Nigeria Aluminum Smelting Company (ALSCON) plans to inject $500 millio

Published: Jul 23, 2024 10:33

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Nigeria Aluminum Smelting Company (ALSCON) plans to inject $500 million to revive the smelting company located in Ikot Abasi Local Government Area of Akwa Ibom State. The news was revealed by Alexey Arnautov, Chairman of ALSCON, who visited President Bola Tinubu at the Presidential Villa in Abuja with the management of UC RUSAL. ALSCON was launched in 1997 but stopped operations in 2000. In 2007, UC RUSAL acquired 85% of the company's shares, while the remaining shares are owned by the Nigerian government. Despite various efforts made by the government to revive ALSCON, progress has been slow. Vice President Yemi Osinbajo met with the management of UC RUSAL and other stakeholders during the Russia-Africa Summit to discuss the issue of restarting the plant.

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