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How presidential aide rigged ALSCON sale –– BFI

Posted by ABIODUN ADELAJA,Abuja on 2005/06/17 | Views: 951 |

How presidential aide rigged ALSCON sale –– BFI


NATIONAL Security Adviser (NSA) to President Olusegun Obasanjo, Gen. Aliyu Gusau, has been accused of influencing the sale of the multimillion naira Aluminium Smelter Company of Nigeria (ALSCON) to Russian firm, Rusal against the preferred bidder, BFI Group of United States.

NATIONAL Security Adviser (NSA) to President Olusegun Obasanjo, Gen. Aliyu Gusau, has been accused of influencing the sale of the multimillion naira Aluminium Smelter Company of Nigeria (ALSCON) to Russian firm, Rusal against the preferred bidder, BFI Group of United States.

Testifying before the House of Representatives probe panel, the BFI chief executive, Dr. Reuben Jaja, disclosed that the group was not given opportunity to buy ALSCON due to adverse security report allegedly influenced by Gen. Gusau.

Shortly after the firm emerged preferred bidder in the ALSCON privatisation deal, Dr. Jaja said, the security chief allegedly mounted pressure on the Bureau of Public Enterprises (BPE) to upturn the bid result in favour of Rusal.

At the bid opening on June 14, 2004, Rusal offered to buy ALSCON for $205 million, while BFIG offered $410 million, thus emerging preferred bidder.

Dr. Jaja, however, alleged that owing to pressure from the NSA, the BPE dumped BFI Group in favour of Rusal.

Rusal management was, however, not represented at the public hearing to clarify the allegations levelled by the BFI Group.

Dr. Jaja further alleged that in attempt by security agents to raise adverse report, he and his family members were severally harassed and intimidated.

Declaring BFI’s continued interest in ALSCON, Dr. Jaja said the group was still prepared to pay $410 million for the aluminium company if given the chance to buy it.

Earlier, Director General, BPE, Mrs. Irene Chigbue, said BFI Group was disqualified due to its inability to pay $41 million being 10 per cent of the stipulated bid term within 15 working days.

She said: "on July 8, 2004, BFI Group applied for extension of time within which to pay the initial 10 per cent of the purchase consideration and also suggested the opening of an escrow account.

"Since BFI Group has defaulted in meeting the conditions precedent to the consummation of the contract, BPE terminated it. The request for extension of time was also turned down.

"The default of BFI Group prompted the need to review the whole privatisation process of ALSCON particularly the reasons given by Rusal for the conditional bid."

House committee chairman, Hon. Celestine Ughanze, who also spoke, said the panel was poised to unearth what actually happened during the exercise.

The committee is expected to submit its report to the House on July 19.

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ur so boring(To, Northern Territory, Australia)says...

have u ever thought the garbage or the toilet might be jealous? Ur so full of shiz- white piece of shiz BET lol. That's where ppl like you belong (toilet garbage etc), ik the truth hurts but dont take it as an insult im just trying to describe you; ik im good at it ty-The truth hurts right. JSYK black ppl aren't nerds were just smarter than you oops Btw BLMM!!!

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ur so boring(To, Northern Territory, Australia)says...

@robloxian

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emilia(Lagos, Lagos, Nigeria)says...

Wow,trying to get across to Ekene jnr he happens to be my old friend,lost his contact.any info would do me good

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Valarie(Nairobi, Kenya)says...

What’s your point?

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robloxian(Bangor, Maine, US)says...

hahahaha u r a wierdo…hehehe

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ur so boring(To, Northern Territory, Australia)says...

have u ever thought the garbage or the toilet might be jealous? Ur so full of shiz- white piece of shiz BET lol. That's where ppl like you belong (toilet garbage etc), ik the truth hurts but dont take it as an insult im just trying to describe you; ik im good at it ty-The truth hurts right. JSYK black ppl aren't nerds were just smarter than you oops Btw BLMM!!!

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robloxian(Bangor, Maine, US)says...

wow so bad.