EFCC ARRAIGNS ALSCON, FUGITIVE DIRECTOR OVER ALLEGED ₦582.43 MILLION MONEY LAUNDERING VIOLATIONS
The Economic and Financial Crimes Commission (EFCC) has arraigned the Aluminium Smelter Company of Nigeria (ALSCON) Plc and its director, Zavyalov Dmitry, before the Federal High Court in Abuja over alleged money laundering violations involving financial transactions valued at ₦582.43 million.
The defendants were arraigned on Monday, October 12, 2026, before Justice O. A. Egwuatu on a six-count amended charge bordering on the alleged failure to report specified financial transfers to the relevant anti-money laundering authorities.
According to the charge, ALSCON and Dmitry allegedly failed to submit written reports to the Special Control Unit Against Money Laundering (SCUML) concerning transactions conducted through the company’s account between March and July 2024.
The EFCC identified Dmitry as a director of the company and stated that he was at large at the time of the arraignment. The company was represented in court by its Acting Managing Director, Ime Monday Inyang, who entered a plea of not guilty on behalf of ALSCON to all six counts.
The commission alleged that the company, classified as a Designated Non-Financial Business and Profession (DNFBP), failed to comply with reporting obligations under Section 11(1)(b) of the Money Laundering (Prevention and Prohibition) Act, 2022.
The transactions listed in the charge included a transfer of ₦147,515,050 to Udatson Nigeria in March 2024. Another transfer of ₦156,026,860 was allegedly made to the same company in April 2024.
The charge further listed a payment of ₦121,425,200 to Udatson Nigeria in May 2024 and another transfer of ₦127,338,190 to the same recipient in July 2024.
Additional transactions identified by the EFCC included an alleged payment of ₦15,124,950 to Urico Global Services in April 2024 and a transfer of ₦15 million to an individual identified as Christopher Azogu in June of the same year.
The six transactions listed in the charge total ₦582,430,250, forming the basis of the commission’s allegations that the company and its director failed to submit the required reports to SCUML.
In the first count, the EFCC accused ALSCON and Dmitry of failing to report the March 2024 transfer of ₦147,515,050 to Udatson Nigeria. The prosecution alleged that the transaction was made from an account operated by the company and that the failure to report it violated the relevant provisions of the law.
A second count contained a similar allegation concerning the transfer of ₦156,026,860 to Udatson Nigeria in April 2024. Another count focused on the alleged failure to report the May 2024 transfer of ₦121,425,200 to the same recipient.
The prosecution stated that the alleged offences were punishable under Sections 11(3), 19(2)(b) and 22 of the Money Laundering (Prevention and Prohibition) Act, 2022. EFCC lead counsel, Ekele Iheanacho, a Senior Advocate of Nigeria, presented the commission’s position before the court.
Following the reading of the charges, Inyang pleaded not guilty to all six counts on behalf of ALSCON. The company’s lawyer also urged the court to quash the charges, maintaining that the company was innocent of the allegations.
Justice Egwuatu subsequently adjourned the matter until January 27, 2027, when the trial is scheduled to commence. The adjournment gives the parties time to prepare for the proceedings, during which the prosecution will be required to establish its allegations in accordance with the law.
The case centres on compliance with statutory reporting requirements for specified financial transactions. Such obligations are intended to assist relevant authorities in monitoring financial activities and identifying transactions that may require further examination under anti-money laundering regulations.
However, the allegations against ALSCON and Dmitry have not been established as findings of guilt. The company has pleaded not guilty, and the court is expected to examine the evidence and arguments presented by both sides during the trial.
Dmitry’s reported status as being at large remains a significant development in the case, although further details about his whereabouts or the steps being taken to secure his appearance were not provided in the available report.
The proceedings add to the EFCC’s ongoing efforts to prosecute alleged violations of Nigeria’s financial and anti-money laundering laws. The outcome will depend on the evidence presented in court and the judicial determination of the six-count charge.
Street News Reporters will continue to monitor the case, including developments concerning Dmitry’s whereabouts, the commencement of trial in January 2027 and any further decisions by the Federal High Court in Abuja.
