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Tag: BPE

  • Account for N10bn spent on firms registration, Reps tell BPE

    Account for N10bn spent on firms registration, Reps tell BPE

    The House of Representatives has urged the Bureau for Public Enterprise (BPE) to account for about N10 billion alleged used to register two companies for the Nigeria Postal Service (NIPOST).

    Rep. Bamidele Salam, Chairman, House Committee on Public Accounts made the call in Abuja at the resumed investigative hearing of the committee.

    “No reasonable Nigerian will believe that N10. 4 billion was spent to register the two companies.

    ”These companies eventually folded up one year after takeoff,” he said.

    He also said the companies, NIPOST Transport and Logistics Ltd., and NIPOST Property reportedly took off in May 2023, and folded up through a Presidential directive in May 2024.B

    The BPE Head of Finance and Accounts who stood in for the Director-General of the Agency, Mr Imam Rilwan, told the committee that of the said amount, N10 million was given to the two companies for their take off.

    He said that about N400 million was given to the BPE to prepare the ground for the takeoff of the companies.

    He said the issue of registering the two companies for NIPOST was approved in 2017.
    This, he said, paved the way for BPE to expend about N423 million in registering and carrying out other activities for the eventual take off of the companies.

    He said when the money was eventually released in 2023 the bureau had to recover its money, adding that the N423 million given to the BPE was used to rent office accommodation among other essential services.

    He said while the bureau paid rent for the two companies from 2022, the companies took possession of the offices in May 2023, while they folded up in May 2024.

    He said all property belonging to the two companies had been officially handed over to NIPOST management.

    Responding, Salam said spending money from the government coffers before the money was released was a violation of the provisions of the Public Procurement Act.

    Salam, however, directed the Director-General of BPE, Ayodeji Gbeleyi, to personally appear before the committee on September 11 at 12 noon with all relevant documents relating to the transaction.

  • Alleged N1bn bribe: Court reserves ruling in trial-within-trial of Ex-BPE DG, Dikki

    Alleged N1bn bribe: Court reserves ruling in trial-within-trial of Ex-BPE DG, Dikki

    Justice Yusuf Halilu of a Federal Capital Territory high court on Tuesday reserved a ruling in a trial-within-trial filed by a former Director-General of the Bureau for Public Enterprises (BPE), Benjamin Dikki.

    Dikki is being prosecuted by the Economic and Financial Crimes Commission (EFCC) alongside his company, Kebna Studio, and Communications Limited on allegations of receipt of an N1 billion bribe

    He is dragged to court on a four-count charge bordering on receiving bribe and abuse of office.

    He was alleged to have received N1billion bribe from Bestworth Insurance Brokers for his role in facilitating the approval of outstanding insurance premiums and claims of deceased and incapacitated staff of the defunct Power Holding Company of Nigeria (PHCN).

    EFCC stated that the offence was contrary to Section 17(1)(a) of the Corrupt Practices and Other Related Offences Act, 2000 and punishable under the same Act, between Jan. and Feb. 2015 when he was serving as BPE DG.

    The defendants pleaded not guilty to the allegations and stated that the confessional statement EFCC presented was not voluntarily made.

    The court therefore, ordered a trial within-trial to ascertain the voluntariness of the statement and adoption of addresses fixed for today.

    Halilu after listening to the submissions of all the counsel in the matter , reserved ruling to a date that would be communicated to parties.

    Earlier, Abdul Mohammed, SAN, Dikki ‘s counsel in his argument, told the court that section 17 of the Administration of criminal justice Act (ACJA) provides that suspect should give statement freely without force.

    He said the defendant ‘s statement was taken in 2016 while ACJA was enacted in 2015 and there is no way the statement would be admitted because it was obtained by force.

    According to him, everything about the manner in which the statement was obtained pointed to intimidation.

    ” The defendant said he was psychological tortured.

    ” The EFCC has CCTV covering the entire premises but failed to provide the clips on how the statement was taken to the court .”

