The Managing Director, Aluminum Smelters Company of Nigeria (ALSCON), located in Ikot Abasi Local Government Area, Akwa Ibom State, Mr Dmitriy Zaviyalov has said that the company requires not less than $500m to revitalise and resume production in the moribund plant. Tribune reports that the company temporarily packed up in 2013, following inadequate gas supply to the company by the Nigeria Gas Company which reportedly breached its agreement with the company. The Bureau of Public Enterprise approached the Supreme Court taking the BFIG to court. Equally, you should understand that in our agreement with the Nigerian government, we agreed that the last court of arbitration will be the London Court of Arbitration. “After the ruling of the Supreme Court, we approached the London Court of Arbitration and the court ruled in our favour, so we have the ruling from the London Court that ALSCON was properly privatised,” he explained.

Source: Nigerian Tribune March 01, 2024 13:29 UTC