Rusal said the ruling was against Nigeria's Bureau of Public Enterprise (BPE), which handled the privatisation and gave Rusal the green light to acquire the stake for $205 million in 2007. The decision would thus not affect its ownership of ALSCON, the company said.
"The ruling could … to a significant extent undermine Russian-Nigerian investment and economic cooperation and incur negative consequences for the whole scope of bilateral ties," the ministry said in a statement on its website www.mid.ru.
"We urge the Nigerian government to take the necessary actions in order to prevent potential damage to the existing fruitful and mutually beneficial relations," the statement said.
BFI, headed by American-Nigerian Reuben Jaja, took BPE to court, saying the agency breached its contract. The supreme court ruling last week ordered that BPE revert to the original preferred bidder and BFI Group pay the agreed price of $410 million for ALSCON.
Oleg Deripaska, the controlling shareholder of Rusal, is a billionaire who has long enjoyed close ties with the Kremlin. The aluminium giant received billions of dollars in state bailout funds after the 2008 global financial crash.
ALSCON is one of Rusal's key African assets with annual project capacity of 120,000 tonnes, however its operations have been hampered by regular electricity cuts allowing ALSCON to produce only 15,000 tonnes of aluminium last year, a company spokeswoman said.
Nigeria, Africa's biggest oil producer, is like Russia plagued by rampant corruption. Both share 143rd position in the 2011 corruption perception index of 182 countries compiled by Transparency International. Click to signup for FREE news updates, latest information and hottest gists everyday
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Is it not a big shame to hear that FG allowed old ALSCON to be sold for only $205 millions in 2007.
ReplyDeleteMost of those in Politice just believe that wearing big dresses represent statesmanship. How can these shameless looters continue behaving as those people that have just been released from Aro, Abeokota in Ogun State? The similar case was Nigeria Airways that given to a Briton last. What was the outcome?
We all know that some politicians steal three times of $205m annually.
Well, we are looking forward to Almighty God to rescue our fatherland from devils among us.
Nigeria SORRY!!! You have buttock, but don't know how to sit. God almighty, Please come to our rescue.
ReplyDeleteMr. Anonymous, so you are expecting God to come down to this sinful earth and rescue us? Countryman, I disagree with you, we do not need anybody or spirit to assist us but to help ourselves.
ReplyDeleteI repeat, we have to do something to so that the next generation we not inherit this bush shit from us.
Russia can go to hell, Nigeria isn't benefiting from them for free rather it is on a mutual benefit. If they like, they can go to anywhere then we remain on our own or we chose another partner.
Tell me how many Nigerians have a well established company in their country? even you have, you can survive because they are racist, they dislike ordinary black colored footballers in their land. Let them go ablaze, no one tampers their judicial system in their country.
Nigerai judicial body had decided and so shall it be.
Nigeria's Supreme Court DECISION is FINAL as far as the property is in Nigeria and invariably belongs to Nigeria.The judiciary must be one of the organs of government that will rescue this country from corruption.
ReplyDelete