EFCC Drags ALSCON to Court Over N582.43m Money Laundering Allegations in Six-Count Charge

The Economic and Financial Crimes Commission has arraigned the Aluminium Smelter Company of Nigeria Plc, ALSCON, over alleged money laundering offences involving transactions totalling N582.43m, bringing renewed scrutiny to compliance with Nigeria’s financial reporting laws.

The company was arraigned on Monday, October 12, 2026, before Justice O. A. Egwuatu of the Federal High Court in Abuja on a six-count amended charge marked FHC/ABJ/CR/644/2025.

According to the EFCC, the charges also name the company’s director, Zavyalov Dmitry, who the commission described as being at large.

At the centre of the case are several financial transfers allegedly made between March and July 2024, which the anti-graft agency claims were not reported to the Special Control Unit Against Money Laundering, SCUML, as required by law.

The commission alleged that ALSCON, classified as a Designated Non-Financial Business and Profession, and its director failed to submit written reports of the transactions in breach of the Money Laundering (Prevention and Prohibition) Act, 2022.

The transactions identified in the charge include N147.52m, N156.03m, N121.43m and N127.34m transferred to Udatson Nigeria. Other payments allegedly included N15.12m to Urico Global Services in April 2024 and N15m to Christopher Azogu in June of the same year.

The first count specifically accused the company and Dmitry of failing to report a transfer of N147,515,050 made to Udatson Nigeria from an account operated by ALSCON.

The EFCC maintained that the alleged omissions contravened provisions of the anti-money laundering legislation, which establishes reporting obligations for covered businesses and prescribes penalties for violations.

Represented by its lead counsel, Ekele Iheanacho, a Senior Advocate of Nigeria, the commission told the court that the alleged offences were punishable under the relevant provisions of the law.

However, ALSCON denied the allegations. When the amended charges were read, the company’s Acting Managing Director, Ime Monday Inyang, entered a not-guilty plea on its behalf on all six counts.

The company’s lawyer had also urged the court to quash the charges, arguing that ALSCON was innocent of the allegations.

Following the plea, Justice Egwuatu adjourned the matter until January 27, 2027, for the commencement of trial.

The arraignment marks a further step in the EFCC’s efforts to enforce financial transparency and accountability under Nigeria’s anti-money laundering framework. The proceedings will provide an opportunity for the prosecution to present its evidence and for the defence to challenge the allegations.

Under the law, reporting obligations are intended to help authorities monitor suspicious financial activity, improve transparency and strengthen efforts to prevent illicit funds from moving through the financial system without appropriate scrutiny.

For ALSCON, the case now moves towards trial, where the court will consider the evidence and arguments presented by both sides.

The allegations remain unproven, and the company is entitled to the presumption of innocence unless and until the court determines otherwise.