BFI Group under the chairmanship of Alabo Dr Reuben Mietamuno Jaja was one of the  core investors interested in acquiring the 77.5 percent federal government equity in the $3.2 billion Aluminum Smelting Company of Nigeria (ALSCON) of Ikot Abasi. Having gone through rigorous litigation, the Supreme court still ruled in their favour as the valid winner of the bid.

Currently the BFI Group a Nigerian based entity is involved in industrial projects and investment, notably partnering with CNCEC to rehabilitate the Aluminium Smelter Company of Nigeria (ALSCON).

Alabo Dr Mietamuno Saturday Jaja, in a media brief informed the press that the recent EFCC prosecution news is all about ALSCON politics and Government. It\'s about intimidating efforts to arm twist BFIG to hands off ALSCON without compensation or negotiation, after two supreme Court judgements which were in favor of BFI Group, that government intends to frustrate the execution of this judgments. 
Alabo Dr Reuben said \"the allegation against BFIG is without any iota of truth, totally false, malicious, unfounded, and can be best described as a ruse\'  insisting that the BFI a reputable group have not in any way, form or shape committed any of the crimes as alleged by this government Agency.

Clearing the air further, he added that there has never been any official complaints or petition lodged by any corporate entity or individual with  the EFCC against BFIG that their money is lost, misappropriated, mismanaged or unaccounted for, not even a penny, while presenting the transaction documents, involving CNCEC Mortgage Bank a CBN licenced mortgage financial institution who  negotiated and secured a 100 million Euros facility to develop the real estate segment of ALSCON including it\'s residential area.

Instead of engaging the bank who issued the instrument, they decided to come after BFIGROUP and its CEO as a   vendetta for a Supreme Court judgement against BPE and committal to prison of the former DG.

He, also informed that the BFI Group team of lawyers were already  responding to this unfortunate scheme being orchestrated by their detractors, remaining optimistic that justice must be seen to be done.