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Issues In The News

5 years after Russia’s Rusal bought state-owned aluminum plant, Nigeria court revokes sale

By Associated Press, Published: July 9

ABUJA, Nigeria — Nigeria’s supreme court has overturned the sale of a state-owned aluminum processing plant to the world’s largest aluminum producer.

Justice Afolabiyi Fabiyi ruled Friday that the sale five years ago of Aluminum Smelter Company of Nigeria to Moscow-based United Company RUSAL PLC was illegal.

He said that the preferred bidder was wrongfully disqualified. He said BFI Group offered $410 million and that RUSAL offered $205 million.

BFI Group sued Nigeria’s Bureau for Public Enterprise over the disqualification of its bid in 2004.

A spokesman for the bureau declined to immediately comment Monday.

RUSAL says on its website that it acquired a controlling stake of ALSCON in 2007.

It says it has since modernized the facility which it describes as “one of its key African assets.”

View original article here

About TransformationWatch

TransformationWatch is an online news site founded by Henry Omoregie It is focused on keeping tabs on the Transformation Agenda set out by the Nigerian leadership in the Local, State and Federal Governments. My mission is to observe, analyze and report milestones or slowdowns in promised service delivery in all the facets of governance in Nigeria (2011 and beyond). Readership is open to all Nigerians and friends of Nigeria alike, regardless of Tribe, Religion or Political divide. We are all in this together

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