Yemisi Izuora
The Nigeria Aluminum Smelting Company (ALSCON) is planning to inject $500 million to revive the smelting company.
The company is located in Ikot Abasi Local Government Area of Akwa Ibom State.
The fund injection plan was disclosed by Alexey Arnautov, Chairman of ALSCON.
Arnautov, revealed this after his visit to President Bola Tinubu in Abuja with the management of UC RUSAL.
ALSCON was launched in 1997 but stopped operations in 2000.
In 2007, UC RUSAL acquired 85 per cent 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.
Former 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.