Don't Miss

ALSCON: BPE insists BFIG not entitled to plant

By BusinessNews Staff on October 16, 2014

The Bureau of Public Enterprises (BPE) yesterday refuted media reports that it had handed over the controversial Aluminum Smelter Company of Nigeria (ALSCON) to the BFI Group.

In a statement signed by its spokesman, Mr. Chigbo Anichebe, it said: “The BPE would like to put on record that it has not handed over ALSCON to BFIG or for that matter any other group other than the present managers, RUSAL.”

It said: “It is important to note that the bureau only hands over federal government assets to those who bid and fully paid the bid consideration. BFIG has not paid a kobo. As a result, BPE’s position has long been that BPE performed its obligations under the Supreme Court decision of July 6, 2012 but BFIG failed to perform its part of the obligations, the result being, in our opinion, that BFIG has no right to the said shares.”

According to the BPE: “The decision of September 30 of the Federal High Court in Abuja in BFIG’s case against BPE to “enforce” the Supreme Court judgment, in our opinion, is in error. That decision is already a subject of an appeal and BPE/NCP expects that decision to be reversed in the appellate court.”

The privatisation agency further argued that having failed to comply with the Supreme Court judgment of 6 July 2012, BFIG had no right to the shares in question or to the ALSCON plant.

Following the Federal High Court directive that the BPE should execute the share purchase agreement with BFIG and allow it unfettered access to the plant, the BFIG Chairman, Dr. Reuben Jaja was quoted as saying the corporation had now assumed ownership of the aluminum company.

[This Day]

headline