» Materials for December 2013 year


Why I have committed 10 years of my life to the ALSCON ownership battle - Dr Jaja

Author: john on 22-12-2013, 08:14, views: 9 553


Dr Reuben Jaja, is the Chief Executive Officer, BFI Group Corporation. On December 3, the corporation once again obtained judgment at the Supreme Court of Nigeria as the rightful owner of ALSCON, the aluminum manufacturing plant in Akwa Ibom State. In this interview, Jaja speaks on his dreams for the plant and how BFG intends to create over 2400 jobs there.


The Supreme Court has once again affirmed your ownership of the Aluminium Smelter plant in Akwa Ibom State. So how do you resolve the controversial Share Purchase Agreement with the Bureau of Public Enterprise?

We have a share purchase agreement that has been negotiated. We have executed it and we have given it to the BPE, which they have not signed. We are now going to court to compel them to sign. The BPE, on October 8 this year, gave us a 58-page document which stated the purchase price as $250 million. We accepted and returned it.
They acknowledged it, sent us letters and we discussed it. There are documents to that effect. As far as we are concerned, that share purchase agreement that they sent to us is the mutually agreed share purchase agreement and the court should compel them to execute this agreement.


What is the physical state of ALSCON now?

Between when we first got judgment and now, there has been absolute vandalisation of the plant. We have seen the host community of ALSCON intercepting truckloads of vandalised items and things stolen from the plant. We have had local engineers as well as the workers union there complaining bitterly about the vandalised accessories. We intercepted the transfer of ALSCON tanks to a neighbouring company and forced it back. They gave us reasons that made no sense. We see this as a conscious effort to strip the plant and sell all parts to whoever is ready to buy. The Akwa Ibom State House of Assembly even passed a resolution begging the federal government to come and rescue the plant.

Even at the Supreme Court, the justices advised us to enforce retrieval fast, otherwise we would be taking over a complete carcass.



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