by James Sambo

The drawn out squabble over the sale of Nigeria’s Aluminum Smelter Company (ALSCON), Ikot Abasi in Akwa Ibom State is finally over.

The Federal High Court, sitting in Abuja has ruled that the Bureau of Public Enterprises (BPE) should enter into negotiations with BFI Group for the investment group to take over the aluminium plant.

Justice Abdul Kafarati in his ruling granted BFI Group’s application to fully enforce the Supreme Court judgement of July 2012 that gave it the rights of ownership of ALSCON.

The American firm, BFI Group, was recognised in 2012 by the Supreme Court as the authentic bidder for the disputed aluminium smelter plant, ALSCON, which is presently being operated by Russian firm, UC RUSAL.

BFI Group, which bid for ALSCON in 2004, has failed to secure operational rights to the plant in Ikot Abasi, Akwa Ibom State, despite the court decision that stripped UC RUSAL of the rights in a case that has lasted for almost a decade.


http://ynaija.com/alscon-change-hands-bfi-group-gets-court-approval-take/