News
ALSCON Crisis: Appeal Court Affirms Order to Jail DG of BPE

The Appeal Court in Abuja on Friday in a unanimous ruling gave the Bureau of Public Enterprises (BPE), and Alex Okoh, its director-general, 30 days to comply with and enforce the July 6, 2012 order of the Supreme Court in a unanimous ruling which affirmed BFIGroup as the winner of the bid for the Aluminium Smelter Company of Nigeria (ALSCON) in Ikot Abasi, Akwa Ibom State, .

Alex Okoh, DG of BPE
The Court affirmed the order of the Federal High Court, Abuja for the arrest and imprisonment of Okoh, for contempt and disobedience of Supreme Court orders over the ownership of Aluminium Smelter Company of Nigeria.
In a unanimous ruling, Justices Stephen Adah, A. Mustapha and Kenneth Amadi affirmed the order of Justice Anwuri Chikere of the Federal High Court in Abuja on December 17, 2019.
In his ruling on the application filed by BFIGroup, the Nigerian-American consortium declared winner of the bid for ALSCON in 2004, Justice Chikere ordered that Okoh be remanded in prison for a minimum of 30 days “until he purges himself of the contemptuous acts of disobedience of the orders of the Supreme Court.”
Since July 6, 2012, the apex court, in a unanimous ruling, affirmed BFIGroup as the winner of the bid ALSCON.
Following the bid for ALSCON held in 2004, the National Council for Privatisation (NCP) declared BFIGroup winner and the preferred bidder with an offer of $410 million.
But, BPE unilaterally cancelled the win in controversial circumstances, resulting in BFIGroup taking the matter before the court in 2006. The case dragged till July 2012 when the Supreme Court gave “an order of specific performance” to BPE to rescind its earlier decision to cancel the bid, reinstate BFIGroup and hand over ALSCON to it.
However, after two orders of the lower court seeking the enforcement of the Supreme Court ruling failed to persuade BPE to reverse its decision, BFIGroup on April 4, 2019 commenced contempt proceedings against BPE and Okoh.
On April 10, the court issued a formal notice to BPE and Okoh 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 notice read: “TAKE NOTICE that this Honourable Court will be moved on the 13th day of May 2019 at the hour of 9 O’clock in the forenoon or soon thereafter as Counsel may be heard on behalf of the Applicant praying this Honourable Court for:
- AN ORDER of this Honourable Court for Committal to Prison to be made against: a. Alex Okoh, Director General, Bureau of Public Enterprises; b. Bureau of Public Enterprises for disobeying and refusing to fully enforce the judgment/orders made by the Supreme Court in Appeal No. SC 12/2008 BFI Group v, BPE dated 6 July 2012 and the subsequent Enforcement Order contained in the Judgement of the Court of Appeal No. CA/A/637/2014 BPE v. BFI Group Corporation dated 11 January 2019.”
Okoh ignored the notice, by refusing to enter negotiations with BFIGroup pursuant to the order of the court. Consequently, on December 17, 2019, Justice Chikere ruled on the application granting BFIGROUPROUP’s request for Okoh and BPE to be remanded in prison for a minimum of 30 days.
Although BPE claimed on December 24, 2019 that it filed an appeal, No. CA/ A/117/M/2019, for a stay of execution of the committal order against its DG, BFIGroup’s Executive Vice President, Jimmie Williams, faulted the application as a sham.
In a petition to the President of the Court of Appeal titled “RE: Mr. Alex Okoh and BPE’s Sham Stay of Execution in Case No. FHC/ABJ/ CS/583/2004” dated January 21, 2020, Williams, who is also BFIGroup’s General Counsel, urged the court to uphold the contempt charge against Okoh.
However, when the Appeal Court entered a final ruling on the matter on Friday, Counsel to BFIGroup, Patrick Ikwueto, a Senior Advocate of Nigeria (SAN) told MEDIATRACNET that the court affirmed the order of the lower court.
“The Appeal Court upheld in its entirety the order of Justice Anwuri Chikere of the Federal High Court, Abuja which asked BPE and its DG to fully comply with the directive of the Supreme Court for ALSCON to be handed over to BFIGroup, the preferred winner of the bid. We expect BPE and its DG to do the honourable thing and respect the rule of law,” Ikwueto said.
Dr. Rueben Jaja, BFIGroup President, while reacting to the ruling, said the Appeal Court has demonstrated once again that the court is the hope of a common man.
“The court has reaffirmed that they are ready to support anyone, whether in Nigeria or abroad, who is ready to invest in Nigeria, despite the corrupt tendencies of some selfish and misguided public officials. BFIGroup is ready to go ahead to take over and revitalize ALSCON to benefit of the youth in the Niger Delta region,” Jaja said.
News
NRC, Ponzi Scheme Collapses Resulting Loss of Billions of Naira

National Reading Culture (NRC), an online investment platform targeting Nigerians has collapsed, resulting in the loss of billions of Naira for investors.

The website unexpectedly shut down, blocking users from withdrawing their funds and locking in their investments.
Just like all other investment scams, victims were lured with promises of doubling their money in few weeks.
When National Reading Culture eventually crashed, the operators vanished with users’ funds, leaving investors devastated.
How the Platform WorkedTask-Based Earning:
According findings, National Reading Culture lured users with promises of making money by completing simple daily tasks like reading articles, clicking links, or inviting friends.
They also offered investment tiers to earn higher daily profits, where users had to deposit their own money into the platform.
Evidence showed the website previously operated as a Chinese job search platform before rebranding into an “earning” scheme.
News
NSITF Partners South African Insurer on Digital Transformation

The Nigeria Social Insurance Trust Fund (NSITF) has signed a memorandum of understanding (MoU) with Rand Mutual Assurance (RMA) to collaborate on digital transformation aimed at strengthening worker protection systems and support economic growth.

According to RMA, the agreement was concluded during a visit by its delegation to Abuja.
The partnership will focus on institutional capability development, modernising operating models, improving service delivery and sharing knowledge between the two organisations.
Through the partnership, RMA and NSITF will collaborate to strengthen institutional capability, modernise operating models, accelerate digital transformation and improve services for workers and employers.
The organisations will also explore opportunities for knowledge exchange and the adoption of best practices in social security administration.
RMA said the agreement forms part of its broader engagement with governments, regulators and social security institutions across Africa to support improvements in governance, operational resilience and service delivery.
“Our partnership with NSITF reflects much more than the signing of an agreement,” said Mandla Shezi, group chief executive officer of RMA. “This partnership is not simply about sharing knowledge. It is about co-creating the next generation of African social security systems.”
He added: “By combining our respective strengths, we can help build institutions that are more resilient, more responsive and better equipped to protect workers while supporting national development.”
Shezi said the future of social security depends on integrated systems where prevention, insurance, healthcare, rehabilitation, technology, investment management and institutional capability work together.
News
Microsoft to Lay Off 4,800 Workers

Microsoft has announced plans to cut about 4,800 jobs, representing roughly 2.1 percent of its global workforce, with Xbox, its gaming division, expected to bear the largest share of the layoffs.

The company said more than 1,600 positions at Xbox would be eliminated immediately, while another 1,600 jobs would be phased out over the next year as part of a major restructuring of the gaming business.
In a memo to employees, Amy Coleman, executive vice president, Microsoft, said the company was streamlining its operations to focus on areas that deliver greater value to customers in a rapidly changing technology industry.
Asha Sharma, chief executive officer, Xbox, described the move as “the most significant restructure in Xbox history,” saying the changes are intended to position the gaming business for long-term growth rather than downsizing.
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