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Tag: Alex Okoh

  • ALSCON: Court vacates committal order against ex-BPE DG Okoh

    ALSCON: Court vacates committal order against ex-BPE DG Okoh

    A Federal High Court in Abuja has vacated the order of committal for contempt imposed on the immediate past Director General of the Bureau of Public Enterprises (BPE) Alex Okoh.

    Justice Donatus Okorowo vacated the committal order in a ruling on April 5 on a motion on notice filed on March 12 by Okoh.

    Justice Okorowo gave the ruling after listening to Okoh’s lawyer, Mrs. J. O. Adesina (SAN) who argued the motion, which was not objected to by Patrick Ikwueto (SAN), lawyer to BFI Group Incorporated.

    In an enrolled copy of the ruling seen by The Nation, Justice Okorowo said: “An order is hereby granted directing that the contemnor/applicant (Alex Okoh) be discharged and relieved of the committal order made by this honourable court on 17th December, 2019. 

    “It is further ordered that, in the light of the submission of judgment creditor/respondent counsel and to uphold the majesty of the court in particular, the decision of the apex court on the entire judgment that led to the contempt proceedings, that BPE are duty bound to continue to fully and abide by the order handed down by the Supreme Court in appeal No. SC/12/2004 by satisfying the said judgment and in particular the order restraining the BPE, its servants, agents, privies, management or however called from ‘negotiating to sell, selling, transferring or otherwise handing over the Aluminium Smelter Company Nigeria Limited (ALSCON) to any person in violation of contract between the BPE and BFIG.’

    It could be recalled that the committal order was issued in relation to a legal dispute between BPE and BFIG, over the ownership and operation of Aluminium Smelter Company of Nigeria (ALSCON), in Ikot Abasi, Akwa Ibom State.

    Read Also: Court fines Halima Abubakar N10m for defaming Apostle Suleman

    Justice  Anwuli Chikere of the Federal High Court had in December 2019 committed Okoh for contempt ordered upon finding that he and the BPE  disobeyed a decision of the the Supreme Court in relation to the sale controversy of ALSCON.

    Okoh had, in a court document, argued that he was not the DG of the BPE when the transaction on the sale of ALSCON was executed in 2004/06 or when the Supreme Court judgment was delivered in 2012.

    Okoh was appointed DG of BPE on April 13, 2017, five years after the said ruling of the Supreme Court, and was relieved of the position on January 8, 2024, three weeks before the contempt ruling of January 26, 2024.

    In 2013,  the  Federal Government cancelled the sale of the Aluminum Smelter Company of Nigeria, ALSCON, to BFIGroup Corporation.

    The government’s decision was announced by the Bureau of Public Enterprises, BPE.  The BPE announced the directive of the National Council on Privatisation, NCP, to terminate the offer to BFI Group Corporation for the purchase of 77.5 per cent of ALSCON.

    The BPE in a statement by its then Head, Public Communications, Chigbo Anichebe, said the decision followed BFIG’s inability to pay the agreed 10 per cent of the offer price within 15 working days of the execution of the Share/Sales Purchase Agreement, SPA, as directed by the Supreme Court of Nigeria.

    However , BFIG Chairman, Reuben Jaja countered government  action via  NCP which he said amounts to a violation of the July 6, 2012 order of the Supreme Court, which granted perpetual injunction restraining any act by any agency of government against the contract until all the issues that resulted in the crisis are resolved.

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

    BPE also serves as the secretariat of the National Council on Privatization (NCP), but the DG is said not to be in any capacity to take such decisions as regards sale or concession of Federal Assets as such decisions rest by law on the NCP which is chaired by the Vice President.

    In 2013,  the  federal government cancelled the sale of the Aluminum Smelter Company of Nigeria, ALSCON, to BFIGroup Corporation.

    Recall the  legal battle between BPE and BFIG dates to 2003 when the National Council on Privatisation (NCP) approved the commencement of the privatisation process for ALSCON.

  • ALSCON sale: Supreme Court okays jail term for  BPE’s ex-DG, Okoh over contempt

    ALSCON sale: Supreme Court okays jail term for  BPE’s ex-DG, Okoh over contempt

    The Supreme Court has affirmed the conviction of the immediate past Director General of the Bureau of Public Enterprises (BPE), Alex Okoh and his sentence to one month imprisonment for contempt of court.

