09 AUGUST 2011vanguardngr
ALSCON sold for N37.5bn, DSC for N4.5bn – BPE
Edited by : AL CIRCLE
1 min read
THE Senate ad-hoc committee probing the privatisation and commercialisation activities of Bureau of Public Enterprise, BPE, yesterday commenced with revelations that the Aluminium Smelting Company of Nigeria, ALSCON, which was valued at $3.2 billion (N480 billion) was sold to a Russian company, Russel for $250 million (N37.5 billion).
Answering questions from members of the committee, Director General of BPE, Ms. Bolanle Onagoruwa, who appeared before the committee in Abuja said the BPE put the cost of the company at $250million but conceded it to Russels for $130 million and left $120 million for dredging of Imo River.
It was also revealed to the committee that the Delta Steel Company, DSC, valued by BPE at N225 billion was sold to Global Infrastructure Nigeria Limited for N4.5 billion, just as she disclosed that BPE realised N146 billion from over 122 government enterprises sold during the privatisation exercise.
Answering questions from members of the committee, Director General of BPE, Ms. Bolanle Onagoruwa, who appeared before the committee in Abuja said the BPE put the cost of the company at $250million but conceded it to Russels for $130 million and left $120 million for dredging of Imo River.
It was also revealed to the committee that the Delta Steel Company, DSC, valued by BPE at N225 billion was sold to Global Infrastructure Nigeria Limited for N4.5 billion, just as she disclosed that BPE realised N146 billion from over 122 government enterprises sold during the privatisation exercise.
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