Business
ALSCON: Appeal Court upholds High Court order to arrest and jail DG BPE Alex Okoh
Lucky MOMOH
Houston, Texas USA- FOLLOWING the order of the Federal High Court, Abuja, on Tuesday December 17, 2019 for the arrest and imprisonment of the Director General of the Bureau of Public Enterprise, Dr. Alex Okoh over the Aluminum Smelter Company of Nigeria, ALSCON, and the subsequent stay of execution order by the Federal Court of Appeal on the request of the embattled DG, the federal Court of Appeal has now reaffirmed the order of the High Court two years after, for the arrest and imprisonment of the DG.
Embattled Director-General of Bureau for Public Enterprise, Dr Alex Okoh
Specifically, Alex Okoh, Director General of the BPE is to be remanded in prison for thirty days for his repeated and calculated effort to impugn the integrity of the Supreme Court by flagrantly disobeying the unanimous decision of the Apex court since 2012.
While the BFI Group has continuously and repeatedly shown its belief in the rule of law and Nigerian judicial system, by taking all its grievances before the court as stipulated by law, The BPE under Alex Okoh has repeatedly shown its disdain and complete disregard for the rule of law by failing to obey a simple, direct, unambiguous but very unanimous judgement of the Supreme court since 2012.
This calculated attempt of the BPE necessitated the decision of the BFI Group, a Nigerian- American consortium, and winner of the bid for ALSCON to approach the Federal high Court, even after securing a Supreme court judgment over six years earlier, to explain why an Agency of Government can be so powerful, to the extent of flagrantly disobeying and disregarding the judgment of the nation’s Supreme Court.
The High Court, after intensive hearings, ordered that the DG, Alex Okoh be remanded in prison custody, until his flagrant and consistent disobedience of the Apex Court judgement is sufficiently explained, or at best obeyed. Alex Okoh and the BPE approached the Court of Appeal to stay the execution of the High Court’s judgement.
Hence, after two years of litigation, the Appeal Court has now found Alex Okoh and the BPE deficient in their appeal, and in want of empirical evidence to prove their case, and thereby upholds and reaffirms the judgement of Justice Anwuri Chikere of the Federal high Court Abuja.
Speaking with newsmen outside of the court after the judgement, President of the BFI Group, High Chief, Dr. Reuben Jaja explains “This statement means finality for us, because the Appeals Court judgement basically validates all the issues that was in question. This means finality, it means ALSCON can move forward, it means Nigeria can finally put this strategic asset into use, it means our industrialization policy, particularly in the Niger-Delta region will now commence.”
“Like I said, this judgement of the Appeal Court indicates finality to the long legal tussle. it would basically ensure that both parties understand that there is a limitation to legal tussle, and
let us focus on helping our country to move forward. This is our administration, this government is serious with rehabilitating and refocusing the economy, and those of us who are in the private sector, and are positioned and willing to assist this government move forward must be given a chance to support not just this government but the country in general.”
“This judgement has rekindled my confidence in my country, particularly the judiciary. The judiciary looked at the matters and left all the rhetoric and issues that aren’t vital to the assessment of the truth and facts and merits of the case, so the judgement has given me a strong confidence as a business man, and also it has reassured international investors who may be thinking of coming into Nigeria, that the Legal system is strong and bold enough to take action on any case whether it involves the government or private sector, and take decisions that are based on fairness, equity and fair play. This is a signal not only to domestic captains of industry, but also to industrialists in the international community, who had interest in our nation.
However, for civil servants who are privileged to be saddled with the responsibility of managing or directing the affairs of our most strategic public agencies in this country, I would appeal to them to be patriotic citizens and place their nation first, and above all things. Think first of what you can use that privileged position to do for your country and not what your country can do for you, according to president JF Kennedy.
This is serious because your legacy must be quoted by succeeding generations. We must leave something of value for the future because our children will be competing with the children from other nations around the globe. We must not by our actions or inactions today, put them at a disadvantage in the future.” he enthused.
Justice Emeka Nwite of the Federal High Court Abuja, on Wednesday 24, April, 2024 granted the Economic and Financial Crimes Commission, EFCC, an interim order to freeze One Thousand, One Hundred and Forty Six (1,146) bank accounts belonging to individuals and companies being investigated for alleged offences bordering on unauthorized dealing in forex exchange, money laundering and terrorism financing.
The judge ordered that the accounts be frozen “pending conclusion of investigation.”
While ruling on a motion moved by the EFCC counsel, Ekele Iheanacho, the judge stated “that an order of this honorable court is hereby made freezing the bank accounts stated in the schedule below which accounts are owned by various individuals who are currently being investigated in a case involving the offences of unauthorized dealing in foreign exchange, money laundering and terrorism financing to the extent that the investigation will be for a period of 90 (ninety) days.”
