ADVERTISEMENT
  • The Membership Club
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Friday, January 22, 2021
Premium Times Nigeria
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
ADVERTISEMENT
kayode-fayemi

Kayode Fayemi

ALSCON: Nigerian Minister Fayemi ‘ignores’ Supreme Court rulings on multi-billion Naira firm

byBassey Udo
April 29, 2017
3 min read

This week’s pledge by the Minister of Mines & Steel Development, Kayode Fayemi, to work with a Russian firm to reactivate the Aluminium Smelting Company of Nigeria, ALSCON, in Ikot-Abasi, is in clear violation of a Supreme Court judgement, PREMIUM TIIMES can report.

The Supreme Court, Nigeria’s apex court, had on two separate occasions ordered that the company be taken away from the Russian firm, UC RUSAL.

On Wednesday, Mr. Fayemi’s aides distributed a statement indicating the minister’s visit to ALSCON and his pledge to work with UC RUSAL.

The Chairman/Chief Executive of BFIGroup, Reuben Jaja, who was reacting to Mr. Fayemi’s visit to the plant, said the minister’s action was not only illegal, but contemptuous of the Supreme Court, which has ruled twice, sacking the Russians from the company since 2012.

BFIG is the Nigerian-American consortium that was declared winner of the bid for ALSCON in 2004 by the National Council on Privatisation, NCP, but was later disqualified by the Bureau for Public Enterprises, BPE, in controversial circumstances, triggering a lingering ownership legal tussle.

After a tour of the plant and its adjoining harbour, Mr. Fayemi commended UC RUSAL, led by its managing director, Dimitriy Zaviyalov, for ensuring the “machines were kept in good shape, despite the absence of production activities, occasioned by a legal tussle over ownership.”

Although the minister said government could not do anything about the legal tussle, he assured the Russians that government would “encourage the Supreme Court to expedite action on the ruling, which would free the complex of any encumbrances,” an indication Mr. Fayemi is either ignorant of the Supreme Court rulings or has decided to ignore them.

ALSCON Plant
ALSCON Plant

The minister cleared the Russians of accusations of asset stripping, saying “contrary to reports that UC RUSAL was involved in asset stripping at ALSCON, the fact on ground showed the Russian group maintained the plants as well as a small work force, since it stopped work.”

“Government is fully prepared to tackle other administrative issues that crippled production processes at the plant once the legal aspect had been resolved.

RelatedNews

VIDEO: How my three-year-old daughter was sexually molested in Akwa Ibom school – Mother

TB Joshua urges Nigerians to accept COVID-19 vaccine

EPL: Cavani, Pogba shoot Manchester United back to top spot

Herdsmen: Buhari unaware of security situation in Ondo – Akeredolu’s aide

“Specifically, the ministry is ready to assist the company in resolving all administrative issues with some organisations, including the Nigeria Export Processing Authority, NEPZA, the Nigerian Gas Company and the Bureau of Public Enterprise, BPE, in the bid to ensure the plant comes alive again.”

Although his action appears a clear violation of the Nigerian law, the minster restated the Buhari administration’s commitment to the rule of law.

“This is a government that believes in the rule of law. So, we cannot influence the judiciary over the matter. But we will help to resolve all other administrative issues that may arise between the company and other organisations in the interest of our economy,” he said.

Dangote adbanner 728x90_2 (1)

“It is in our interest for the issues to be resolved. I am sure the Vice President, who is also the Chair of the Privatisation Council of Nigeria, would invite all the parties concerned once I brief him on my findings.

“We cannot have such a huge national asset like ALSCON and allow it to go into ruins. If privatisation must work, there must be sanctity of contractual agreement,” Mr. Fayemi said.

But in his reaction, Mr. Jaja faulted Mr. Fayemi’s stance on the ownership of ALSCON.

“The minister is being misguided to think the case against ownership of ALSCON is still at the Supreme Court,” Mr. Jaja said. “The minister should know the Supreme Court had ruled on the matter on two occasions, and the verdicts were very clear and unambiguous.

The businessman made reference to two Supreme Court judgements PREMIUM TIMES had reported about.

