Russian firm sues FG over ownership of ALSCON

FOLLOWING the Supreme Court judgment on the sale of Nigeria’s premier smelter plant, Aluminium Smelting Company (ALSCON), at Ikot Abasi, Akwa Ibom State and the subsequent plan by the Federal Government to adhere to the court’s ruling to hand over the plant to BFIG, the operator of the multi-billion dollar plant, Rusal, a Russian firm is strongly resisting the move.

In a statement from Moscow, Russia, signed by Ms Elena Morenko and Mr. Albert Dyabin, the company said it had taken the Federal Government to the International Court of Arbitration in London over the matter.

The company said it was compelled to take the decision to “prohibit the Federal Government of Nigeria from executing the decision of the Supreme Court to its detriment and alternatively, granting damages in the event that Rusal should suffer a loss to its ownership of the

stake in ALSCON.”