• Tuesday, May 28, 2024
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BusinessDay

Court grants BFIG leave to take over ALSCON

The protracted controversy over the sale of the Aluminum Smelter Company (ALSCON), Ikot Abasi in Akwa Ibom State came to an end today (Tuesday) with the Federal High Court, Abuja ruling that the Bureau of Public Enterprises (BPE) should enter into negotiation with BFIG for it to take over the aluminum plant.

Justice Abdul Kafarati in his ruling granted BFIG application to fully enforce the Supreme Court judgement of July 2012 that gave the right of ownership of ALSCON to it.
American firm, BFIG, was recognised in 2012 by the Supreme Court as the authentic bidder for the disputed aluminium smelter plant, ALSCON, which is presently being operated by Russian firm, UC RUSAL.

BFIG, which bidded for ALSCON in 2004, has failed to secure operational rights to the plant in Ikot Abasi, Akwa Ibom State, despite the court decision that stripped UC RUSAL of same in a complex case that has lasted years.

Details later…