    Okoh, who was appointed BPE’s DG in 2017 was sacked earlier this month by President Bola Tinubu.

    A five-member panel of the apex court, in a unanimous judgment on Friday, January 26, held that there was sufficient evdince to prove that the BPE and Okoh flouted the order of the Supreme Court restraining them from selling the Aluminium Smelter Company of Nigeria (ALSCON) Ltd to any other person or group except the BFI Group Corporation that won the first bid advertised in 2004.

    Sometime in 2004, the BPE advertised for expression of interest from interested bidders for the privatisation of the ALSCON. 

    At the end of the exercise, BFI Group Corporation was adjudged the preferred bidder, which the BPE communicated to it via a letter dated June 17, 2006, with a demand that it must pay 10 percent of the bid price within 15 days of the receipt of the letter, a request BFI Group faulted.

    The BFI Group declined to pay, insisting that, by the terms of the memorandum of understanding, dated May 20, 2004 which was executed by parties, the only condition was for the preferred bidder to pay 10 percent of the accepted bid price.within 15 days from the date of the execution of the Share Purchase Agreement (SPA).

    Due to the failure of the BFI Group to pay as it directed, the BPE terminated the contract between them and re-offered ALSCON for sale, a decision BFI Group challenged up to the Supreme Court.

    The Supreme Court, in a judgment on 2012 held in favour of BFI Group, to the effect that a valid contract of sale, in respect of ALSCON existing between the BPE and  BFI Group.

    The Supreme Court, among others, restrained BPE and it’s agents from further offering ALSCON for sale to any other person, person’s or entity outside BFI Group.

    In a bid to execute the Supreme Court judgment, BFI Group filed a judgment enforcement suit before the Federal High Court in Abuja.

    In a judgment on September 30, 2014, the Federal High Court in Abuja issued an enforcement order, which BPE objected to and appealed.

    The Court of Appeal, in determining the appeal by the BPE, varied the enforcement order issued by the Federal High Court, but  insisted that the judgment of the Supreme Court must be enforced and directed the BPE to provide the mutually agreed Share Purchase Agreement for execution.

    BPE and the BFI Group could not agree on how to execute the SPA, with the BPE objecting to some documents annexed to the SPA, a development the BFI Group found to be a disobedience to the judgment of the Supreme Court.

    It subsequently initiated contempt proceedings against BPE and its Director General before the Federal High Court in Abuja.

    On December 17, 2019 the Federal High Court delivered its judgment on the contempt case and found the BPE and Okoh guilty of contempt of court and sentenced Okoh to imprisonment for one month until he purges himself of the act of contempt.

    The BPE appealed to the Court of Appeal and lost, following which the appealed to the Supreme Court. 

    It was the appeal by the BPE and Okoh, marked: SC/CV/125/2022 that the Supreme decided on Friday against them.

    Read Also: Buhari reappoints Alex Okoh BPE DG

    In the lead judgment, Justice Tijjani Abubakar condemned the conduct of the BPE and Okoh in the manner they treated the Supreme Court’s judgment.

    Justice Abubakar rejected the appellants’ argument that Okoh was not personally served court documents (Forms 48 and 49) in relation to the contempt proceedings.

    The judge held that the service of the documents on the Secretary of the BPE was a proper service of the agency’s Director General.

    He further held that the decision by the BPE to further re-offer ALSCON for sale after the Supreme Court judgment was a blatant disregard of the apex court’s order and a contemptuous act.

    Justice Abubakar said BPE’s invitation of fresh bid after the apex court’s order  “leaves no one in doubt that the appellants indeed flouted the order of the court as handed down in SC/12/2008, particularly the third leg of the order, which perpetually restrained the first appellant (BPE), servants, agents, privies, management or howsoever called from negotiating the sale, selling, transferring or otherwise handing over ALSCON to any other person or persons, in violation of the contract between the BPE and the BFI Group.”

    Justice Abubakar held that the execution of another SPA on February 17, 2018 at the Ministry of Mines and Steel Development by the BPE with another company was no doubt a blatant disregard of the order of the Supreme Court.

    In faulting the claim by the BPE and Okoh that they did not flout the court’s order, Justice Abubakar said their lawyer, Chris Uche (SAN) ought to know that no court makes orders in vain and that orders of court are meant to be obeyed and must be obayed.

