ALSCON: Court threatens to jail BPE DG - Premium Times Nigeria

to show why he should not be committed to prison for his alleged defiance of the July 6, 2012, order of the Supreme Court on the ownership crisis of the Aluminium Smelter Company of Nigeria .

Specifically, the Supreme Court ordered BPE to immediately retrieve ALSCON from UC RUSAL and prepare to hand over to BFIG by issuing a mutually agreed share purchase agreement approved at the end of negotiations in 2004., BFIG in 2013 filed a petition at the Appeal Court for the enforcement of the Supreme Court order. The application was granted.

On April 10, the Federal High Court in Abuja issued a formal notice to BPE and its DG threatening to commit them to prison for their continued disobedience of the directive of the Appeal Court and the order of the Supreme Court in respect of the ownership crisis in ALSCON. The grounds for the committal notice included timelines of the contempt charge against Mr Okoh and BPE.In 2013, the court said the suit commenced with an originating summons by BFIG seeking the enforcement of its 2004 binding agreement with BPE on the basis of an order of specific performance by the Supreme Court in its judgment of July 6, 2012.

In addition, the court restrained BPE from selling, transferring or handing over ALSCON to any person in violation of its contract with BFIG. On February 4, BPE finally sent a response to BFIG, accompanied by a reproduced 16-page SPA. Counsel to BFIG said the SPA was not accompanied with any of the 17 annexures acknowledged as key parts of the SPA.

On February 27, BFIG said it executed and delivered to BPE for counter-signature the mutually agreed SPA with all annexures as provided by BPE in 2004 and reproduced in 2012 pursuant to Supreme Court judgment on July 6, 2012.

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