BPE Probe - Only N146 Billion Realised From 122 Privatised Firms

Leadership (Abuja)

9 August 2011

BPE Probe - Only N146 Billion Realised From 122 Privatised Firms

The Bureau of Public Enterprises (BPE) yesterday in Abuja told the Senate that only the sum of N146 billion was realised from the sale of public companies since 2000.

It was also revealed that Aluminium Smelter Company of Nigeria (ASCON), Ikot Abasi, Akwa Ibom State which is worth $3.2 billion (N460 billion) was sold to Russell [sic: Rusal], a Russian company by BPE, for only $250 million in 2006. The bureau asked the company to pay $130 million and use the balance of $120 million to dredge the Imo River for the movement of its goods.

The Senate asked Russell to refund the $120 million to the federal government since the company failed to dredge the river and instead opted to be routing its goods through Onne Port in Rivers State.

These were the high point of disclosures made at the public hearing on the commercialisation and privatisation activities of the BPE organised by the Senate Ad-Hoc Committee investigating the process...