    Justice Abubakar added: “It does not lie in the mouth of the appellants to assert that they have complied with the order of this court when it is evident from the record (of the court) that they acted in utter disregard of the order.

    “They treated the order of this court with utter disdain and flagrant disrespect. The conduct of the appellants constitutes blatant disrespect and it is therefore scandalous and shameful. 

    “It is disgraceful that an agency of government decided to hold the economy of the country hostage. Agencies of government must respect the rules. Nobody in this country is above the law. 

    “Both the government and the governed are subject to the rule of law.

    “The appellants are not at liberty to choose which of the orders of this court to obey and which one to ignore.

    “I must say the conduct of the appellants in this case offends the majesty of the law and undermines the dignity of the court.

    “By acting in defiance of the order of perpetual injunction handed down by this court, the stage was obviously set for the second appellant’s (Okoh’s) committal to prison,” he said.

    Justice Abubakar described the appeal as being without merit and derseved to be dismissed.

    He proceeded to dismiss it, affirmed the judgment of the Court of Appeal delivered on January 21, 2022 upholding Okoh’s conviction for contempt and awarded a cost of N10million against the appellants in favour of the respondent (BFI Group).

    He ordered that the N10m cost should be paid personally by Okoh, “in addition to going to prison for contempt.”

  • BPE dispels rumour of BEDC, Discos licence renewal

    The Director General of the Bureau of Public Enterprises (BPE), Mr. Alex Okoh, has said that contrary to insinuations in some quarters, there is nothing ongoing in contract or licence renewal for any of the Distribution companies (Discos), including BEDC Electricity Plc.

    Addressing reporters in Benin, the Edo State capital,  Okoh urged civil society groups, residents and other stakeholders in the BEDC franchise areas to exercise restraint and allow the company provide electricity without hindrance.

    The BPE chief described BEDC as one of the best managed discos.

    He said: “The government respects contracts and would not do anything to jeopardize the operations of companies that federal Government had willingly entered into agreements with, including the Discos, ” the DG said.

    “We have followed the development in Benin Disco with keen interest and indeed the attention of the Bureau has been drawn to certain erroneous information over the purported renewal of the licenses issued to the Discos, including BEDC Electricity Plc for the purpose of retail distribution of electricity” the DG remarked.

    While clarifying the difference between a performance agreement review and what has been purported as a review of the operating licence of the disco, Mr. Okoh disclosed that the performance agreement stipulates the milestones that the core investors should achieve within a specified period, while the issue of licensing was a different matter and is being handled by the Nigerian Electricity Regulatory Commission (NERC).

    He said in relation to the above, all discos sold were thus also required to acquire NERC license in addition to purchasing the privatized company and its assets, adding, “For BEDC, there is an existing 15years NERC licence broken into 10years plus 5year, with another 10years renewal option at the end of the 15years period i.e. licence of up to 25years”.

    Federal Government he hinted, was pursuing a comprehensive power sector recovery programed that will address the challenges of the sector many of which are faced by, but not peculiar to the Benin franchise areas.

    Government he equally added, has been working with its international partners to reposition the power sector and BEDC in particular has benefited from the services of international institutions like the United States Agency for International Development (USAID) aimed at getting the best electricity services to the people.

    In her update across the franchise states, Managing Director/CEO, BEDC Plc, Mrs. Funke Osibodu, disclosed that 27 applications were received for the Meter Asset Provider (MAP), adding that after screening, 7 were currently going through the financial bid review process.

    On the Ondo South network rehabilitation project, she disclosed that the federal government through the National Independent Power Project (NIPP) has joined forces with BEDC for the speedy rehabilitation of the whole network.

    “According to the new schedule of the joint effort, the first phase is from Ore junction to Okitipupa where 19 communities had been connected to the grid in Ondo South including Ore, Odigbo, Adaja and Liyetu among others. In Ondo North, 34 communities have been connected including Gedegede, Ikun, Eriti, Oke-Agbe, Ikare, Arigidi, Oba-Akoko and Ikaram among others.

