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.”

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