The government says the deal achieved through the alternative dispute resolution framework saves the country money as the company demanded $5.258 billion.
The Nigerian government says it has agreed to pay $496 million to settle a multibillion-dollar claim by Global Steel Holdings Limited over the control of Ajaokuta Steel Company.
Attorney-General Abubakar Malami says the federal government will pay the company $496 million instead of $5.258 billion demanded by the firm, to settle the dispute.