The Battle for ALSCON: BFIG’s Attempt to Take Over the Plant from RUSAL
After a recent ruling by the Supreme Court in January 2024, BFIG Corporation is moving forward with the process of acquiring the abandoned Aluminum Smelter Company of Nigeria (ALSCON) located in Ikot Abasi Local Government Area of Akwa Ibom State from the current operators, RUSAL.
The Supreme Court had previously ruled in 2012 that BFIG Group was the preferred bidder for the smelter, but RUSAL argued that they had obtained a judgment from the London Court of Arbitration validating the privatization of ALSCON.
In an effort to enforce the Supreme Court's decision, BFIG Group, led by President Chief Reuben Jaja and representatives from the Bureau of Public Enterprise (BPE), attempted to enter the ALSCON plant but were denied access by RUSAL.
Upon the arrival of the BFIG delegati...