Economic

Nigeria court strips Russia’s RUSAL of aluminium firm

“Nigeria’s supreme court has ordered Russia’s RUSAL, the world’s largest aluminium producer, be stripped of ownership of the former state-owned Aluminium Smelter Company of Nigeria (ALSCON) because the assets should have gone to another bidder. RUSAL acquired the controlling stake in ALSCON in 2007 and now owns 85 percent of its assets, including an aluminium smelter with annual capacity of 120,000 tonnes, with the remaining stake belonging to the Nigerian government. The court ruling document, seen by Reuters, said RUSAL paid $205 million for a 75 percent stake in ALSCON in 2007.”

Source:Nigeria court strips Russia’s RUSAL of aluminium firm [501815018] | TheAfricaReport.com

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