By Aaior K. Comfort

In response to a recent article in the Business Day newspaper dated September 6, 2024, regarding the Nigerian government’s official visit to China, the Aluminum Smelter Company of Nigeria (ALSCON) has clarified its ownership structure. The article reported that the Nigerian Minister of State for Oil Resources assured CNCEC representatives of the reliability of investments in ALSCON and referred to it as an asset of BFI Group Corporation (BFIG).

ALSCON emphasizes that 85% of its shares are validly owned by the UC RUSAL group, while the Nigerian government, through the Bureau of Public Enterprises (BPE), holds the remaining 15%.

In light of these facts, UC RUSAL has formally sought clarification from the Federal Government of Nigeria on this matter. CNCEC has also been officially notified of UC RUSAL’s legitimate ownership of 85% of ALSCON’s share capital.

UC RUSAL is committed to defending its interests as the legal and beneficial owner of ALSCON and is prepared to pursue legal action in Nigerian and international courts should there be any threats to its ownership of ALSCON’s shares.