    He therefore urged the court to reject the statement and move ahead with the trial.

    Sherif Mohammed, counsel for the 2nd defendant aligned with the learned Silk and prayed the court to declare the statement unreliable.

    The prosecution counsel, Chris Mshellia asked the court to discountance the defendants ‘ arguments and admit the confessional statement.

    According to him, what governance the admissibility of a confessional statement is the Evidence Act and not the ACJA.

    He therefore urged the court to disregard the arguments of the defendants ‘s counsel and admit the statement in evidence.

    Dikki had earlier on Nov. 14, 2023, told the court that he was informed on August 29, 2016 by an EFCC operative from Zuru that the commission had been looking for him and had gone to arrest his wife and son.

    He said this surprised him as he did not received any invitations from the anti-graft agency and he told the operative that he would appear before EFCC on September 1, 2016.

    According to him, on arrival at the commission, he was taken by the operative who spoke with him on phone to the office of the team leader, one Bashir, where he was till 2pm when he was invited to the team leader’s office.

    “Bashir told me that they have investigated the matter and there was nothing I could say other than to write a statement that I would refund the N1 billion paid into the account of Kebna Studio.

    “I told him I cannot make such commitment and he said I was wasting their time and that the policy of government was recovery.

    “He said I must make a statement that Kebna Studio was going to refund the money,” he told the court.

    According to him, despite saying he could not make such commitment, the EFCC operatives were insistent that he should make the commitment and was taken to the cell.

    He said he told them that he was being stubborn as others had made refund to the government,

    He added that he was detained in the cell from 6pm to 7:40pm when he was brought and assured of being released only if he made the commitment.

    Dikki said he was neither with his lawyer, Ali Suberu, when he was made to write his statements nor advised to get any lawyer before writing the statements.

    He told the court that, “on Sunday, Sept. 4, 2016, Bashir came into the cell and told me that I was the one detaining myself because I was blowing long grammar, that once I commit to refund, I would be released.”

    He said for the sake of his freedom, he made arrangements for N50 million payment to be made to EFCC, adding that the money came late on Monday, September 5, 2016 and was released the following day.

    Under cross examination by EFCC counsel,Chris Mshellia, Dikki told the court that he was not arrested by the EFCC.

    ”I got the the EFCC office by myself and was interviewed by officers of the commission.

    “I wrote down my statement after being cautioned. I had no option but to write my statement,” he said.

    He informed that EFCC operatives tried to dictate what he should write in his statement.

    He, however, said though he was not beaten by the operatives, he was harassed and tortured psychologically.

  • BREAKING: Tinubu fires two CEOs

    BREAKING: Tinubu fires two CEOs

    President Bola Tinubu has fired two (2) Chief Executive Officers (CEOs) of Federal Competition and Consumer Protection Commission (FCCPC) and Director-General/CEO, Bureau of Public Enterprises (BPE).

    TheNewsGuru.com (TNG) reports the two CEOs fired by President Tinubu are Mr. Babatunde Irukera of the FCCPC and Mr. Alexander Ayoola Okoh of the BPE.

    According to a statement by Ajuri Ngelale, Special Adviser to the President on Media & Publicity, the dismissal of Irukera and Okoh is with immediate effect.

    Ngelale stated that their dismissal was in conformity with plans to restructure and reposition critical agencies of the federal government for enhanced contributions to the nation’s economy.

    The statement reads: “In conformity with plans to restructure and reposition critical agencies of the Federal Government towards protecting the rights of Nigerian consumers and providing a strong basis for enhanced contributions to the nation’s economy by key growth-enabling institutions, President Bola Tinubu has dismissed the following Chief Executive Officers:

    “Mr. Babatunde Irukera — EVC/CEO, Federal Competition and Consumer Protection Commission (FCCPC) and Mr. Alexander Ayoola Okoh — Director-General/CEO, Bureau of Public Enterprises (BPE)

    “The two dismissed Chief Executives are directed to hand over to the next most senior officer in their respective agencies, pending the appointment of new Chief Executive Officers.

