Investors to inject N18bn into aluminium smelter company in Akwa Ibom
Godswill Akpabio, Governor of Akwa Ibom State
Financial succour of N18 billion ($150-millon) is coming the way of Aluminum Smelter Company of Nigeria (Alscon) Ikot Abasi, Akwa Ibom State. The amount from core investors is for the completion and modernisation work and final take-off of the company.
The additional fund is to be provided by aluminum producing giant Rusal, which holds 77.5 percent shares in the company, while its partners, Ferrostaal AG and the Federal Government, will in the next three years facilitate the process.Alexander Bulygin, Rusal chief executive, said his company would be injecting high-class technology and expertise into the company.
"With its technology and expertise, Rusal will ensure that Alscon products are highly competitive, transforming the smelter into a key driver behind the development of the Nigerian economy and our business in the region," Bulygin said.
According to him, Rusal as one of the largest inventors in the country is also ready to contribute to the country’s industrial growth.
He said the acquisition of Alscon through the privatisation was part of Rusal’s strategy to boost aluminum production in the country and sub-region and strengthen the company’s position in the industry.
Rusal acquired 77.5 percent shares in the company, while Ferrostaal AG and the Federal Government, as minority shareholders, hold 7.5 percent and 15 percent respectively.
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