» Materials for November 2013 year

 

Supreme Court chides BPE for refusing to comply with judgment on ALSCON‬

Author: john on 29-11-2013, 08:06, views: 2 771

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The BFIG wants an enforcement of a Supreme Court ruling on ALSCON.

 

The Supreme Court on Tuesday chided the Bureau for Public Enterprises, BPE, for refusing to comply with its July 6, 2012 ruling ordering the revocation of the sale of the Aluminium Smelter Company of Nigeria, ALSCON, Ikot Abasi to UC RUSAL, the Russian firm that took over the plant in controversial circumstances in 2006.‬

 

‪The Nigerian-American consortium, BFIGroup, was declared the winner of the bid for the plant by the National Council on Privatisation, NCP, in 2004, but was disqualified and the bid cancelled by BPE.‬

 

‪Following the controversial disqualification by BPE, BFIG went to court seeking the revocation of the decision to transfer the ownership of ALSCON to RUSAL and its reinstatement as the authentic bid winner.‬

 

‪After eight years of legal tussle, the Supreme Court, in a ruling on July 6, 2012, unanimously ordered specific performance mandating BPE to provide a mutually agreed share purchase agreement, SPA, for BFIG to pay the agreed 10 per cent of the accepted bid price of $410 million within 15 working days from the date of its execution in accordance with agreement of May 20, 2004. ‬

Category: News