BPE Reverses Sale Of ALSCON

Channels Television  
Updated March 19, 2013

The Bureau of Public Enterprises (BPE) has cancelled the sale of the Aluminium Smelter Company of Nigeria (ALSCON) to US-based BFI Group Corporation.

In a statement by its head, public communications, Chigbo Anichebe, BPE said the directive to terminate the offer to BFI Group Corporation for the purchase of 77.5 per cent of ALSCON is from the National Council on Privatisation (NCP)

The statement explained that the decision followed BFIG’s inability to pay the agreed 10 per cent of the offer price within the stipulated 15 working days of the execution of the share/sales purchase agreement as directed by the supreme court of Nigeria.

However BFIG’s chairman, Reuben Jaja, reportedly said that the cancellation of the sale was a violation of the July 6, 2012 order of the Supreme Court.

The Supreme Court had granted perpetual injunction restraining any act by any agency of government against the contract until all the issues that resulted in the crisis are resolved.