    “By this directive of the President, their removal from office takes immediate effect”.

  • Reps summon finance minister, power, BPE others over planned sale of power plants

    Reps summon finance minister, power, BPE others over planned sale of power plants

    The House of Representatives has summoned the Ministers of Finance, budget and National Planning, the Minister of Power, over the planned sale of five power plants belonging to the three tiers of government.

    Others summoned are the Director General for the Bureau for Public Enterprise (BPE), and the Managing Directors of the Niger Delta Power Holding Company and Nigeria Bulk Electricity Trading Company.

    In letters to the agencies and made available to newsmen on Sunday in Abuja,  the Chairman, House Committee on Finance, Rep. James Abiodun Faleke,  said the process for the sale was unconstitutional.

    He added that it was also a disservice to the nation’s development and sharing equity among the three tiers of government.

    The letters read in part: “the House of Representatives has observed with grave concern the proposed sale of the 5 National Integrated Power Plants (NIPP).”

    They are Benin Generation Company Ltd, Calabar Generation Company Ltd, Geregu Generation Company Ltd, Olorunsogo Generation Company Ltd and Omotoso Generation Company Ltd. proposed by the Bureau for Public Enterprise (BPE).

    According to him, this was without due regard to constitutional principles and economic policy that informed the establishment of those power plants.

    He decried the proposed sale as unconstitutional and a disservice to all known principles of national development and the sharing equity among the three tiers of government.

    “Considering the critical role your agency is playing in sustainable energy sector in the country, you are please requested to stop all further processes regarding this transaction.

    “You are to submit the following information for the committee’s determination of the way forward.”

    He said that the committee was demanding from the Nigeria Bulk Electricity Trading Company a breakdown of the capacity and monthly income of all the power plants.

    He added that a full disclosure of all the power plants that had taken or paid agreements as well as electricity consumed and not consumed from inception should be included.

    He also requested for information on all agreements with the power plants on take or pay basis, approvals needed by the Nigeria Bulk Electricity Trading Company Board, the Federal Executive Council and others

  • We’ll ensure changes in DisCos don’t disrupt service – FG

    We’ll ensure changes in DisCos don’t disrupt service – FG

    The Minister of Power, Mr Abubakar Aliyu says the ministry will ensure that the changes in corporate governance do not impact on the service and stability of the  Distribution Companies (DisCos).

    Mal Isa’ Sanusi, Special Adviser  on Media to the Minister of Power,  made this known in a statement in Abuja on Wednesday.

    Sanusi said that the minister had reassured electricity consumers that the recent changes in the governance of the DisCos would not adversely impact on the ongoing reform initiatives including the National Mass Metering Programme.

    He  said that the minister had been briefed by the Nigerian Electricity Regulatory Commission (NERC) and Bureau of Public Enterprise(BPE)
    on the recent events relating to
    corporate governance in Kano, Benin, Kaduna, lbadan and Port Harcourt   DisCos.

    Sanusi said that the event had necessitated a change in the respective Board of Directors and Management of the DisCos.

    According to him, the changes announced was as a result of the receivership of the core investors in Kano, Benin, Kaduna and lbadan DisCos.

    ”Whereas the actions in Port Harcourt DisCo are sought to provide much needed liquidity and prevent the insolvency and risk of collapse of the utility in implementing the changes.

    Sanusi affirmed  that while the  Government continue to hold a 40 per cent equity stake in all the DisCos.

    “The utilities are still private sector led “going concerns” falling under the
    provisions of the COMPANIES AND ALLIED MATTERS ACT (CAMA) and subject to regulation by the Nigerian Electricity Regulatory Commission (NERC).

    ”The ministry had received a confirmation from the Bureau of Public Enterprise (BPE) and the Central Bank of Nigeria that in exercising the rights of lenders to the core investors.

    ”The financial institutions do not retain the ownership of the shares and management of the DisCos in perpetuity.