    Speaking on the disruption in power supply in some areas of Benin, Mrs. Osibodu explained that the disruption, which affected areas such as Evbuotubu, Oliha, Uwelu, Ikpoba dam, Okhoro, Upper lawani and part of GRA, noted that the company had put in place a contingency plan to connect customers in the affected areas to existing functional feeders as a temporary measure pending when the faulty power transformer will either be repaired or replaced.

     

  • BPE moves to revive ‘dormant’ privatized firms

    The Bureau of Public Enterprises (BPE) said on Monday it has commenced moves to revive firms that are non-performing 10 years after their privatization to different core investors.

    The Director General of BPE, Mr. Alex Okoh, who disclosed this during the enterprise stakeholders/investors forum in Abuja, said if the firms are rejuvenated, it would benefit the host community where they are located and the government of such areas in term of employment generation and taxes.

    He said the BPE would offer assistance to ensure that the companies are rejuvenated and commence operations in no distant future.

    He said: “We owe that as a duty to Nigerians whose mandate we have discharged by privatising these common assets to the private entrepreneurs. I am delighted today as we are hosting this forum to inject new lease of life into these enterprises and hoping that the ultimate objective of NCP/BPE and Federal Government would be achieved.”

    Okoh said 63 per cent of the 142 privatized enterprises had been performing while 37 per cent were not performing up to expectation.

    He added: “From the time that the privatization program started in the 1980’s, the Bureau has successfully privatised 142 enterprises by December 2017.

    “Out of this number, a total of 94 enterprises have been successfully monitored, covering critical sectors of the Nigerian economy from the transport sector to Vehicle Assembly Plants, oil palm, cement, hospitality, fertiliser, bricks and clay, mines and steel, national facilities, oil and gas, ports, power and communication.

    “From this number of privatized enterprises, 63 per cent of them are performing while 37 per cent are not performing as expected.  This assessment is based on an analysis of the covenants and levels of compliance, challenges and recommendations from 2010 to 2017.”

     

  • We have reformed 142 public enterprises in 18 years – BPE

    The Bureau of Public Enterprises (BPE) has successfully reformed (by way of privatization, commercialization and in some cases concessioned) a total of 142 public enterprises, from 1999 till date through various transaction strategies.

    This was disclosed to newsmen by the Director General of the bureau, Mr. Alex Okoh, on Thursday in its Abuja office, during a press briefing.

    According to Okoh: “about N550 billion have been the proceeds from the privatization of the 142 assets by the bureau. However, it is not all of reforms that translate into sales and cash.

    “For the assets that are just perhaps commercialized (that are not sold), you won’t see proceeds being reflected as in the figure mentioned earlier.

    “Of the 142, not all of them were privatized; some were commercialized, while some were merely concessioned.”

    “The reform agenda and activities of the bureau have covered various sectors of the economy, including – agriculture, automobile, telecommunication, hotels and tourism, steel and aluminum, etc,” he said.

    He went further to highlight a few of the achievements of the bureau till date through its privatization and commercialization programmes. A few of them are: the expansion of private sector participation in the Nigerian economy, attracting quality foreign investors and capital, and a more efficient allocation of government resources by redirecting funding of public enterprises by government to other key sectors of the economy that are socially imperative such as healthcare, education etc.

    “The privatization of Afam Power Plant; re-privatization of Yola Disco; concessioning of terminal “B” Warri Old Port; restructuring and recapitalization of the Bank of Agriculture; partial commercialization of three selected national parks; and the partial commercialization of the river basin authority, are a few of the current transactions and initiatives of the bureau,” he said.

    He further explained that, “the re-concessioning of the Lagos International Tradefair; focus on infrastructure and Public Private Partnership (PPP) initiatives; and the development of data management framework for the power sector, is among the current BPE transactions and initiatives.”

    “In terms of sectoral reforms, the pension sector was actually evolved into a contributory and a more robust sector through the intervention of the BPE. The total asset base of that sector is in the region of 8 – 9 trillion Naira.

    “The most recent sector that has benefited from the activity of privatization is the power sector. This has evolved the privatization of the generation end of the power industry, as well as the distribution end of the value chain.

    “The only segment remaining for some form of reform is the transmission of the power sector,” he said.

    Clarifying on whether there is conflict in the roles of the BPE and the Infrastructure Concession Regulatory Commission (ICRC), Mr. Okoh said: “the ICRC is a concession regulatory agency, and that is precisely what they are. There is a difference between concession transaction management and concession regulation.

