The Guardian
Email YouTube Facebook Instagram Twitter WhatsApp

Legal battle over ALSCON ownership begins


alsconGoing by the court’s record, the hearing over the nation’s biggest aluminium city, popularly known as Aluminium Smelter Company of Nigeria (ALSCON) begins tomorrow at the Federal High Court, Uyo, Akwa Ibom State

Having complied with the court’s directive, a legal firework will tomorrow begin at the Federal High Court, Uyo Judicial Division, Akwa Ibom, over ownership and management controversy the biggest manufacturing company of aluminum in Nigeria, otherwise known as Aluminum Smelter Company of Nigeria (ALSCON).

The court, had therefore issued a hearing notice to the parties. This is coming even as a firm, Dayson Holdings Limited, had approached the Federal High Court, seeking for protection of its investment in the company.

Dayson Holdings Limited and ALSCON, being the plaintiffs before the Federal High Court, Uyo Division, Akwa Ibom State, Nigeria, had sued BFI Group Corporation, Bureau of Public Enterprises, Inspector General of Police and Chief Registrar, Federal High Court.

Essentially, the plaintiffs are asking the court to determine whether BFI Group Corporation, being the first defendant, has the legal and/or valid right to take over the management and control of ALSCON without compliance with the provisions of Section 79(2), 135 and 151 of the Companies and Allied Matters Act?

They also want the court to answer whether, in view of BFI Group Corporation’s failure to comply with the Supreme Court judgment of July 6, 2012 in Suit No. SC. 12/2008 – BFI Group Corporation against Bureau of Public Enterprises, Dayson Holdings title to 77.5 per cent shares of the Federal government of Nigeria in ALSCON remain valid and unaffected.

And if any of the questions placed before the court is affirmed in in favour of the first plaintiff, it wants the court declare that BFI Group is not entitled to take over the management and control of ALSCON without complying with Sections 79(2), 135 and 151 of the Companies and Allied Matters Act.

Dayson also seeks a declarative order to the effect that it’s title to the 77.5 per cent shares in ALSCON as well as its right to the possession, management and control of the ALSCON plant in Ikot Abasi, Akwa Ibom State remain valid and unaffected in view of BFI Group’s failure to comply with the clear terms of the judgment of the Supreme Court of July 6, 2012.

The first plaintiff therefore asks for two orders including a perpetual injunction restraining BFI Group Corporation and other defendants as well as their agents, servants, privies, assigns or any persons claiming through or deriving authority from them otherwise howsoever disturbing Dayson’s possessory right and taking over the ALSCON’s plant.

But in favour of BFIGroup, the Supreme Court had recently ruled that, the Nigerian-American consortium, which emerged the preferred bidder for the Aluminium Smelter Company of Nigeria (ALSCON, Ikot Abasi, Akwa Ibom State, in 2004, but was disqualified in controversial circumstances by the Bureau of Public Enterprises (BPE), was the valid winner of the bid.

Receive News Alerts on Whatsapp: +2348136370421

No comments yet