UC Rusal to challenge shareholding claims over ALSCON

Akpan Umoh, Uyo

UC Rusal, the majority shareholder of the Aluminum Smelting Company of Nigeria (ALSCON) in Ikot  Abasi Local Government Area of Akwa Ibom has vowed to contest any claim affecting its title to share in the company. 

This is as contained in a statement issued by the Managing Director,  Mr Dmitry Zavyalov, and made available to newsmen in Uyo on Friday. 

 Zavyalov said it is currently negotiating with the Nigerian government on resumption of operation at ALSCON.

He expressed displeasure over the false statement deliberately published in various news media to discredit it as the major stakeholder in the company.

The statement further stated that neither the ALSCON nor UC RUSAL was party to the proceedings of the Supreme Court ruling on January 24 which ruled in favour of BFIG

“It came to our knowledge that on 26 January 2024, the Supreme Court of Nigeria ruled in favour of BFIG claiming that the Bureau of Public Enterprises failed to comply with the decision of the Supreme Court of 2012.

“Neither ALSCON nor another company of UC RUSAL group is a party to these proceedings. UC RUSAL through its subsidiaries continues to be the majority stakeholder’ of ALSCON and fully exercises its right over the company.

“UC RUSAL will vigorously contest any claim affecting its title to share in ALSCON. As of this day, UC RUSAL is continuing negotiations with the government of Nigeria on the resumption of operations at ALSCON. 

“The restart is subject to the government’s guarantee of uninterrupted gas supply at a price acceptable for the project economics and is dependent on ensuring the safety and stability of the operational process by all involved parties.

“BPE representing the government being the minority shareholder of ALSCON is well informed about the current state of the plant by way of participating in the regular board meetings.

“In the absence of the opportunity to get acquainted with the full text of the Supreme Court decision delivered on 26 January 2024, UC RUSAL shall not comment on rumours. 

“Deliberately false statements published in various media manipulate facts and public opinion which effectively prevent UC RUSAL, as the majority shareholder of the ALSCON, from doing business in Nigeria and the mutual efforts of UC RUSAL and the government aimed at the restart of production are discredited

“We urge leaders of state and traditional authorities to realize the risks in connection with the dissemination and publication of distorted information about ALSCON and to trust only official sources,” he said.