    “We are in the business of concession transaction management, we do not do regulation.”

    Addressing the issue of the National Carrier programme, the D-G said, “the National Carrier programme is an initiative of the ministry of transport, aviation. I believe that the ministry believes that this is the time to resuscitate the idea of a national carrier.

    “If it is an initiative to establish or create, we are not part of that process. That is essentially the initiative, objective and policy of the ministry. However, when it come to the issue of divestment or the sale of the asset that BPE becomes involved.”

    About N400 billion of the current budget is projected to be coming from privatization and commercialization of activities of the BPE.

    On ownership of Aluminium Smelter Company of Nigeria (ALSCON), “I believe that we have resolved the issues around ALSCON as far as ownership is concerned. The government has revoked the initial agreement with BFIG, and we’ve concluded and affirmed the sale of that asset to UC RUSAL.

    “We are in the process of conducting a technical audit to determine what precisely will be required to fire the plant again. UC RUSAL has submitted a comprehensive report to us in terms of the process it will take and the investment that will be required to bring the plant back to full production.

    Read Also: BPE: over 60% of privatized firms performing

    “So, we estimate that all things being equal, issues around the supply and the price of gas are being resolved; issues around the evacuation of excess power from the plant are being resolved.

    “Nothing should be able to prevent the plant from going into production by the end of the year or the first quarter of next year. We believe that this is a great achievement for a matter that has been protracted for 13 years,” he said.

    Concerning enterprises that are not doing well, Mr. Okoh said, “we adjudge by our own evaluation that about 36 – 37% of enterprises that have been privatized are not doing very well.

    “There are many reasons for this; some of them are as a result of macroeconomic issues, fiscal issues etc. We are not abandoning these enterprises, but we are looking at how to address all of the issues that are affecting the effective performance of these enterprises.”

    On overcoming the challenges of interest groups, especially the labour unions, he said, “what we have tried to do is to bring the unions proactively into the transactions that we manage. We usually will invite the labour leaders to be part of the transaction process, so that they know what the objectives of the reform of the enterprise is; and they are able to also advise us on what the concerns of the workers may be. This way, we can incorporate and factor all of that into the reform programme.”

    Concerning post-privatization, the D-G said: “typically we execute a post-acquisition plan with the core investors in the privatized enterprises. The plan stipulates certain expectations in terms of performance and the covenants that guide the protection of the assets and the extraction of value from the assets.

    “The covenants are embedded in the post-acquisition agreements that we sign with the core investors.”

    Explaining further, he said, “we also have a very robust framework in-house through the post-transaction management unit; where we engage in periodic and constant evaluation of all the enterprises – both the performing and non-performing.

    “As soon as they hit a particular threshold, where we are no longer concerned about the performance, we give them a certificate of exception, and then they are taken off the evaluation and monitoring framework.

    “However, they are all on our dashboard as long as they are within that time frame; and through that comprehensive dashboard, we are able to monitor the performance of those enterprises.”

  • Privatization: Over 60% of enterprises have done well, Says BPE

    …Lai Mohammed heads BPE stakeholders engagement committee

    …committee to engage stakeholders

     

    Over 60 per cent of the privatized enterprises in the country have done well, the Director General of the Bureau for Public Enterprise (BPE), Mr. Alex Okoh has said.

    Okoh singled out power companies and the seaports as top performance despite the country’s infrastructural gap.

    Over 140 public enterprises across various sectors of the economy have gone through the process of either full or partial privatization or full or partial commercializations in the last 30 years.

    He spoke yesterday at the inauguration of the Stakeholders Engagement Committee (SEC) by the minister of Information and Culture, Alhaji Lai Mohammed, who is also double as the chairman of the committee.

    Okoh said: “In the last 30 years of the enterprise reform journey in Nigeria, the Bureau and its predecessor the TCPC have reformed over 140 public enterprises across various sectors of the economy including banking and Insurance, oil and gas, power, hospitality, pensions and telecommunications, through the process of full or partial privatization, full or partial commercializations and concessioning.

    “Of these privatized enterprises, over 60% have achieved a good level of performance. The power generation companies are performing very well. I can also tell you that the seaports are performing despite some Infrastructural constraints.”

