The Abuja Division of Appeal Court on Wednesday berated the Federal Government and UC Rusal for attempting to deceive it over a matter involving BFIGroup’s share purchase of Aluminium Smelter Company of Nigeria (ALSCON) located in Ikot Abasi, Akwa Ibom.
In the hearing on UC Rusal’s injunction aimed at stopping the Bureau of Public Enterprises, BPE, handover of ALSCON to BFIGroup, the Court chastised the Russian company for initially requesting the injunction in 2015, and also the BPE’s support for the application.
The court scolded the Nigerian Government and UC Rusal for attempting to stop BFIGroup’s efforts to enforce the Nigerian Supreme Court’s judgment over ALSCON.
The Appeal Court’s ruling was contained in a statement issued by the Executive Vice President and General Counsel of BFIGroup, Jimmie L. Williams.
The statement quoted the court as saying, “In a further act of humiliation, after being informed about the FG’s effort to renew a Share Purchase Agreement with UC Rusal, the Court removed the injunction that precluded the enforcement of the Supreme Court’s ruling, in its totality. In its’ ruling, the Court directly noted
“The behavior exhibited so far is tantamount to a calculated attempt to waste the time of the Court and to continue to frustrate a specific and clear Order of the Supreme Court to execute its judgment. We cannot allow that.”
Reacting to the ruling, BFIGroup’s Chief Executive Officer, Dr. Reuben Jaja, applauded the court’s actions and emphasized that the legal status of BFIGroup as the “Preferred Bidder/Core Investor of ALSCON following the extant and subsisting Judgment of the Supreme Court as the highest Court in Nigeria cannot be wished away by the BPE or any other person, including the Honourable Minister for Mines and Steel Development nor UC Rusal.”
Jaja wondered how a Minister of the Federal Republic of Nigeria “supervised the signing or renewal of an SPA voided by the Supreme Court of Nigeria.
He said, “This blatant disregard of the rule of law for whatever consideration by the Minister, and his foreign conspirators, must be investigated.
“Certainly, the Minister acted in bad faith, particularly as these actions were taken a day before the above appellate court hearing. Regrettably, such an act is consistent with the Minister’s disregard for the truth.
“In his past statements, the Minister noted that BFIGroup was provided with an SPA in August 2017, but refused to sign. However, the Minister fails to recall that BFIGroup asked, among other things, that the SPA require the dismissal of all appeals and the removal of all injunctions, specifically the injunction obtained by UC Rusal that prevented ALSCON’s handover, and that this request was refused. Accordingly, with this refusal, until the Court of Appeals removal of the injunction yesterday, BFIGroup was prevented by law from signing a binding SPA.
“These acts of the Minister that amount to a desperate and fraudulent conspiracy to undermine, frustrate and ridicule the judgement of the Apex court are mind bogging.
“We further believe the Minister, and his collaborators, dangerously misled the Presidency, particularly the Vice President as Chairman of the NCP, starting from his first visit to ALSCON and the contemptuous comments of assuring UC RUSAL of the FG commitment to free ALSCON of any encumbrances regardless of the ever present Supreme Court ruling.”
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