Efforts by BFIG to Take Over ALSCON Plant from RUSAL Following Supreme Court Ruling
After a Supreme Court ruling in January 2024, BFIG corporation has initiated the process of assuming control of the dormant Aluminum Smelter Company of Nigeria (ALSCON) located in Ikot Abasi Local Government Area, Akwa Ibom State, from the current operators, RUSAL.
The supreme court had previously determined in 2012 that the BFIG group is the preferred bidder for the smelter. However, RUSAL claimed to have obtained a judgment from the London Court of Arbitration validating the privatization of ALSCON.
In an effort to enforce the Supreme Court ruling, a delegation from BFIG, led by President Chief Reuben Jaja and representatives from the Bureau of Public Enterprise (BPE), visited the ALSCON plant. Nevertheless, they were barred entry by RUSAL's officials.
Upon the arrival of the BFIG del...