“On July 6, 2012, the Supreme Court in a unanimous verdict of 5 to 0, upheld BFIGroup’s legal right to acquire ALSCON and ordered BPE to comply. Again, on July 11, 2016, the Supreme Court rejected any arguments by BPE (Bureau for Public Enterprises) and UC RUSAL to vacate the judgment of 2012.

ADVERTISEMENT
Supreme Court of Nigeria
Supreme Court of Nigeria

“So, for the minister to call for the Supreme Court to expedite action in the case now shows he is not up to date with the current information on ALSCON. If the minister believes in the rule of law, he should know that romancing with UC RUSAL on a matter the Supreme Court has already ruled twice is illegal and contemptuous. This a matter BFIG lawyers intend to take up with the minister,” Mr. Jaja said.

On the continued closure of the plant, Mr. Jaja said in line with Supreme Court ruling, the BPE was supposed to provide the share purchase agreement for BFIGroup to execute, pointing out that the privatization agency was yet to come forward with the already developed agreement, for signature.

On the minister’s comment that the plant’s assets were not stripped, Mr. Jaja said that against the value of ALSCON in 2004, put at about $1.3 billion by the accounting firm, KPMG, its value had dropped significantly to less than $120 million.

“What would be the minister’s explanation to this significant decline, if not the massive degradation of the plant by the company illegally entrusted with its management,” he said.

PREMIUM TIMES tried to reach Mr. Fayemi on why he appears to be ignoring the Supreme Court rulings on the matter. The minister did not pick or return calls, nor respond to a text message.  His spokesperson, Yinka Oyebode, however, said his boss would await a letter by BFIG before making a statement.

  • WhatsApp
  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • Share on Tumblr
  • Pocket

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


TEXT AD: To advertise here . Call Willie +2347088095401...


JOIN THE CONVERSATION

  • Disqus (0)
premiumtimes



PT Mag Campaign AD

Previous Post

Kidnappers on the prowl in Sokoto, SSS warns residents

Next Post

Four matches to watch | London neighbours can’t afford to falter as Totti marks 25th Roma anniversary

Bassey Udo

Bassey Udo

Bassey Udo is PREMIUM TIMES' Business & Economy Editor. He has covered finance, energy, oil, gas & extractive industries for over a decade. He is a winner of the Wole Soyinka Award for Investigative Journalism, and the Thomson Reuters Foundation (Wealth of Nations) Award for Business Reporting. Bassey is an alumnus of the U.S. International Visitors Leadership Programme. Twitter: @ba_udo

More News

The Nassarawa State Governor, Abdulahi Sule in a meeting with President Muhammadu Buhari at the State House. [Photo: Presidency]

Boko Haram carrying out attacks in Nasarawa, Governor tells Buhari

January 22, 2021
President Muhammadu Buhari releasing pigeons on Armed Forces remembrance day

Armed Forces Remembrance Day: Why Pigeons Refused to Fly – Femi Adesina

January 22, 2021
Governor Bello Matawalle of Zamfara state. [PHOTO CREDIT: Gov. Mattawalle on Facebook]

Traditional rulers sabotaging peace efforts in Zamfara – Governor

January 22, 2021
Governor Kayode Fayemi

NGF condemns Kogi governor over comment on COVID-19 vaccines

January 22, 2021
Governor Dave Umahi [PHOTO CREDIT: @DavidNwezeUmahi2]

APC governor asks party leaders to ‘take on’ social media critics

January 22, 2021
A family is being tested for COVID-19 in Nigeria [PHOTO: TW: @NCDCgov]

Nigeria records highest ever new COVID-19 cases on Thursday

January 22, 2021
Next Post
Nigeria Premier League Review: FC Ifeanyi Ubah climb to top spot

Four matches to watch | London neighbours can't afford to falter as Totti marks 25th Roma anniversary

Senate President Bukola Saraki

Saraki bows to pressure, makes fresh promise to open up National Assembly budget

Discussion about this post

Search

#EndSARS: Latest Updates




Polaris Bank


JAIZ Ad


NITDA Ad




Advertisement






netherland biz school Advert

Zenith Advert

Heritage Advert
ADVERTISEMENT

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps Address Nationwide
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

No Result
View All Result
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • Opinion
  • PT Hausa
  • The Membership Club
  • Dubawa
    • Dubawa NG
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
  • Digital Store
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

Our website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.