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ALSCON: FG Cautioned on Investors' Integrity From Onyebuchi Ezigbo in Abuja As the final phase of the privatisation of Aluminum Smelter Company of Nigeria (ALSCON), in Ikot, Abasi opens today, the Federal Government has been called upon to take a second look at the integrity of the two pre-qualified bidders, especially as it concerns their financial base. A man who described himself as a "concerned Nigerian" and an indigene of Ikot Abasi in Akwa Ibom State, Mr. Okon Inyang made the call in a statement in Abuja at the weekend. Inyang urged the Federal Government not to let ALSCON fall into the hands of any investor that is ill-prepared and lacks the needed resources and whose corporate orientation is alien to global best practices in terms of corporate transparency, accountability, good record of corporate governance, a sense of social responsibility and managerial capacity. Inyang alleged that one of the pre-qualified bidders who had been involved in business deals in Eastern Europe was recently involved in a messy deal with an aluminum producing company in Guinea, which ended up in a London Court late last year. According to him, the said investor was taken to court for its inability to keep to the investment agreement and refusal to pay $3.5 million fee for acquiring a controlling interest in the Guinean Company. "We are worried that one of the bidders has shown early signs that it is ill-prepared to buy and manage ALSCON successfully because it has been unable to pay up the required deposit for the expression of interest in the exercise", he said. He observed that from the on-going broad public policy reforms of the Obasanjo administration, it is clear that government intends to engender Nigeria's speedy industrial take off. This, he maintained, presupposes that all interest groups should cast aside sentiments and ensure that a core investor with the necessary technological ability, the cash as well as the experience to provide ALSCON with the right road-map to success. However, Bureau for Public Enterprises (BPE) said it has received pre-qualification fees from the companies. BPE's spokesman, Mr. Charles Odenigbo, at the weekend assured that everything has been done to sensitise the bidders proposals at the evaluation stage and that today's financial bidding will proceed as scheduled. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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