The Minister of Mines & Steel Development, Kayode Fayemi, has announced the signing of a “renewed Share Purchase Agreement (SPA)” with UC RUSAL for the takeover of the Aluminium Smelter Company of Nigeria (ALSCON), Ikot Abasi in Akwa Ibom State.
In a statement by Fayemi’s spokesperson, Olayinka Oyebode, details of the terms of the new deal with UC RUSAL were not revealed.
He however said the Federal Government would retain 20 per cent equity in ALSCON.
Oyebode said that the new agreement signed by the Director General of BPE, Alex Okoh, along with Chief Executive Officer/member, Board of Directors of UC RUSAL, Vladislav Soloviev, was witnessed by Fayemi in his office.
He said other witnesses included the Minister of State, Abubakar Bwari; Russian Ambassador to Nigeria, Nickolai Udovichenko; Managing Director of ALSCON, Dmitry Zavyaiov, and Head of Legal, UC RUSAL, Piter Maxsimov.
According to Oyebode, the agreement was signed following the approval by the NCP of an out of court settlement of the lingering dispute over the ownership of ALSCON during its meeting of August, 2017, under the chairmanship of the Vice-President, Yemi Osinbajo.
“President Mohammadu Buhari is keen on seeing that this agreement is reached, as soon as possible, so that the company can get back on its feet and Nigeria and Russia can strengthen the historical partnership between the two countries,” Oyebode quoted as saying Fayemi at the event.
