EFCC arraigns ALSCON, Russian director on N582.4 million money laundering charges

Home News Headline Stories Top News More News Foreign Gender Investigations All Alabuga ReportsBlood on Uniforms PREMIUM TIMES investigates TotalEnergies’ ‘zero routine flaring’ claim 2027: Fintiri’s exit, Atiku, Ribadu’s interests set stage for tight Adamawa governorship race INVESTIGATION: How Anthony Kila falsified all his academic qualifications – from Bachelor’s to Doctorate INVESTIGATION: The fake professor leading a Nigerian university INVESTIGATION: NUPRC fails to enforce Nigeria’s anti-flaring law as methane emissions go unchecked (2) Minna’s Cell of Death: Survivors recount how 37 mining suspects died in NSCDC custody Mambilla: How PREMIUM TIMES investigation helped Nigeria defeat Leno Adesanya at Paris Tribunal SPECIAL REPORT: In Kaduna, community peacebuilding offers way to stop disputes from becoming violent SPECIAL REPORT: Inside Nigeria’s methane problem Business News Reports Financial Inclusion Analysis and Data Business Specials Trade Insights Opinion Oil/Gas Reports FAAC Reports Revenue Opinion All AnalysisColumnsContributorsEditorial Nigeria’s Economy in Perspective: Fitch’s positive outlook: Turning improved confidence into economic opportunity, By Posi Olatubosun Why media and information literacy belongs in every child’s learning journey, By Chiamaka Okafor-Onumah Restoring the naira as a store of value, By Uddin Ifeanyi EDITORIAL: Petrol costs and the lingering ghost of subsidy International Day of the Girl Child, By Obiageli “Oby” Ezekwesili Beyond the Click: Building the African Newsroom for the Long Term, By Max Amuchie Health News Reports Special Reports and Investigations Health Specials Features and Interviews Multimedia Primary Health Tracker Agriculture News Report Special Reports/Investigations Features Interviews Multimedia Arts/Life Arts/Books Kannywood Lifestyle Music Nollywood Travel Sports Football More Sports News Sports Features Casino iGaming Non AAMS Online Kaszinó Magyar Online Casino Österreich non Gamstop casinos Kasyna online Casino Uden Rofus Τα Καλύτερα Online Casino Casino Sin Licencia España Casino Utan Svensk Licens Beste online casinos Top cazinouri online Gokken Beste Online Casino Nederland Games كازينو اون لاين Geriausi kazino internetu Онлайн казино Казахстан Elections 2024 Ondo Governorship Election 2024 Edo Governorship Election Presidential Gubernatorial Home News Headline Stories Top News More News Foreign Gender Investigations All Alabuga ReportsBlood on Uniforms PREMIUM TIMES investigates TotalEnergies’ ‘zero routine flaring’ claim 2027: Fintiri’s exit, Atiku, Ribadu’s interests set stage for tight Adamawa governorship race INVESTIGATION: How Anthony Kila falsified all his academic qualifications – from Bachelor’s to Doctorate INVESTIGATION: The fake professor leading a Nigerian university INVESTIGATION: NUPRC fails to enforce Nigeria’s anti-flaring law as methane emissions go unchecked (2) Minna’s Cell of Death: Survivors recount how 37 mining suspects died in NSCDC custody Mambilla: How PREMIUM TIMES investigation helped Nigeria defeat Leno Adesanya at Paris Tribunal SPECIAL REPORT: In Kaduna, community peacebuilding offers way to stop disputes from becoming violent SPECIAL REPORT: Inside Nigeria’s methane problem Business News Reports Financial Inclusion Analysis and Data Business Specials Trade Insights Opinion Oil/Gas Reports FAAC Reports Revenue Opinion All AnalysisColumnsContributorsEditorial Nigeria’s Economy in Perspective: Fitch’s positive outlook: Turning improved confidence into economic opportunity, By Posi Olatubosun Why media and information literacy belongs in every child’s learning journey, By Chiamaka Okafor-Onumah Restoring the naira as a store of value, By Uddin Ifeanyi EDITORIAL: Petrol costs and the lingering ghost of subsidy International Day of the Girl Child, By Obiageli “Oby” Ezekwesili Beyond the Click: Building the African Newsroom for the Long Term, By Max Amuchie Health News Reports Special Reports and Investigations Health Specials Features and Interviews Multimedia Primary Health Tracker Agriculture News Report Special Reports/Investigations Features Interviews Multimedia Arts/Life Arts/Books Kannywood Lifestyle Music Nollywood Travel Sports Football More Sports News Sports Features Casino iGaming Non AAMS Online Kaszinó Magyar Online Casino Österreich non Gamstop casinos Kasyna online Casino Uden Rofus Τα Καλύτερα Online Casino Casino Sin Licencia España Casino Utan Svensk Licens Beste online casinos Top cazinouri online Gokken Beste Online Casino Nederland Games كازينو اون لاين Geriausi kazino internetu Онлайн казино Казахстан Elections 2024 Ondo Governorship Election 2024 Edo Governorship Election Presidential Gubernatorial Zavyalov Dmitry, ALSCON director

