Consultant Okays Supreme Court Judgement On ALSCON

A management consultant, Mr Friday Udoh, on Monday said that Supreme Court judgment on the privatisation of Aluminum Smelter Company of Nigeria (ALSCON) guaranteed the safety of foreign investment in the company.

Udoh, who participated in the construction of the smelter plant in Ikot Abasi, Akwa Ibom, said that the judgment vindicated the earlier probe by the Senate on the firm in August 2011.

He said that the Senator Ahmed Lawan led Ad-hoc Committee, which investigated the exercise from 1999 to 2011, discovered irregularities in the privatisation and recommended the handover of the company to UC Rusal.

Udoh told our correspondent in Eket that the court verdict was a welcome development that would strengthen the nation’s privatisation programme.

“The verdict of the Supreme Court has corrected the flaws made by the past governments through the Bureau of Public Enterprises and this will rekindle the interest of offshore investors in our economy.

“On February 27, 2007, apparently under pressure to close the deal fast at all costs, the BPE hurriedly handed over ALSCON to Dayson Holding Ltd. in blatant disregard of pending adjudication at the Appeal Court.

“The implication was that the government had no regard to the courts and foreign investors were watching as no one will invest in a country where there is no rule of law,” Udoh said.

He said that World Bank and other international finance organisations had earlier registered their dissatisfaction with the privatisation process.

Udoh expressed optimism that the Supreme Court verdict would encourage foreign investors and make the country a preferred investment destination.

It would be recalled that the aluminum plant was built in 1992 by a German firm, Messrs Ferrostaal AG.