EFCC charges ALSCON and Russian director over N582.4m unreported transfers

The Economic and Financial Crimes Commission (EFCC) arraigned the Aluminium Smelter Company of Nigeria (ALSCON) Plc and its director, Dmitry Zavyalov, a Russian national representing UC Rusal, on Monday, October 12, 2026, before Justice O. A. Egwuatu of the Federal High Court in Abuja. The charges involve six amended counts alleging failure to report transfers totaling N582.43 million to the Special Control Unit Against Money Laundering (SCUML) between March and July 2024, in violation of Nigeria's Money Laundering (Prevention and Prohibition) Act, 2022.

According to the EFCC, the unreported transfers included N147.52 million, N156.03 million, N121.43 million, and N127.34 million paid to Udatson Nigeria in March, April, May, and July 2024 respectively. The charges also cite N15.12 million transferred to Urico Global Services in April 2024 and N15 million paid to Christopher Azogu in June 2024. The EFCC states that these transactions were not reported in writing to SCUML as required under Section 11(1)(b) of the Money Laundering Act. ALSCON is classified as a Designated Non-Financial Business and Profession (DNFBP). The EFCC spokesperson indicated that director Zavyalov is currently at large.

ALSCON's Acting Managing Director, Ime Inyang, pleaded not guilty to all six counts on the company's behalf when charges were read in court. The company's legal counsel requested the court quash the charges, arguing the company's innocence. The EFCC's lead prosecution lawyer, Ekele Iheanacho, a Senior Advocate of Nigeria, told the court that the alleged offences are punishable under Sections 11(3), 19(2)(b), and 22 of the Money Laundering Act. Justice Egwuatu adjourned the case to January 27, 2027, for commencement of trial.

ALSCON, established in 1989 in Ikot Abasi, Akwa Ibom State, is a major industrial facility designed to process Nigeria's natural gas reserves. The complex includes a primary smelter and a 540-megawatt power station. Production began in 1997 but has faced repeated shutdowns due to funding deficits, gas supply issues, and a prolonged legal ownership dispute between Russian corporation UC Rusal and the Nigerian-American BFI Group. A Supreme Court of Nigeria ruling favored BFI Group, but conflicting international arbitration has left the facility largely idle for decades. The federal government has launched revival efforts to resolve regulatory and gas-pricing issues and connect the plant's power infrastructure to the national grid.