Skip to main content

Again, Supreme Court sacks UC RUSAL from ALSCON


The Supreme Court has again re-validated its earlier order contained in its July 6, 2012 judgement which annulled the handing over of the multi-million dollar Aluminium Smelter Company of Nigeria (ALSCON), Ikot Abasi in Akwa Ibom State, to United Company RUSAL, an aluminium manufacturing and processing company based in Russia.

National Mirror gathered that in its latest unanimous ruling by a five-man panel headed by Justice Olabode Rhodes-Vivour, given on July 11 this year, the apex court dismissed the application by UC RUSAL against BFI Group Corporation (BFIG) and Bureau of Public Enterprises (BPE) for lack of merit.

A company, Dayson Holdings Limited, had filed the application seeking a review of the July 6, 2012 judgment of the Supreme Court annulling the controversial handing over of ALSCON to UC RUSAL by Bureau of Public Enterprises in 2006.

It would be recalled that following the privatization process, which culminated in the final bid held on June 14, 2004, BFIG had emerged as the preferred bidder, after US RUSAL was disqualified by the National Council on Privatization (NCP) for violating the bid guidelines.

Despite the Russian company’s disqualification by the supervising Council for the privatization programme, the Bureau of Public Enterprises proceeded to disqualify BFIG, allegedly for failing to meet the deadline for the payment of $41 million, being 10 per cent of the $410 million bid offered for the plant.

The Bureau subsequently reinvited UC RUSAL, earlier disqualified by the NCP, and opened negotiations on how to hand over ALSCON to it.

In addition to the earlier ruling by the apex court, the House of Representatives Committee on Privatization and Commercialization, at the end of a public hearing on the non-implementation of the Supreme Court ruling, urged BPE to comply with the rule of law and take steps to take control of ALSCON from UC RUSAL.

Prior to the latest ruling of the Supreme Court, the House of Representatives Committee on Privatization and Commercialization on May 2016 again reaffirmed its previous resolution urging BPE to respect and enforce the Supreme Court ruling.

Consequently, on May 2016 the Bureau convened a meeting with the Chairman/Chief Executive of BFIG, Reuben Jaja, to discuss the implementation of the ruling.

During the meeting, both parties agreed that BFIG would pay $41 million, being 10 per cent of the offer price of $410 million for ALSCON with 15 working days after the execution of the May 20, 2004 mutually agreed share purchase agreement (SPA).

Comments

Post a Comment

Popular posts from this blog

Home nations fined by Fifa over poppy displays

England have been fined 45,000 Swiss francs for several breaches of Fifa's rules about displaying political symbols, the sport's governing body have confirmed. The national team wore poppies on black armbands during their match with Scotland, despite being warned not to by Fifa, costing the Football Association just over £35,000. Prior to kick-off, both teams participated in a minute's silence and members of the armed forces lay wreaths. The Scottish Football Association and the Football Association of Wales have each been fined 20,000 Swiss francs (£15,692) and the Irish Football Association 15,000 Swiss francs (£11,769) for similar offences All of the associations were warned by to the World Cup qualifiers that they would be punished if they chose to ignore Fifa's regulations on the matter.     England has been fined CHF 45,000 for several incidents in the framework of the England v Scotland match, including the display by the host association, the English team and s...
Post a Comment
Read more

Buhari confirms appointment of Niger Delta Power Holding’s CEO

President Muhammadu Buhari has approved the appointment of a substantive Managing Director/Chief Executive Officer and two Executive Directors for the Niger Delta Power Holding Company Limited (NDPHC). Joseph Chiedu Ugbowho was in an acting capacity is now the substantive Managing Director/Chief Executive Officer of the company. Others are Mallam Babayo Shehu, Executive Director (Finance and Administration) and Engr. Ife Oyedele, Executive Director (Engineering and Technical Services). A statement signed by Bolaji Adebiyi, Director (Press),Office of the Secretary to the Government of the Federation, said Mr. Ugbo is a legal practitioner and infrastructure regulations specialist with extensive experience in electricity industry reform and privatization. “He has Bachelor and Master of Law Degrees from the University of Lagos and was admitted to practice Law in Nigeria in 1991. For over 15 years, he provided legal advisory services to public sector power entities including legal support t...
Post a Comment
Read more

N’ Delta: How Adaka Boro was tried, convicted

Adaka Boro came into prominence in 1966 when proclaimed an Independent Niger Delta Peoples’ Republic with a flag and an emergency constitution. He paraded himself as the General Officer Commanding the Niger Delta Volunteer Force (DVS) and leader of the Liberation Government. Due to Boro’s intense agitation for resource control, it was learnt that he formed a band of fighters and allegedly trained them in the use of explosives and arms. Sometimes in March 1966, Boro, armed with a theory he called XYZ, declared Ijaw Republic thus: “Today is a great day, not only in your lives, but in the history of the Niger Delta. We are going to demonstrate to the world what and how we feel about oppression”. The activist and his followers also allegedly attacked a police station, blew up the armoury and took rifles and ammunition. They also reportedly blew up oil pipelines and engaged the police in a gun battle. Boro and two of his followers, Samuel Timipre Owonaru and Nottingham Dick were arrested ...
Post a Comment
Read more