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ALSCON: Imoke Leads Negotiation with Russian Firm From Paul Ibe in Abuja Minister of Power and Steel, Senator Liyel Imoke, is at the head of negotiations with the Russian firm, Rusal, seeking acquisition of Federal Government's 77.5 per cent holding in Aluminium Smelter Company in Ikot Abasi, Akwa Ibom State. The National Council on Privatisation (NCP), which gave the mandate Monday to Imoke, also co-opted Mr. Akin Kekere-Ekun and Dr. Julius Bala, Director General of the Bureau of Public Enterprises (BPE) into the negotiation committee. A team from Rusal is expected to arrive the country before the end of the week. A source close at the reconstituted NCP meeting told THISDAY that the panel headed by Imoke was charged with the task of concluding the negotiations of the privatisation of the Delta Steel Company, Aladja. In line with its new vision of transparency, the NCP directed that the director general of BPE should henceforth include a statement of all the revenue and expenditure of the BPE in his status reports to NCP. The source added that Federal Government is desirous of concluding the sale of ALSCON with BFIG having failed to meet payment deadline. The Rusal interest, according to the source, "appears to be a last opportunity for Nigeria to be able to get the ALSCON dream back on track." BFIG, a consortium led by Nigerian, Dr. Reuben Jaja, had June 14 emerged preferred bidder in the acquisition of 77.5 per cent stake of ALSCON and was given 15 working days to pay 10 per cent ($41 million) of the bid price of $410 million. However, the group lost bid July 8 having failed to pay the 10 per cent. Instead of paying 10 per cent of the bid value, BFIG had sought a two-week extension to raise the fund, which was rejected by government. Following BFIG's inability to successfully take over ALSCON, Federal Government entered into negotiations with Rusal, which had been disqualified at the opening of the bids June 14. Federal Government was said to have taken this decision because of its conviction in the ability of the Rusal Group to manage the company and not necessarily, what it was prepared to pay for it. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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