    ‘It is therefore expected that clear timelines for exit of the banks would be prescribed by the regulators as and when appropriate,” he said.

    Recall that Fidelity Bank said it planned to take over the boards of Kano, Benin and Kaduna Distribution Companies (DISCOs) and to collateralize their shares.

    The Director-General of  BPE, Alex Okoh, and the Executive Chairman, Nigerian Electricity Regulatory Commission (NERC), Sanusi Garba said this in a joint statement on Wednesday in Abuja.

    “Today, we were informed by Fidelity Bank that they have activated the call on the collateralised shares of Kano, Benin and Kaduna (Fidelity and AFREXIM) DISCOs.

    “They have also initiated action to take over the Boards of these DISCOs and exercise the rights on the shares.

  • Despite public outcry, Reps pass Bill empowering BPE to control all public assets in Nigeria

    Despite public outcry, Reps pass Bill empowering BPE to control all public assets in Nigeria

    …report laid and hurriedly considered within 24hrs
    …a Bill roundly condemned by NLC, CSOs, Nigerians at hearing
    …more Nigerians to join the already 40m unemployed
    … presidency allegedly fingered
    By Emman Ovuakporie
    Despite massive opposition by the public, House of Representatives on Tuesday passed into third reading a Bill empowering the Bureau for Public Enterprises, BPE to control all public assets in Nigeria that was roundly condemned at its public hearing by critical stakeholders.
    The Bill if finally passed and approved by President Muhammadu Buhari will empower BPE to have total control over all public assets including the National Assembly and others.
    The re-enactment Bill entitled: ‘ A Bill for an Act to Repeal the Public Enterprises Privatization and Commercialization 1999 Act Cap P38 LFN 2004 And Enact the Public Assets Reform Bill 2021 For Improved Efficiency and Management of Public Assets in Nigeria and For Related Matters’ was condemned by the Nigeria Labour Congress, NLC, lawyers, Civil Society Organisations, Ministry of Works and other critical stakeholders describing it as a retrogressive move by lawmakers.
    The House without allegedly forming a quorum adopted the committee’s report on the Bill last Thursday drawing the flaks of some lawmakers who feel the Bill would in no way favour Nigerians.
    If finally re-enacted and passed into law many other regulatory bodies will be swallowed by BPE.
    Another contentious issue is how the report was laid last week Wednesday and considered within 24hours and lawmakers were not placed on notice.
    A credible source who spoke under the condition of anonymity said” the critical stakeholders roundly condemned the Bill as it has no merits as the Bill in no way favour Nigerians.
    “Who is the Bill for if it’s not in favour of Nigeria because we heard that the presidency has vested interest in the Bill that would entrust all public assets into the care of BPE.
    “At the Public Hearing last October, lawyers, Minister of Works, NLC president, other critical stakeholders heavily condemned the Bill primarily designed to favour presidency and a few Nigerians.
    “The presidency is said to be involved and is it good to amend an Act that will only promote their selfish interests and that of a few members of the House committee.
    “BPE to handle all public assets to the benefits of a few when ICPC confirmed at the hearing that N18bn was traced to the private account of a staff to now control all public assets in Nigeria.
    Read some reactions from the public hearing:
    Hear them:
    NLC President, Ayuba Wabba at the hearing said privatisation has led to loss of jobs.

    “As I speak, all privatisation processes have led to job loss. The terminal benefits of the workers have not been paid. I have thousands of the power sector workers whose benefits have not been paid. They said investors are coming from other climes to invest in our power sector. What happened is that they went to the banks where we saved our money, withdrew the money and bought those assets and added no value. We don’t support the idea that privatisation is the only way and we will not support it. We agreed that there are things we can do.

    They will not privatise moribund assets, they look at the viable ones. The issue of NITEL, what they did was assets striping, including the Power holding. The assets were first stripped and sold and no value has been added. Check the steel rolling mills which were privatised. The first thing they did was shut down the place and sell off the assets. I don’t think we should continue in this light. We must be able to say no.

