Nigeria: FG Moves to Take Over ALSCON From Russia's Rusal

26 October 2012

Abuja — Following a Supreme Court judgement, which revoked the sale of the Aluminium Smelter Company of Nigeria (ALSCON) by the Bureau of Public Enterprises (BPE) to Rusal, a Russian company, the Federal Government said it has commenced the process of handing over the company to BFI Group.

In December 2006, Rusal, the world's largest aluminium company, which belongs to Russian billionaire oligarch, Oleg Deripaska, acquired 77.5 per cent of the Federal Government's shares in ALSCON for $205 million.

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