This is probably the project for which OBJ's government paid the entire sum upfront. PDP & its house of fraud.

http://www.dailytrust.dailytrust.com/index.php?option=com_content&view=article&id=24637:contractor-yet-to-dredge-imo-river-5yrs-after-collecting-n192bn&catid=1:news&Itemid=2
Written by Mohammed S. Shehu Wednesday, 03 August 2011 05:16

The Federal Government yesterday said Dayson Holding Limited – core investor of the multi-billion naira Aluminum Smelter Company of Nigeria (ALSCON) – has collected a total sum of $120,000,000 (N19.2bn) in 2005 for the dredging of the Imo River channel but was yet to mobilize to site six years after the contract was awarded.
 
Vice President Mohammed Namadi Sambo also issued a two-week ultimatum to the company to come up with a technical implementation strategy, bill of quantity, operational plan and design and roadmap for the dredging of Imo River.
 
ALSCON was privatized by the Bureau of Public Enterprises (BPE) and the dredging was part of the conditions issued to preferred bidders of ALSCON by the BPE.

Sambo gave the order at a meeting with the Minister of Transport Senator Idris A. Umar, management of Dayson, officials of BPE and other stakeholders in his office at the State House, Abuja.

Sambo noted that it was unacceptable for Rusal which is a technical partner of Dayson but not mentioned in the privatization agreement to be running ALSCON and directed that the relevant clause in the agreement be amended to reflect the situation on ground.

The Vice President also constituted a Committee comprising Nigeria Electricity Regulatory Commission (NERC), BPE, National Gas Company, Gas Aggregator, Shell and Dayson to ensure that Dayson obtains a licence to be able to generate, sell electricity and guide Dayson on all procedures to be adopted.

The Committee has two weeks to submit its report.

Sambo directed BPE, Dayson and the legal department of his office to meet and address the lingering lacuna in the privatisation agreement.

He said that government was ready to offer all the necessary guarantees to Shell Petroleum Development Company to enable them supply the gas requirement of ALSCON so that they can put the Power Plant of 500 mega watts to effective use. He also directed them to report their actions in two weeks time.

Earlier, Dayson said it had planned to produce electricity and sell it to the unbundled companies for connection to the national grid but that there should be a commercial framework for gas to be supplied to the company. It said by the end of 2012, it will ensure that it attains its desire to connect to the national grid but there is not enough gas for now to get the company work half of its capacity.

The National Gas Company also complained that unless the issue of unpaid subsidy is cleared it may not be possible to supply the product.

Dayson is said to be registered in the British Virgin Islands specifically for the acquisition of the Nigerian smelter plant with one Martins John Parker as sole director.