    BPE boss however confirmed that there is a negative perception of privatization by Nigerians despite the success of privatization.

    The need to change the narrative, he said necessitated the setting up of the stakeholders engagement committee.

    “It can thus be seen that there is something of a mismatch between public perception of privatization and the reality of its value and contribution to the economy,” he posited.

    Stressing the need for the committee, the BPE boss said, “there is a clear and present need to build support and understanding for the Federal Government’s reform agenda by effectively communicating the considerable benefits of privatization.

    “There is also an urgent need to allay the concerns and fears of key stakeholders whilst ensuring that the interests of all stakeholders are taken into consideration,” he said.

    The committee Okoh also noted should help curb the activities of usurpers, which tends to compromise and conflict with the statutory functions of the National Council on Privatization and its secretariat, the Bureau.

    In his remark, Lai Mohammed noted that the current administration recognises and actively promotes the participation of private sector in the strategic economic agenda of the nation.

    He therefore assured the government that the committee will do everything possible to change the narratives.

    He stressed further that the function of the government is to provide enabling environment including providing critical infrastructure.

    He said: “let me use this opportunity to reiterate that the current administration of President Muhammadu Buhari recognizes and actively promotes the participation of the private sector in the strategic economic agenda of the nation.

    The committee he added: “is also saddled with a huge responsibility of reaching out to all stakeholders. That is why it is has become very necessary for us to do all that we can to ensure that the committee lives up to its responsibilities by ensuring that we identify and maintain contacts with various stakeholders and opinion leaders; and advise Council on their interests and concerns about the  programme which is one of the requirements of the committee.

    “This pro-business posture of the government is eminently reflected in the Economic Recovery and Growth Plan of this government.

    “We believe that the key business of government is to provide an enabling environment for private businesses to thrive and build economic prosperity for the generality of Nigerians, including the provision of critical infrastructure through Public Private Partnership.”

  • Senate invites IG-P over alleged unpaid N6.5bn revenue

    Senate invites IG-P over alleged unpaid N6.5bn revenue

    The Senate Ad-hoc Committee on Alleged Fraudulent Activities in Collection, Accounting, Remittance and Expenditure by Revenue Generating Agencies has invited the Inspector-General of Police (IG-P), Mr Ibrahim Idris, to appear before it.

    The committee’s Chairman, Sen. Solomon Adeola, said in statement signed by his Media Adviser, Mr Kayode Odunaro, on Sunday in Abuja.

    According to him, the invitation followed findings on a N6.5 billion unpaid revenue accruing from the Lagos Trade Fair Complex.

    He said, others invited to appear before the committee are the Director Generals of Directorate of State Security ( DSS ), Bureau of Public Enterprise ( BPE ) and National Council on Privatisation ( NCP ).

    Adeola said the essence of the invitation was to get the Police and DSS to assist the Federal Ministry of Commerce and Industry and the Bureau of Public Enterprise ( BPE )in recovering the money, which had accrued for over nine years.

    He said that the invitation was to also assist in ejecting the concessionaire of the Trade Fair Complex, LITFC, AULIC Nigeria Limited and recovering the complex.

    Adeola said it had become necessary to recover the 322 hectares multi billion Naira complex following a huge debt due in the N40 billion lease fees.

    Adeola quoted the Director-General of BPE, Mr Alex Okoh, as saying the concession agreement to AULIC Nigeria Limited was revoked in early September by the Federal Government.

    He further quoted Okoh as saying all efforts to eject the concessionaire including the use of the Divisional Police at the complex and Economic and Financial Crimes Commission ( EFCC ) proved abortive.

    Adeola said findings showed that “after the initial fees of N200 million paid by the concessionaire in 2007 and another N12 million, it has not paid a dime to the federal government, with outstanding revenue of N6.5 billion.

    “The concessionaire has bastardised the trade fair complex with hospitality and real estate businesses without approved plans.

    “It is shocking that an individual or corporate organisation could operate so lawlessly, withholding federal government revenue, while contravening a government revocation order of his concessionaire agreement.

    “What we need to do at this point is to recover the Trade Fair Complex from the concessionaire and subsequently pursue the issue of N6.5 billion unremitted federal government revenue.

