According to the press, namely an article in the This Day dated November 12, 2024.
Quote A: “The federal government yesterday superintended over the signing of an agreement between BFI Group and CNCEC for the restarting of the Aluminum Smelter Company of Nigeria (ALSCON) located in Ikot Abasi, Akwa Ibom State.”
Quote B: “The plant has a capacity to produce about one million metric tons of aluminum per annum, the sponsors said.”
To Quote A: Any actions openly supporting BFIG’s illegitimate claims to the shares in ALSCON held by Dayson Holdings, Ltd., a member of UC RUSAL group, challenge RUSAL’s rightful ownership of those shares that has been upheld judicially in Nigeria and internationally.
Again, we would like to emphasize that 85% of ALSCON shares are validly owned by UC RUSAL group, while the Government of Nigeria through the Bureau of Public Enterprises (BPE) owns the remaining 15%. This has been officially communicated to CNCEC by RUSAL.
It has been the major objective of UC RUSAL over the years to resume operations at ALSCON. For this, the company’s management has been elaborating with the highest Nigerian state officials, making specific proposals for restarting the plant. However, the restart process is being hindered by frustration of the Nigerian government to ensure effective protection of UC RUSAL’s rights as a foreign investor. In particular, to ensure stability of the operational process, as well as uninterrupted gas supply to the plant, cessation of which was the reason for the shutdown of production at ALSCON in 2013.
Any actions aimed at engaging CNCEC or any other third party to reactivate operations at the ALSCON plant, are illegal and challenge RUSAL’s rightful ownership of the shares that RUSAL lawfully acquired through the tender process from the Nigerian government.
While there is firm confidence that Government will find the strength to effectively protect the investments of UC RUSAL and provide the necessary conditions for ALSCON to work effectively for the benefit of the Nigerian economy, RUSAL is determined to defend its title to ALSCON.
To Quote B: the designed production capacity of ALSCON is 193,000 tones of aluminium ingot per annum, and not 1 million tons.