The judge added “that preliminary investigation conducted thus far reveals that the bank accounts are linked to persons who take advantage of the virtual cryptocurrency exchange platforms to illegally manipulate the value of naira and laundering proceeds of unlawful activities.”
The judge further stated that there was need to preserve the funds in the identified bank accounts pending conclusion of investigation and possible prosecution.
Justice Nwite adjourned the matter to July 23, 2024, for mention.
Companies affected by the freezing order range from entities involved in agri-businesses, logistics and haulage, microfinance banks, engineering, among others.
In a significant development, the Central Bank of Nigeria (CBN) has directed four prominent fintech firms, namely Opay, Palmpay, Kuda Bank, and Moniepoint, to suspend the onboarding of new customers until further notice.
This move follows the CBN’s recent mandate for all financial institutions to collect ID cards before opening financial accounts, contradicting a 2013 rule aimed at promoting financial inclusion, which allowed Nigerians to open accounts without identity cards.
Additionally, the Nigeria Inter-Bank Settlement System (NIBSS) has urged banks and mobile money operators to remove unlicensed fintechs from directly accepting consumer deposits.
A fintech company affected by this directive confirmed the instruction from the CBN, as indicated on its website.
The notice reads, “We’ve temporarily paused new signups on our platform. This means that you’ll be unable to open a new account at the moment. We apologise for any inconvenience this may cause.”
Amidst reports connecting the Central Bank of Nigeria’s (CBN) recent directive to suspicions of illegal forex activities, an anonymous source emphasized the importance for fintech companies to enhance their relationship with regulatory authorities.
The source said “Most of the fraud cases are carried out in the traditional banks. Why is CBN always after Fintech company? I think Fintech companies would need to sit down to educate the regulators on how they operate.”
The management of Dangote Cement Plc says that the company dispatched seven ships of clinker – from Nigeria to Ghana and Cameroon, which saw the export, for the first quarter of 2024 increased by 87.2 percent at 264kt.
It also revealed that the company commissioned 10 of the 17 Alternative Fuel Projects across the Group, while the local demand for cement, in the period under review in Nigeria increased significantly by 26.1 percent to 4.6Mt, which saw the overall group volume rise by 12.3 percent to 7.0Mt, for the first quarter of 2024.
On the first quarter results, Chief Executive Officer, Dangote Cement, Arvind Pathak, said, “During the quarter, we intensified our emphasis on exports, dispatching seven ships from Nigeria to Ghana and Cameroon.
“As a result, our Nigerian exports surged by 87.2%, reflecting our commitment to expanding our presence in regional markets and capitalising on our export-to-import strategy.
“We continue to prioritise innovation, cleaner energy transition, and cost leadership towards achieving our vision of transforming Africa and building a sustainable future”.
The company recorded a Group revenue of N817.4 billion, even as profit after tax inched up by 2.9 percent to N112.7 billion. Earnings per share closed the quarter at N6.68 representing an increase of 3.7 percent.
Pathak noted that the performance drivers included an uptick in economic activities, which saw a strong rebound in the Nigerian operations, despite elevated cost pressures.
“Driven by an uptick in economic activities, our Nigerian operations witnessed a strong rebound, with volumes up 26.1 percent to 4.6Mt in the quarter.
Similarly, our Pan-Africa operations continued an upward trajectory, with volumes up 3.1 percent to 2.7Mt, buoyed by increased sales in Zambia and Congo.
“Despite elevated cost pressures, increased borrowing costs, and a further currency weakening, our first-quarter results reflect our commitment to navigating challenges effectively,” he said.
He added, “Group revenue more than doubled to ₦817.4 billion, while Group EBITDA rose 66.6 percent to ₦309.5 billion. Profit After Tax was up 2.9 percent at ₦112.7 billion. These results underscore our ability to adapt and thrive in a dynamic business environment while delivering value to our stakeholders.
“We continue to prioritise innovation, cleaner energy transition, and cost leadership towards achieving our vision of transforming Africa and building a sustainable future”.
Dangote Cement is Africa’s leading cement producer with 52.0Mta capacity across Africa. A fully integrated quarry-to-customer producer, Dangote Cement has a production capacity of 35.25Mta in Nigeria. Obajana plant in Kogi State, Nigeria, is the largest in Africa with 16.25Mta of capacity across five lines; Ibese plant in Ogun State has four cement lines with a combined installed capacity of 12Mta; Gboko plant in Benue State has 4Mta; and Okpella plant in Edo State has 3Mta.
Through recent investments, Dangote Cement has eliminated Nigeria’s dependence on imported cement and has transformed the nation into an exporter of cement serving neighbouring countries.
In addition, the company has operations in Cameroon (1.5Mta clinker grinding), Congo (1.5Mta), Ghana (2.0Mta clinker grinding and import), Ethiopia (2.5Mta), Senegal (1.5Mta), Sierra Leone (0.5Mta import), South Africa (2.8Mta), Tanzania (3.0Mta), Zambia (1.5Mta).
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