Russian Company, Messrs UC Rusal has been formally approved by the Federal Government of Nigeria as the core investor of Aluminium Smelter Company of Nigeria (ALSCON) in Ikot Abasi, Akwa Ibom State.
Surge.ng gathered that ALSCON was integrated with the Federal Government of Nigeria, Ferrostaal of Germany and Reynolds Incorporated of America as shareholders on an equity holding of 70%, 20% and 10% respectively in 1989.
The 3 parties had been in dispute which was finally resolved on the ground of ‘Renewed Share Purchase Agreement’ invoked by the Federal Government of Nigeria on Friday January 19, 2018.
The agreement was signed by Director General, Bureau of Public Enterprise (BPE), Alex Okoh for the Federal Government, while CEO/Member of the Board of Directors UC Rusal, Vladislav Soloviev signed on behalf of the company.
Statement released by Minister of Mines and Steel Development, Dr Kayode Fayemi on Sunday stated that the Federal Government still retains its 20% equity in the firm.
Recall that the Federal Government initiated the settlement’s process during a summit of the National Council on Privatization (NCP) held in August, 2017, headed by the Vice President, Prof. Yemi Osinbajo.
Signing of the Agreement was witnessed by the Minister of State, Abubakar Bawa Bwari; Director General, BPE, Alex Okoh; Russian Ambassador to Nigeria, Nickolai Udovichenko; CEO/Member of the Board of Directors UC Rusal, Vladislav Soloviev; Managing Director ALSCON, Dmitry Zavyaiov; Head of Legal, UC Rusal, Piter Maxsimov and Minister of Mines and Steel Development, Dr Kayode Fayemi.
Ambassador Nickolai Udovichenko, representing Russia, commended the Nigerian Government and the Minister in-charge, on the peaceful resolution.
The Russian firm would start operating legally from now, while other issues associated with the company would be attended to in due time.