    “We should not come and sell the idea here that privatisation has worked. If it has worked, why are the poverty capital of the world.

    “Mr President is against the privatisation of some key facilities. When some of those policy documents were smuggled in and we raised the issue, he said no, he said he was not going to privatised health and education because it is a legacy he wants to leave for the children of the poor. So let us do the right thing. We have privatised power and yet, I still buy my transformer and no value has been added”.

    He recalled that Nigerians were also exploited during the coming of GSM in Nigeria.

    He said: “When this concept of having privatisation as the only way to enhance our economic development came up, we have always said that is not correct. From the beginning, we have engaged governments from Obasanjo to the current government. That was why Obasanjo said NLC should be a member of the Council. But for obvious reasons, NLC was alleniated. President Buhari also insisted that NLC should be part of the Council, but for NLC was substituted.

    “If by now, we have privatised 234 Enterprises in Nigeria and we say that it is aimed at creating wealth and address the issue of poverty, yet we are the poverty capital of the world, then something is wrong with that policy. So, let us not come here and auger coat. Let us say it the way it is.

    “The idea that GSM was privatised is wrong. Let us correct the narrative. There was a GSM revolution around the world and we keyed into it by killing NITEL. If you go to Britain now, you can still make calls using landline. In the process of bringing in that GSM, Nigerians were exploited. When GSM came into Nigeria, if you compare with other countries, we were exploited. That was not a process of privatisation. It was a process of allowing people come and invest in our economy.

    “On the issue of ports, let me make the point that the same people anchoring privatisation were the same people who bought the ports. It was a process of taking our common wealth and handing them to few against the spirit and letters of the constitution especially section 16. So, it is wrong to say that the state has not business in business”, he said

    The Minister of Works, Babatunde Fashola also towed Wabba’s line of argument as other critical stakeholders were in sync with both key contributors at the hearing.

    Fashola condemned the outright privatisation of the government outfit as those privatized so far are not working.

    Amendment of BPE Act Not To Usurp Regulatory Powers, Says Okoh

    Director General of the Bureau of Public Enterprises (BPE), Mr. Alex A. Okoh has allayed fears of perceived usurpation of regulatory powers by the Bureau in the concession of public assets in the country.

    Okoh who made this known in Abuja on Monday, October 25, 2021, at a public hearing organised by the House of Representatives Committee on Privatisation and Commercialisation of Government Assets against the backdrop of fears expressed by the Infrastructure Concession Regulatory Commission(ICRC) that the proposed amendment of the BPE Privatisation and Commercialisation Act 2004 to establish the Public Asset Reform Bill 2021was aimed at giving the BPE regulatory powers and whittling down the powers of the ICRC, emphatically said that the proposed Bill is only to improve efficiency and management of public assets in Nigeria.

    The Director General maintained that the Bureau has never interfered in the regulatory powers of other sister agencies like the Nigerian Electricity Regulatory Commission(NERC),National Communications Commission (NCC) and Pension Commission of Nigeria(PENCOM); and will not interfere in the regulatory functions of ICRC but collaborate with all regulatory agencies in the country in the discharge of its mandate.

    Okoh stated that the footprints of the BPE’s reform activities were indelible on the Nigerian Economy, generating about N1 Trillion in the process and creating significant savings which otherwise would have been expended as subventions to subsidise sub optimal government enterprises.

    He expressed the urgent need to pass the proposed Public Assets Reform Bill 2021to help unlock the much needed investments from the Private sector capable of bridging the infrastructure need of the country, stimulate economic growth, reduce the escalating debt burden and providing employment opportunities for unemployed Nigerian youth.

    The BPE boss maintained that the Bill primarily seeks to: repeal the Public Enterprises (Privatisation and Commercialisation) Act which has become obsolete with passage of time; Create a legislative instrument for the optimisation of stranded Assets of Government to unlock liquidity that will boost the dwindling revenues of the Federal Government; Creation of a National Assets Register which may be published annually to address the current infrastructure deficit in the county as well as enhance the capacity of the Bureau and the relevant committees of the National Assembly to carry out statutory legislative responsibilities of overseeing all assets of the nation.

