ALSCON to reopen for business in 2 weeks

ALSCON to reopen for business in 2 weeks

Saturday, October 11, 2014 8:14 pm

The Aluminium Smelter Company of Nigeria (ALSCON), Ikot Abasi, Akwa Ibom state, would resume full operations on Oct. 24, Dr Reuben Jaja, the Chief Executive Officer of BFIG Consortium, said Saturday.

He spoke during a visit to the Paramount Ruler of Ikot Abasi, Edidem Joe Ntuk-Obom xii, in his palace at Ikot Abasi.

ALSCON, Ikot Abasi

ALSCON, 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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