    “Since the local police cannot handle the ejection with the concessionaire still operating and collecting revenue using all manner of tactics including thuggery, we are inviting the IG-P and DG-DSS to address this illegal challenge on the authority.

    “I am surprised that anyone can flagrantly operate as if he is above the law and the government,’’ the statement read in part.

    NAN

  • Nine firms bid for monitoring of power sector 

    • BPE to compute results of bids 

    The National Council on Privatization (NCP) on Tuesday opened bids of nine firms that were jostling for technical consultancy for power sector monitoring. 

    Besides, eight firms, including the University of Jos competed for investing in five subsidiaries of the Nigerian Mining Corporation (NMC).

    During the bidding, University of Jos, offered N30million for Naraguta Bricks & Clay Company Jos- Core Investor Sale, although it was said to be below the reserved price.

     PWC offered N34,216,000 for lot six comprising Geregu Generation Company Limited –Thermal, Ughelli Generation Company Limited – Thermal, Sapele Generation Company Limited – Thermal, Afam Generation Company Limited – Thermal and Egbin Power Plant, Ikorodu, Lagos. 

    The NCP Technical Committee chairman, Mr M.K. Ahmed moderated the bidding proceedings in Abuja. 

    At the end of the proceedings, according to the Director-General, Bureau of Public Enterprises (BPE), Mr Alex Okoh, at least four to six firms would emerge after the equalisation of the technical and financial results. 

    He added that “Thereafter, results will be recommended to the NCP for approval. The Bureau will then commence negotiation of the contract terms with the firms that subsequently emerge from this process.”

    Ahmed had said that the bids were submitted by prospective investors for Maiduguri Bricks, Naraguta Bricks, NIMCO Terrazo, Gano Quarry and Kujama Quarry and technical consultants for power sector monitoring. 

    The Technical Committee chairman noted that “There are eight companies bidding for the five subsidiaries of NMC. We are also opening of the financial proposals of the nine firms that have been pre-qualified to move to this stage of the procurement process to engage technical consultancy service for the monitoring of the privatised Power Holding Company of Nigeria (PHCN) Successor Companies (SCs).”

    He was represented by the Senior Special Assistant to the President on Restructuring, Mrs. Ime Okon, who told journalists that the Bureau of Public Enterprises (BPE) would compute the bids results and send them to the NCP for approval.

    Asked to state the conclusion of the bids, he said that “What I understand from what we have just done now is that all the results will be computed and sent to the National Council on Privatization (NCP) for final approval.”

    During the exercise, some of the firms bided in foreign currency which the moderator said would be converted with the current exchange rates.

    The five subsidiaries of the NMC companies for which financial bids will be opened yesterday were : *Naraguta Bricks & Clay Company Ltd, Jos Plateau State

    *Maiduguri Bricks & Clay Products Ltd, Maiduguri *Terrazzo Company Limited (NTL), Gurum, Jos, Plateau State *Kujama Quarry, Kaduna *Gano Quarry, Kano State.

    The power companies that were offered for bidding were Lot one that included Abuja Electricity Distribution Company Plc and Jos Electricity Distribution Company Plc. 

    Lot two included: Benin Electricity Distribution Company Plc, Port Harcourt Electricity Distribution Company Plc and Enugu Electricity Distribution Company Plc.

    Lot three that comprised Eko Electricity Distribution Company Plc, Ibadan Electricity Distribution Company Plc and Ikeja Electricity Distribution Company Plc. Lot four included Kaduna Electricity Distribution Company Plc’ Kano Electricity Distribution Company Plc and Yola Electricity Distribution Company Plc. Lot five consisted of 

    Kainji Hydro Electric Power Plc and Shiroro Hydro Electric Power Plc. Meanwhile, other six comprised Geregu Generation Company Limited –Thermal, Ughelli Generation Company Limited – Thermal, Sapele Generation Company Limited – Thermal, Afam Generation Company Limited – Thermal and Egbin Power Plant, Ikorodu, Lagos. 

    Ahmed said that at the deadline for the submission of technical and financial proposals, BPE received seventeen proposals from the under-listed firms. 

    The technical proposals were evaluated in the presence of the Department of State Security Service and the BPE Anti-Corruption Unit officials. 

