BNW

B N W: Biafra Nigeria World News

...For a better society... Friday, June 18 2004 Vol 17 No.119 News Editorial Politics Opinion Fashion Metro Sports Features Business Money/Market Maritime Aviation Motoring Rail/Road Govt rejects ALSCON’s buyer •Prefers Russian bid THE Federal Government may have refused to approve BFI Group, an American firm, as the preferred bidder in the sale of Aluminium Smelter Company of Nigeria (ALSCON), Ikot Abasi, Akwa Ibom State. Government is said to have instead outrightly cancelled a request by the Bureau of Public Enterprises (BPE) through the National Council on Privatisation (NCP) to ratify BFI Group as the winner of the sale of government shares in ALSCON. A presidency source told Daily Champion that the Power and Steel Ministry has been directed to negotiate with Rusal of Russia, the disqualified bidder, to take over government’s shares in ALSCON. BFI Group Corporation/Daewoo of America last Monday emerged winner of ALSCON with an offer of $410 million to beat Rusal which offered $205 million with conditionalities for the company. Rusal was disqualified by chairman of the technical committee of NCP, Mr. Akin Kekere Ekun, on grounds that conditional bids were not allowed in a public financial bid opening world-wide. Rusal actually offered to pay $5 million within five bank working days and $10 million later in that order. Government had sometime ago stopped the core investor sale of the Nigerian Security Printing and Minting Company (NSPMC) and ordered a fresh start of the bidding process. Sources said that the United States (US) has already reacted even as the U.S. Department of Commerce is said to have protested the alleged annulment of BFI’s victory. The source said that a top official of the Power and Steel Ministry has commenced fresh negotiations with Rusal, through its representatives. The source also hinted that the BPE is to adopt Initial Public Offer (IPO) option in Afribank shares as against the core investor sale earlier adopted. The sum of N8 billion collected by the BPE from eight investors had been refunded to them with interest, it was further alleged. Hints on the move to possibly reject the BFI Group bid begun Monday at the financial bid opening when Power and Steel Minister, Liyel Imoke, advised Kekere-Ekun not to disqualify Rusal. � 2004 @ Champion Newspapers Limited (All Right Reserved). Powered By dnetsystems.net dnet�

	BNW News
Voice of Biafra | Biafra World | Biafra Online | Biafra Web | MASSOB | Biafra Forum | BLM | Biafra Consortium
	© 2001 BNW BiafraNigeriaWorld  Privacy Policy ---------------------------------------------------------------------------------- Powered by ACENetwork ----------------------------------------------------------------------------------
	Axiom PSI Yam Festival Series, Iri Ji Nd'Igbo the Kola-Nut Series,Nigeria Masterweb