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BFIG on Course to Take Over ALSCON as RUSAL Edged Out

By on November 19, 2012

 

Ever since the Inauguration of the Aluminium Smelter Company of Nigeria in Ikot Abasi, Akwa Ibom State Nigeria by the General Ibrahim Babangida Administration in 1991, to become another driver of the economy, the dream and objective has still been shrouded in uncertainty.

When mismanagement and under-utilization of the company’s   resources embroiled the company into crisis, the Federal Government had to close down operations in the late 90s, even  laying off some staff.

After a review in the Obasanjo administration, the Bureau on Privatization of Enterprises opened a bid in 2003 for the embattled company for which Rusal Group of Russia and the Bancorp Financial Group (BFIG) were the key prospective buyers interested in the takeover of the Corporation.

At the open bid which had Irene Chigbue as the Director General of the BPE presiding over the process and broadcasted live on NTA, BFIG won the bid over Rusal but was unfortunately schemed out and the company given through power play to Rusal.

But since the takeover the Rusal group has failed to turnaround the fortunes and in a country where it is perceived that due process cannot be followed, talk-less of being revisited, the recent Supreme Court ruling in favour of BFIG taking back the company they won the bid for, brings hope to the Judicial process in the country.

Already the BPE team led by current Director-General Ms Bola Onagoruwa has already gotten into serious discussions with the BFI Group officials   over grey areas before the full handover of operations to the Company in obedience to the Supreme Court ruling in July.

Meanwhile the Rusal Group from Russia is threatening to drag the Federal Government to the International Court of Arbitration seeking to stop any attempt for it to be ejected from the Aluminium Smelter Company of Nigeria.