BY Soni Daniel

Despite the stoppage of production by the Russian Aluminium Company at the Aluminium Smelter Plant in Ikot Abasi, Akwa Ibom State, Nigeria’s privatisation regulator, the Bureau for Public Enterprises, BPE, yesterday claimed ignorance of the development.

Rusal had shocked the world on Friday with an announcement it was suspending production at the Alscon, pending the outcome of its legal battle with U.S.-based BFI Group Corp. over ownership of the former state-owned plant.

“The on-going situation around the illegal attempts to challenge Rusal’s rights of ownership to the plant and the recent decision of the Supreme Court of Nigeria to cancel the sale of Alscon shares to Rusal impede long-term investment in the smelter,” the company said on Friday..

The Russian aluminium giant also cited a lack of reliable power supply at the loss-making gas-fired plant.

But the firm gave hope that production would resume as soon as the uncertainty over the ownership status of the firm was cleared.

Nigeria’s apex court in July revoked the 2007 sale of the Alscon to Rusal, saying BFI Group was the highest bidder, ordering BPE to complete the sale of the firm to BFI Group.

However, the BPE denied knowledge of the suspension of production by Rusal, saying that BFI Group had not paid the stipulated amount for the transfer of ownership.

The spokesman for the BPE, Mr. Joe Anichebe, said that BFI Group was yet to pay the ten percent of the money to indicate it was ready to buy the plant as ordered by the Supreme Court last July.