ALSCON, Director Face Money Laundering Charges Over N582 Million in Unreported Transfers
The Aluminium Smelter Company of Nigeria (ALSCON) plc and its Director, Zavyalov Dmitry, have been arraigned before the Federal High Court in Abuja on charges of money laundering, involving a sum of N582,430,250.00. The Economic and Financial Crimes Commission (EFCC) brought the charges against the company and Dmitry, who is reportedly at large, before Justice O. A. Egwuatu.
The arraignment, which took place on Monday, October 12, 2026, stems from a six-count amended charge filed under suit number FHC/ABJ/CR/644/2025. According to the prosecution, ALSCON, classified as a Designated Non-Financial Business and Profession (DNFBP), and its director allegedly failed to report multiple significant single transfers made from the company’s account between March and July 2024 to the Special Control Unit against Money Laundering (SCUML). This omission contravenes Section 11(1)(b) of the Money Laundering (Prevention and Prohibition) Act, 2022.
The alleged unreported transfers include substantial sums paid to UDATSON NIGERIA: N147,515,050.00 in March 2024, N156,026,860.00 in April 2024, N121,425,200.00 in May 2024, and N127,338,190.00 in July 2024. Additionally, the charge details a transfer of N15,124,950.00 to Urico Global Services in April 2024 and N15,000,000.00 to one Christopher Azogu in June 2024.
The EFCC lead counsel, Ekele Iheanacho, SAN, informed the court that these alleged failures to report are punishable under Sections 11(3), 19(2)(b), and 22 of the Money Laundering (Prevention and Prohibition) Act. The company’s Acting Managing Director, Ime Monday Inyang, entered a plea of not guilty on behalf of ALSCON to all six counts.
The defence counsel sought to quash the charges, asserting the company’s innocence. However, following the not guilty plea, Justice Egwuatu adjourned the matter to January 27, 2027, for the commencement of trial. This case highlights the critical importance of robust compliance frameworks for DNFBPs in Nigeria, particularly concerning the mandatory reporting of financial transactions to regulatory bodies to prevent money laundering activities.