The Economic and Financial Crimes Commission (EFCC) on Monday arraigned Aluminium Smelter Company of Nigeria (ALSCON) Plc and its director, Zavyalov Dmitry, a Russian, on money laundering charges involving alleged failure to report transfers totalling N582.43 million.

Mr Dmitry is a Russian representing UC Rusal, the massive Russian aluminium corporation that holds the majority stake in ALSCON.

In a statement by the EFCC spokesperson Dele Oyewale, the commission told the trial judge, Obiora Egwuatu of the Federal High Court in Abuja, that Mr Dmitry was at large.

According to the statement, EFCC is prosecuting Mr Dmitry on six amended counts. The case is marked FHC/ABJ/CR/644/2025.

The commission accused the company and its director of failing to report transfers from ALSCON’s account to the Special Control Unit against Money Laundering (SCUML) between March and July 2024.

The transfers to Udatson Nigeria included N147.52 million in March, N156.03 million in April, N121.43 million in May and N127.34 million in July.

The charge also listed N15.12 million paid to Urico Global Services in April and N15 million paid to Christopher Azogu in June.

The EFCC said the transfers were not reported in writing to SCUML as required under Section 11(1)(b) of the Money Laundering (Prevention and Prohibition) Act, 2022.

EFCC lead prosecution lawyer Ekele Iheanacho, a Senior Advocate of Nigeria (SAN), told the court that the alleged offences were punishable under sections 11(3), 19(2)(b) and 22 of the Act.

ALSCON’s Acting Managing Director, Ime Inyang, pleaded not guilty to all six counts on the company’s behalf when the charges were read in court.

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

The judge, however, adjourned the case until 27 January 2027 for the commencement of trial.

ALSCON is a massive industrial facility in Ikot Abasi, Akwa Ibom State. Established in 1989 to utilise Nigeria’s vast natural gas reserves, the complex features a primary smelter and a dedicated 540-megawatt power station.

Production began in 1997 but has faced repeated shutdowns due to funding deficits, gas shortages, and a complex legal ownership battle between Russian giant UC RUSAL and the Nigerian-American consortium BFI Group. Despite a Supreme Court of Nigeria ruling favouring BFI Group, conflicting international arbitration has left the plant in a costly, decades-long operational impasse.

The multi-billion dollar facility currently sits largely idle, forcing Nigeria to import aluminum. To fix this, the federal government has launched a revival push to resolve regulatory and gas-pricing bottlenecks, aiming to connect its power infrastructure to the national grid and restart domestic manufacturing.

The anti-graft agency had prosecuted similar cases. The EFCC prosecuted Kore Holdings Limited and its director over alleged failures to comply with SCUML requirements.

The case, which began with an arraignment in February 2021, involved allegations that the company failed to submit a declaration of its activities as required by the relevant regulations.

But the defendants pleaded not guilty when the charges were read to them.

Please enter your username or email address to reset your password.