Nigeria: Supreme Court cancels sale of aluminum plant
The supreme court in Nigeria 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 of Aluminum Smelter Company of Nigeria (ALSCON) to Moscow-based United Company RUSAL PLC was illegal.
He said that the preferred bidder was wrongfully disqualified. He said BFI Group offered US$410 million and that RUSAL offered US$205 million.
BFI Group sued the Nigeria 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 assets in Africa.”