₦airaland Forum

Nigeria: Alscon to Resume
Operations October 24 13 October 2014 , Source: Guardian DR. Reuben Jaja, the Chief Executive
Officer of BFIG Consortium, on
Saturday, said the Aluminium
Smelter Company of Nigeria
(ALSCON), Ikot Abasi, Akwa Ibom,
would resume full operations on Oct. 24. Jaja made the assertion during a
courtesy visit to the Paramount Ruler
of Ikot Abasi, Edidem Joe Ntuk-Obom
xii, in his palace at Ikot Abasi. He said that the recent judgment by
the Supreme Court of Nigeria in
favour of BFIG Corporation paved the
way for its resumption of business. He added that BFIG Corporation was
offered the right to purchase ALSCON
after winning the competitive bid in
2004, "unfortunately, ALSCON was
given to another company." The BFIG CEO, who visited with some
U.S.- based partners, said the visit
was to inform the royal father and
the people of Ikot Abasi of the court
judgment after 10 years of legal
battle. He said that BFIG had battled legally
to claim ALSCON since 2004 until
Sept. 30, when the court gave
judgment in its favour to take over
the company. "The judgment was clear; it approves
the purchase agreement that both
party signed and ordered it to be
implemented immediately. "The Bureau of Public Enterprise
(BPE) should immediately takeover
ALSCON and prepare it for handover
to BFIG. "The court ordered that we have
exclusive right, unrestricted access,
unperturbed to go in to ALSCON and
conduct our due diligence, which
include financial accounting,
environmental, personnel and engineering. "The court also ordered the Inspector
General of Police and other security
agencies in the country to enforce
the order. So these are the orders
that came out from the last ruling. "That is why we decided to come
home and meet our leaders and tell
them that after 10 years of struggle,
this is where we are and we are
ready to take over ALSCON
immediately." Jaja promised to diversify the
company operations by investing in
other ventures apart from aluminium
to create more jobs for the people. He said that in addition to aluminum,
ALSCON has the potential to diversify
into gas production, electricity
generation and estate management. "Apart from aluminium, there is
power, about 540 megawatts, as well
as operation of almost 50 billion
cubic gas operation in a year. "You can also see water; there is a
very extensive water treatment plant
and housing or estate development. "Also, there is a laboratory which is
one of the best in the area that can
conduct mineral analysis and a 200-
bed hospital that can be improved
upon or upgraded to provide health
services to our people." Also, he added, ALSCON would be
listed at the Nigerian Stock Exchange
(NSE) after the first three years of
operations to attract investors. In his response, the paramount ruler
said: "what the people of Ikot Abasi
want is to see the company resume
full production and to bring the
people back to work without further
delay." Ntuk-Obom appealed to the
company's CEO to absorb all the
staff laid off to reduce
unemployment and curb insecurity in
the state. He pledged the peoples' support and
adequate security to the company as
they resume operations.

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