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ALSCON’s Official Position on the Article Dated September 6, 2024

nigeria, china sign mous as tinubu meets xi jinping
Chinese President Xi Jinping (L) and President Bola Tinubu during President Tinubu’s visit to Beijing, China recently
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According to the press in an article dated September 6, 2024, the Nigerian government delegation undertook an official visit to China. It was reported that the Nigerian Minister of State Oil Resources (gas) assured CNCEC representatives of the reliability of investments in Aluminum Smelter Company of Nigeria (ALSCON), and referred to ALSCON as an asset of BFI Group Corporation (BFIG).

We would like to emphasize that 85% of ALSCON shares are validly owned by UC RUSAL group, while the Government of Nigeria through the Bureau of Public Enterprises (BPE) owns the remaining 15%.

In the light of this, UC RUSAL has formally requested clarification from the Federal Government of Nigeria on the matter, and CNCEC has also been officially informed of UC RUSAL’s legitimate ownership of 85% of ALSCON’s share capital.

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Please be advised that as the legal and beneficial owner of ALSCON, UC RUSAL is determined to defend its interests in Nigerian and international courts in case of any risks to its ownership of ALSCON’s shares.

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