     

  • No plan to privatise TCN – BPE

    No plan to privatise TCN – BPE

    Mr Yunana Malo, Director, Energy Department, Bureau of Public Enterprises (BPE) says there is no plan to privatise the Transmission Company of Nigeria (TCN).

    He said, at a media conference on Monday in Abuja, rather than that, the Bureau would concession it to get maximum value.

    He said transmission was the weak link in the power reform, as generation which was privatised had since attracted a lot of investments, making it more efficient.

    He said the generation capacity had improved, adding that 60 per cent of the distribution segment had also been partially privatised and was beginning to pick up through the reforms of the Federal Government.

    “The seemingly weak link is the transmission component, it is still 100 per cent owned by the FG.

    “The idea is to think outside the box and bring in solutions that will make the transmission component service the value chain, and make it more efficient.

    “Government is not thinking of privatising, it is thinking of ways and means that the private capital can be brought into the transmission component without giving out the ownership of Transmission Company,” said Malo.

    He explained that the Bureau would concession the transmission segment, “so that we can have somebody building the high tension lines, covering areas that have not been reached or to maintain the existing ones to get maximum value, to move from the radial system we have today into a mesh.

    “So the idea is not to privatise but to reform and make it efficient, bringing in private sector operational modalities within the transmission company.”

    On the Federal Government’s 40 per cent stake in the Distribution Companies (DISCOS), Malo said the shares were still intact and protected by BPE.

    Mr Alex Okoh, BPE Director-General, said over the years, N1 trillion had been generated from 234 concluded transactions of previously government-owned enterprises from various sectors of the economy.

    He said the Bureau expected to generate N493.40 billion net revenue from various transactions as approved by the National Council on Privatisation (NCP).

    He said over 30 projects had been categorised under five segments with 22 of them carried over from 2020.

    He, however, said the plan to privatise the nation’s refineries had been dropped as the Federal Government was considering other approaches to revitalise and improve on them.

    The director-general said BPE was very close to resolving the issues surrounding the Ajaokuta Steel Company, especially the litigation and that once that was done a decision would be taken on how to proceed with it.

    Okoh said the rationale for privatisation was to generate revenue for government, reduce operational inefficiencies, revitalise and optimise public sector entities and increase investment level as a catalyst for growth.

    “The country’s fiscal space is getting increasingly constrained, as a result government cannot provide the resources required to meet all of its obligations and bridge the huge infrastructure gap.

    “The most feasible option is to attract private sector investments. BPE’s current initiative in its 2021 work plan and additional roles in the Public Private Partnership (PPP) space is, therefore, poised to impact on the economy positively.

    “This is in the areas of infrastructure development, improved health care service delivery, power generation and supply, employment creation, food security and human capital development,” he said.

  • BREAKING: Buhari reappoints Alex Okoh after 4 years in BPE

    BREAKING: Buhari reappoints Alex Okoh after 4 years in BPE

    President Muhammadu Buhari has approved the reappointment of Mr. Alexander Ayoola Okoh as the Director-General, Bureau of Public Enterprises (BPE) for a second term of four years.

    According to a statement emanating from the presidency the reappointment is in accordance with the provision of Section 17 (1)(a) and (2)(a) of the Public Enterprise (Privatization & Commercialization) Act, 1999.

    This renewal will take effect from 10th April 2021, according to the statement released on Friday by Laolu Akande, Senior Special Assistant to the President on Media and Publicity, Office of the Vice President.

    The BPE is the Federal Government agency charged with economic reforms especially the privatization and commercialization of government-owned enterprises in the country.

    BPE also serves as the secretariat of the National Council on Privatization, and in the last four years, according to Akande, BPE has witnessed a notable invigoration in its activities.

