Niger Delta
Minister Wants S’Court To Fast-Track ALSCON’s Case
Minister of Mines and Steel Development, Dr Kayode Fayemi, has appealed to the Supreme Court to expedite action on the case involving the Aluminum Smelter Company of Nigeria (ALSCON), to free it from any encumbrances.
Fayemi, made the appeal during an inspection tour of ALSCON at Ikot-Abasi, Akwa-Ibom, lastWednesday.
He said it became necessary for the court to expedite its decision on the company, as it could provide massive investment, employment generation and also bridge importation gap of metals.
The Supreme Court had ruled against RUSAL company which bought the ALSCON from the Bureau of Public Enterprises (BPE) in 2004.
RUSAL and BFIG submitted bids for ALSCON in 2004 when the company was privatised, BFIG won the bidding but failed to meet the stipulated deadline for the payment of the mandatory 10 per cent of the total bid offer.
The Bureau of Public Enterprises (BPE) revoked the offer from the BFIG and gave it to RUSAL because it was able to pay the 10 per cent bid offer, but the BFIG headed to the court and the case was in its favour.
However, the RUSAL company also filed a counter case at a London Arbitration Court after losing the matter in Nigeria.
The Minister said that contrary to reports that RUSAL was involved in asset stripping, the fact on ground showed that the Russian group had maintained the plants as well as a small work force since it stopped work.
“We cannot interfere in legal matters but to encourage the court to expedite action on the issue, particularly on the synergy between the London Court of arbitration and the Nigeria Supreme Court,” he said.
He, however, said that government was fully prepared to tackle other administrative issues that might have crippled production processes at the plant once the legal aspect had been resolved.
Specifically, he said the ministry was ready to assist the company in resolving all administrative issues it might have with some organisations, including the Nigeria Export Processing Authority (NEPZA).
According to him, in spite of the company not functioning for years, it is still maintaining the plant with 140 Nigerian staff and seven expatriates.
He noted that, the company had almost 200 mega watts excess power supply that could be channeled into the national grid.
“Currently, the company has 540 mega watts power but consuming only 360 mega watts, while the remaining power is not being utilised,” he said.
He promised to speak with the minister of power to give access to the company to channel the power into the national grid.
Mr Dmitriy Zaviyalov, Managing Director of RUSAL, urged the government to intervene, to enable the company to commence operation, adding that, it was spending 400,000 dollars monthly.
He also said that the company, in collaboration with Akwa Obom Government, would dredge the harbour close to the company to the Onne sea, to bring materials needed for its production.
News
China Alerts Rivers, A’Ibom, Abia Govs To Economic Triangle
The Mayor of Housing, My-ACE China, has alerted the Governor of Rivers, Akwa Ibom, and Abia states to what he calls an emerging ‘Economic Triangle’ within their states.
Mr China, a real estate success strategist who has won numerous local and international awards, has thus drawn the attention of the governors of the concerned states to the emerging development and has urged them to intentionally accelerate the emergence of the economic triangle.
Speaking to newsmen in Uyo, Akwa Ibom State capital at the conclusion of his business trip to the state, Mr China, who is the managing director of the Housing and Construction Mayor Limited, said the envisaged economic corridor would compete favourably with the Lagos economic hub or even better.
He said: “Talking about ‘Economic Triangle’, the only place that can wrest economic power from Lagos is Akwa Ibom, Abia, and Rivers states axis or corridor. This corridor contains more than Lagos has, if they can be interconnected with smooth roads, ports, and if their blue potentials are unlocked. They will not only wrest power from Lagos but would be more lucrative.”
The investor who is behind the emerging Alesa Highlands Green Smart City in Eleme, near Port Harcourt, said the new ‘Economic Triangle’ has a bigger potential due to massive land assets with the corridor plus blue economy and the existing hydrocarbon industry.
Explaining, Mayor of Housing said Aba (Abia State) provides the biggest fabrication capacity in West Africa to supply goods to the Gulf of Guinea; Port Harcourt provides access to the Gulf of Guinea for off-taking Aba products, and the Uyo provides deep sea port at Ibaka and international airport facilities as well as forest reserves for massive agro-economy.
He said with sea ports in Rivers State and deep seaport in Akwa Ibom, and international airports in Rivers and Akwa Ibom, Aba can focus on adequate power supply and fabrication boom to supply a new booming market around the economic triangle.
By doing this, he said, jobs would spill out in huge quantities and more manufacturers would be drawn from all over Africa to boost the fast coming African Continental Free Trade Agreement (AfCFTA). He said Nigeria would thus have two major trade nodes in West Africa; Lagos and the PH/UYO/Aba triangle.
He said goods going to or coming from Chad, Niger, and the rest of Central Africa can head to the Lagos ports or to the Ibaka/PH ports zone in the new economic triangle.
He said with power supply made stable, good roads, excellent security system, and ease of doing business enthroned in the zone, the South-South and South East would become the biggest economic nerve in the near future.
Mayor of Housing called on governors of the three states to be intentional about the new corridor, put away political differences (if any), and create this corridor by agreeing on projects each state would execute with a short period of time so the states would be linked by good roads, communication, security, trade laws, concessions to investors, etc.
He remarked that northerners were already heading to the Onne Port in Rivers State to export goods, saying creating a commission to oversee the development of the ‘Economic Triangle’ would fast-track its emergence.
He observed that people of the three states are peaceful and usually preoccupied with zeal for economic prosperity, saying that if they are linked to such huge opportunities staring at them in the emerging economic triangle, they would totally shun violence and focus on prosperity.
Mr China insisted that the emerging economic triangle would form a big node not only into the Gulf of Guinea economic zone but into Africa because AfCFTA is about production, certification, market availability, and easy transport nodes by sea and air. He said the new economic triangle boasts of all the factors.
“They can only realise this by working together, through collaboration. One state cannot do it but a triangle of the three will create it through seamless interconnection, ports, industrial park, etc. The people will be the richest and internally generated revenue (IGR) will be the biggest in the country,” he said.
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