11 September 2017, Sweetcrude, Abuja – The Federal Government has disclosed plans for an out-of-court settlement of the dispute over the privatisation of the Aluminium Smelter Company of Nigeria, ALSCON, in Ikot Abasi, Akwaa Ibom State.
The Federal Executive Council, FEC, at a recent meeting gave approval for the National Council on Privatisation, NCP, to pursue an out-of-court settlement of the case involving the company.
A statement by Mr. Laolu Akande, Senior Special Assistant on Media and Publicity to Vice President Yemi Osinbajo, said the new move is aimed at a peaceful resolution of the lingering dispute between the Federal Government, BFIG and United Company RUSAL.
The council advised that “the mediation efforts should take a holistic view of the entire sector and the overriding national interests to jumpstart industrial development through the steel sector in arriving at a resolution on the matter.”
The statement added that, “At the meeting, the council reviewed the proposals presented by its Secretariat, the Bureau of Public Enterprises (BPE) for the reform and restructuring of various sectors of the economy.
“Furthermore, the council approved the immediate revocation of the concession of the Lagos International Trade Fair Complex, and the immediate commencement of a fresh privatisation of Yola Electricity Distribution Company”.