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The enemy of my enemy is my friend

Daily Telegraph: The enemy of my enemy is my friend

Edited by Simon Goodley
Last Updated: 12:33am BST 16/04/2008

A feeling of déjà vu comes over me on reading of the Nigerian government’s latest plan for the steel plant it confiscated from a branch of the Mittal family two weeks ago.

The case is being watched closely by Shell, ExxonMobil, Chevron and the other multinationals because the government – which came to power last year – now says it distrusts deals made by its predecessors, and is threatening to cancel them all.

The plant, which has been confiscated from foreign investors by the Nigerian government twice in the space of four years, now has an interim management committee to be chaired by one Philip Umunnakwe a name that rings a bell.

Yes! He’s the same chap who recommended the previous confiscation that paved the way for the Mittals’ involvement in the first place.

Has his high standing with the last regime proved a stumbling block to advancement with the new lot? It seems not.

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/04/16/ccdiary116.xml

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