  • BPE Begs FG to Sell Public Assets to Clear N2.28trn Budget Deficit

    BPE Begs FG to Sell Public Assets to Clear N2.28trn Budget Deficit

    In order to fund the proposed N10.33 trillion 2020 budget, the Bureau of Public Enterprises (BPE) has called on the federal government to privatize government owned enterprises to settle the N2.28 trillion budget deficit.

    This stance was made known by the Director-General of the BPE, Mr Alex Okoh, at an interactive forum with the Senate Committee on Privatisation at the National Assembly and was contained in an official statement released over the weekend.

    He called for the sale of the federal government assets which were not bringing in revenues for the government but were becoming liabilities as these state-owned enterprises were placing undue pressure on the lean public purse by way of subventions.

    He said that it wasn’t rational to constantly fund budget deficit year in, year out with local and foreign borrowing when there are abundance of national assets that could be sold to fund the federal government’s fiscal programmes.

    “It is not good to keep borrowing on a yearly basis to finance budget deficit when a lot of very valuable national assets are lying fallow and moribund.

    “Proceeds from outright privatisation or concession of the moribund assets should serve as veritable sources in funding the budget since the assets are more or less becoming national liabilities,” he was quoted to have informed the Senate as saying.

    He noted that the BPE had contributed N135 billion out of the N220 billion that it was expected to generate for the 2019 fiscal budget. This is more than 60 percent of the expected sum.

    Mr Okoh explained that the N135 billion so far been generated by the bureau was realised through the sale of the Afam Electricity Generation Company (Afam Power Plc and Afam Three Fast Power Limited) and the re-privatisation of the Yola Electricity Distribution Company.

    He also said that the sale of 29 percent of the Federal Government’s shares in the Geregu Power plant contributed to the sum.

    Mr Okoh called on the National Assembly to critically look at the funding framework for the agency, but expressed optimism that the agency would meet its target for the 2020 fiscal budget.

    He disclosed that out of the N2 billion allocated to the agency yearly from the national purse for its operations, N1.5 billion is for staff emoluments through the Integrated Payroll and Personnel Information System (IPPIS).

    “Of the N500 million that is supposed to come to the Bureau for overheads and capital expenditure, cent of the amount is eventually released to the Bureau against what is obtained in other revenue generating agencies of the federal government.”

    He, however, expressed optimism that the bureau would meet its target for the 2020 fiscal budget.

  • Aluminum smelting company to re-commence production

    President Muhammadu Buhari is to re-inaugurate the Aluminum Smelting Company of Nigeria (ALSCON), Ikot Abasi, Akwa Ibom, to enable it to re-commence production.

    The Director-General (D-G), Bureau of Public Enterprises (BPE), Mr Alex Okoh, gave the hint through the Head, Public Communications, BPE, Mrs Amina Othman, on Sunday in Abuja.

    Okoh said that the BPE and other critical stakeholders of the company would reach a comprehensive resolution on the teething problem of gas price and supply confronting the company.

    “Upon the resolution of the gas price and supply issues, a new agreement will be signed in line with the current realities.

    “It will also take into considerations the trend internationally, to allow ALSCON remain competitive in the global aluminum products market,” he added.

    He said that as the first step, the BPE had requested Federal Government’s consideration and approval for the categorisation of ALSCON under a strategic industry.

    This, he said, was to enable it to buy gas at a concessionary price so that the core investor in the company – DHL/RUSAL – would recommence production and operate profitably.

    He recalled that following the signing of Addendum Number 2 to the Share Purchase Agreement (SPA) on Jan. 17, 2018, the investor provided a roadmap to the company’s recommencement of production.

    The D-G said the document signed at the Ministry of Mines and Steel Development, provided details on issues required for the operation of the company, including gas price and supply.

    Okoh noted that when the company resumed operation, it would serve as a catalyst to the development and growth of aluminum industry in Nigeria.

    He said that the resuscitation of ALSCON would also create employment, conserve foreign exchange, serve the automobile and allied industries and create spin-off industries in the country.

    ALSCON has been comatose for over 10 years now.