trading needs irrespective of your trading device as they make the platform available in desktop, web, and mobile versions.

 

BullsEye Markets Deposit

The broker offers the following trading account types: Micro, Classic, ECN, ECN Pro, and Prime Accounts. They have initial deposit requirements ranging from $50 to $50,000 and are designed to meet the trading needs of traders of all levels.

 

BullsEye Markets Withdrawal

BullsEye Markets accepts payments with VISA and MasterCard, as well as some popular e-wallets like Neteller, Skrill and UnionPay. Apart from that they accept payments with wire transfer and even Bitcoins. The minimum deposit requirement ranges between 50 USD and 5000 USD depending on the account type.

 

BullsEye Markets Registration

To open an account, click on the ’open live account’ tab and fill the form properly, providing your personal details and email. After that, you hit the Submit button. Once your account is created, you can fund your account to begin trading online when you feel ready to do so.

 

BullsEye Markets Login

Before you have access to BullsEye Markets login page, it’s obvious you must registered successfully.

To login BullsEye Markets only the below is needed 

  • User name  
  • Password

 

Is BullsEye Markets Safe and Credible

CFDs and Foreign Exchange (FX) traded on margin carry a high degree of risk. As such they may not be suitable for all investors. Investors should ensure they fully understand the risks associated with leveraged CFD and FX trading before deciding to trade because you can lose some or all invested capital. Investors may choose to seek independent advice and should not risk more than they are prepared to lose.

BullsEye Markets is an unregulated online forex broker that offers CFD trading through a choice of trading platforms.

 

Is Bullseye No-deposit Bonus Legit

$25 No Deposit Bonus allows Forex Newbies to start making profit without any deposit. It can be the breakthrough moment for the traders waiting to kick-off their Forex trading career with this exclusive promotion.

This Bullseye No-deposit Bonus is only open to clients from India and Thailand. Only profits made with the bonus can be withdrawn after trading 2.5 lots. The promotion can be changed or terminated at any time without previous notice.

  • Register Your Trading Account to start risk-free trading with No Deposit Bonus.
  • Upload Your Documents for Verification of your trading account.
  • No need to Deposit funds. No risk of losing your money. Get No deposit bonus Instantly.
  • Forex no deposit bonus is a risk-free way to start trading without Investment in Real Environment.

 

Is BullsEye Markets Legit 

Next on BullsEye Markets Review is of note that they are registered as a Financial Investment Firm by the Marshall Island Registration Number 96658. However, there is no regulatory information on the broker’s website at the moment. 

Most experts and professionals would not trade with an unregulated broker as they cannot offer the same protection to investors that a regulated brokerage firm can. Please see our trading broker reviews for alternative regulated brokers.

Bullseye Markets Ltd does not provide services to the residents of the USA, Sudan, Syria, and North Korea. Some BullsEye Markets features and products mentioned within this BullsEye Markets review may not be available to traders from certain countries because of legal restrictions.

 

Is BullsEye Markets Scam

Primarily, Xycinews Media contents is to give an overview of platforms and what they entails to help you decide if proceeding with them or Investing only what you can afford to lose.

  • Do you think BullsEye Markets is scam?
  • How you being defrauded?

With a lot of platforms on our desk to review for the general public, we might not be able to keep track of BullsEye Markets on a regular. Please help us by dropping a comment and this will help other potential investors from falling prey or proceeding to invest.

 

In Summary – Is BullsEye Markets Legit or Scam

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Any opinions, news, research, predictions, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. 

FX Trading Revolution will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information. Don’t depend on Bullseye No-deposit Bonus.

 

Disclaimer

This BullsEye Markets Review Article isn’t aimed at defaming BullsEye Markets nor is it targeted to promoting them. 

This article is strictly for enlightening purposes and a honest guide from our perspective because we strongly believe every brand needs a good background check.

Therefore, you are at liberty to accept or reject this article and act base on your own perspective of the platform. You are encouraged to share your own opinion or views about the platform with us via the comments box below so as to further improve this BullsEye Markets review.

Team Xycinews is no third party and we can’t handle any queries whatsoever. 

 

@The Blogger Scientist

 

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UPEX.io Review – Is UPEX.io Scam or Legit Crypto Trading App

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UPEX.io Review

UPEX Cryptocurrency Trading Application is a simple, secure and free application that can easily buy/sell cryptocurrency using mobile phones.

  • Freely Buy/Sell Bitcoin and Other Cryptocurrencies
  • Use UPEX application to easily and smoothly trade bitcoins and various cryptocurrencies 
  • You can check the market of cryptocurrencies’ prices quickly, professional index analysis. 
  • They support the world’s advanced asynchronous matching mechanism with a throughput of 50,000 units per second
  • Memory-level matching engine and lock-free ring queue to ensure smooth experience in multiple markets and multiple trading pairs.

 

UPEX.io Features

  • Multi-currency transactions: LTC/BTC, ETH/BTC, ETC/BTC, BTC/USDT, LTC/USDT, ETH/USDT, ETC/USDT, etc.
  • Real-time price
  • Professional K-line chart and analysis
  • Flexible trading methods: current price trading, market price trading, etc.
  • Quick arrival of withdrawal currency.
  • 24×7 multilingual customer service
  • Convenient and fast asset inquiry

 

Is UPEX.io Legit 

UPEX adopts strict risk control system, so, all assets support backtracking. Alarm for abnormal activities of assets, timely detection of risk activities, abnormal asset risk warning, withdrawal blocking. DDoS Defense, distributed computing, flow cleaning.

 

Is UPEX.io Scam

Primarily, Xycinews Media contents is to give an overview of platforms and what they entails to help you decide if proceeding with them or Investing only what you can afford to lose.

  • Do you think UPEX.io is scam?
  • How you being defrauded?

With a lot of platforms on our desk to review for the general public, we might not be able to keep track of UPEX.io on a regular. Please help us by dropping a comment and this will help other potential investors from falling prey or proceeding to invest.

 

Disclaimer

This UPEX.io Review Article isn’t aimed at defaming UPEX.io nor is it targeted to promoting them. 

This article is strictly for enlightening purposes and a honest guide from our perspective because we strongly believe every brand needs a good background check.

Therefore, you are at liberty to accept or reject this article and act base on your own perspective of the platform. You are encouraged to share your own opinion or views about the platform with us via the comments box below so as to further improve this UPEX.io review.

Team Xycinews is no third party and we can’t handle any queries whatsoever. 

 

@The Blogger Scientist

 

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