Port Harcourt — Akwa Ibom State Governor, Udom Emmanuel, has urged the Federal Government to ensure an urgent revamping of the moribund Aluminum Smelter Company of Nigeria, ALSCON.
Speaking, Governor Udom said getting back ALSCON on stream to operate optimally, has been a dream he would love to see come true.
Udom spoke while playing host to the Minister of State, Mines and Steel Development, Dr. Uchechukwu Sampson Ogah, at the Government House, Uyo.
Apart from possible revitalization of ALSCON, the governor also spoke with the Minister on issues bordering on exploration of solid mineral opportunities in the state.
“The revitalization of the Moribund Aluminum Smelter Company of Nigeria, ALSCON at Ikot Abasi Local Government Area is a dream I would love to see come to fruition.
“This was one of our talking points when I played host to the Honourable Minister of State, Mines and Steel Development Dr. Uchechukwu Sampson Ogah at Government House, Uyo today.
“Dr Ogah is visiting our State to carryout an assessment for possible revitalization of the company as well as explore solid mineral opportunities in our state,” Gov. Udom said on his verified Twitter handle.
ALSCON a $3.2billion aluminium plant located in Ibekwe, Ikot Abasi Local Government Area, incorporated in 1989, began operations in 1997 but was shut down in 1999 due to lack of capital, while it was privatised in 2007 as part of the Federal Government’s drive to revive moribund national assets.
Since 2004, there has been a protracted litigation between America’s BFIG Corporation, Bureau of Public Enterprise and UC Russal of Russia, over the bid process, regarding the enforcement and crystallization of the mutually agreed Share Purchase Agreement, SPA.
The matter was adjudicated at various courts and on June 6, 2012, the Supreme Court ruled in favour of BFIG Corporation as the preferred bidder, but up till date, BPE has not complied with the Supreme Court decision but pitched its tent with the Russian firm.