Akwa Ibom: UC Rusal set to contest shareholding claims over ALSCON

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

This is as it expressed sadness over the false statement deliberately published in various news media to discredit it as the major stakeholders in the company.

A statement by it Managing Director, Mr Dmitry Zavyalov made available to our correspondent in Uyo on Friday said it is currently negotiating with the Nigeria government on resumption of operation at ALSCON.

According to the statement, neither the ALSCON nor UC RUSAL was party to the proceedings of the Supreme Court ruling on the 26th of January,2024 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 party to the these proceedings. UC RUSAL through it subsidiaries continues to be the majority stakeholders’ of ALSCON and fully exercise it right over the company.

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

“The restart is subject to 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 the 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 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,” the statement stressed.