    He said that PWC scored 91.7, Halcrow Infrastructure Ltd scored 85.3, Indra/Sigrum Africa Ltd scored, 

    82, Fluentgrid Ltd  (formerly known as Phoneix  Powering Utilities)

    81.88, Emtech Energy Services Ltd s scored 81.8, Alsdur Ltd scored 80.32, Feedback Infra Private Ltd., India & Derekson Ltd. Nigeria scored 78.12, Energy People/Nextier Consulting scored 77.77 and Pakistan Engineering Services (PVT) Ltd. & OskanJo & Partners Ltd scored 75.28. 

    From the expression of interest for the GENCO the bidders were ranked as follows: 

    PWC 92.42, Halcrow Infrastructure Ltd 84.27, Fluentgrid Ltd (formerly known as Phoneix  Powering Utilities) 82, Indra/Sigrum Africa Ltd, 80.44 and Energy People/Nextier Consulting 77.14.

  • BPE seeks to 20% of deferred entities via public listing

    BPE seeks to 20% of deferred entities via public listing

    The Bureau of Public Enterprises (BPE), according to its Director General, Alex Okoh, is working with core investors in some privatised enterprises sold by deferred public offering to ensure they sell at least 20 percent of such entities to the market through public listing.

    He said that “BPE is working with core investors in certain privatised  enterprises sold by deferred public offering to ensure that they sell at least 20% of such entities to the market via public listing.”

    The Head of Public Communication, Mr. Chukwuma Nwokoh, who made this known in a statement yesterday, said that Okoh spoke via a paper titled Creating An Enabling Environment For Public Listings Of The Economy’s Commanding Heights: The Case For Telecommunications & Energy Sectors.

    The statement added that the paper that was presented at the 2017 annual national workshop of the Chartered Institute of Stockbrokers in Abuja.

    Okoh said that Public listings remain a strategic objective of the reform and privatisation programme of the Federal Government.

    He added that the privatisation agency would  develop policies to attract additional private sector capital into the privatised companies “which will eventually give confidence to the business and encourage listing”.

    To achieve that, Okoh explained that the Bureau would henceforth ensure that the right core investors with the financial, technical and managerial competences are selected to ensure that they are capable of moving privatised entities to the desired level in order to make them attractive for public listings.

    Okoh called for the establishment of an institutional framework to reach targets in both public and private sectors and to identify quick wins, medium term goals, long term achievements.

     The DG said that the Bureau was also undertaking a quick assessment of privatized enterprises, especially in the petro-chemical sector with a view to divesting the Federal Government shares through the capital market.

     Also speaking at the event, a former Director-General of the BPE, Mr. Benjamin Ezra Dikki, called on the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE) to set up a committee to induce the telecommunications companies in the country to go to the capital market.

  • Alleged fraud: Court discharges Babalakin, four others

    Alleged fraud: Court discharges Babalakin, four others

    Freedom came the way of chairman of Bi-Courtney Limited, Chief Olawale Babalakin, on Monday as a Lagos High Court, Ikeja, discharged him from the N4.7 billion fraud allegation filed against him by the Economic and Financial Crimes Commission (EFCC).

    Justice Lateef Lawal-Akapo also discharged four others charged along with him for similar offences.

    The four other defendants are – Babalakin’s companies, Stabilini Vision Limited, Bi-Courtney Limited and Alex Okoh and his company, Renix Nigeria Limited.

    Ruling in an application for quash of charges filed by Babalakin and co-defendants, Justice Lawal-Akapo, formulated four issues raised by the defendants to determine his ruling.

    The issues, according to the judge, are whether the EFCC can prosecute a defendant without fiat, whether James Ibori is a public officer, whether two prosecuting authorities can jointly sign a charge and whether the charge on the surface contains sufficient information.

    Justice Lawal-Akapo, however, resolved three of the issues in favour of the defendants and only upheld that the EFCC has the power to prosecute any criminal matter in court without fiat.

    The EFCC had arraigned Babalakin and co-defendant on a 27-count charge bordering on conspiracy, retention of proceeds of criminal conduct and corruptly conferring benefit on account of public action.

    The commission had alleged that Babalakin and his co-defendants fraudulently assisted former Delta State Governor, James Ibori ,to transfer huge sums of money through various parties to Erin Aviation account in Mauritius for the purchase of a plane.

    But the defendants pleaded not guilty to the charges.