The EFCC charges ALSCON Plc and its director, Zavyalov Dmitry, over alleged failures to report financial transactions worth ₦582.43 million to Nigeria’s anti-money laundering authorities. The Economic and Financial Crimes Commission brought the company before the Federal High Court in Abuja on Monday, October 12, 2026, over six amended charges linked to transfers made between March and July 2024.
The case centres on whether the company and its director complied with the reporting requirements under Nigeria’s Money Laundering (Prevention and Prohibition) Act, 2022. The commission alleges that they failed to report several individual transfers to the Special Control Unit Against Money Laundering (SCUML), as required by law.
ALSCON’s Acting Managing Director, Ime Monday Inyang, entered a not-guilty plea on behalf of the company after the court read the charges. Justice O. A. Egwuatu subsequently adjourned the case until January 27, 2027, for the commencement of trial.
EFCC Charges ALSCON Over Six Financial Transactions
According to the EFCC, the alleged reporting violations involved six transactions from an account operated by ALSCON. Four payments went to UDATSON Nigeria, while the remaining two involved Urico Global Services and an individual identified as Christopher Azogu.
The charge lists the following transactions:
- March 2024: ₦147,515,050 reportedly paid to UDATSON Nigeria.
- April 2024: ₦156,026,860 reportedly paid to UDATSON Nigeria.
- May 2024: ₦121,425,200 reportedly paid to UDATSON Nigeria.
- June 2024: ₦15 million reportedly paid to Christopher Azogu.
- April 2024: ₦15,124,950 reportedly paid to Urico Global Services.
- July 2024: ₦127,338,190 reportedly paid to UDATSON Nigeria.
The six transactions total ₦582,430,250, which amounts to approximately ₦582.43 million.
The EFCC alleges that ALSCON and Dmitry failed to submit written reports about these transfers to SCUML. The commission maintains that the alleged omissions breached Section 11(1)(b) of the Money Laundering (Prevention and Prohibition) Act, 2022.
The prosecution also cited Sections 11(3), 19(2)(b) and 22 of the law in outlining the alleged offences and their potential penalties. However, the transactions themselves do not establish that money laundering occurred, and the court must consider the evidence before reaching a decision.
ALSCON Denies Allegations as Court Sets Trial Date
During the proceedings, ALSCON’s legal representative challenged the charges and urged the court to quash them, maintaining that the company was innocent of the allegations. The not-guilty plea means the prosecution must establish its case through the judicial process.
Dmitry, who represents the interests of Russian aluminium company UC Rusal in ALSCON, was reportedly listed as being at large at the time of the arraignment. The case therefore places both the company’s alleged reporting failures and the director’s role under judicial scrutiny.
Justice Egwuatu fixed January 27, 2027, for the commencement of the trial. The next stage will provide an opportunity for the prosecution to present its case and for the defence to respond to the allegations through the court process.
The charges relate specifically to the alleged failure to report the identified transfers, rather than a judicial finding that the funds were proceeds of crime. This distinction remains important as the proceedings continue.
What the Case Means for Financial Reporting Compliance
The case draws attention to the reporting obligations imposed on businesses covered by Nigeria’s anti-money laundering framework. Relevant organisations must understand the requirements that apply to their activities and ensure that qualifying transactions are reported to the appropriate authorities.
Failure to meet statutory reporting obligations can lead to legal consequences, depending on the circumstances and the provisions that apply. Regulators rely on these reporting systems to monitor financial activity and support efforts to prevent and investigate money laundering.
For ALSCON, the immediate issue is whether the prosecution can prove the alleged breaches and whether the company can successfully challenge the case. The court has not yet delivered a verdict.
The January 2027 trial will be the next major stage in the proceedings. Until the court determines the charges, ALSCON and its director remain entitled to the presumption of innocence
The EFCC charges ALSCON Plc and its director, Zavyalov Dmitry, over alleged failures to report financial transactions worth ₦582.43 million to Nigeria’s anti-money laundering authorities. The Economic and Financial Crimes Commission brought the company before the Federal High Court in Abuja on Monday, October 12, 2026, over six amended charges linked to transfers made between March and July 2024.
The case centres on whether the company and its director complied with the reporting requirements under Nigeria’s Money Laundering (Prevention and Prohibition) Act, 2022. The commission alleges that they failed to report several individual transfers to the Special Control Unit Against Money Laundering (SCUML), as required by law.
ALSCON’s Acting Managing Director, Ime Monday Inyang, entered a not-guilty plea on behalf of the company after the court read the charges. Justice O. A. Egwuatu subsequently adjourned the case until January 27, 2027, for the commencement of trial.
EFCC Charges ALSCON Over Six Financial Transactions
According to the EFCC, the alleged reporting violations involved six transactions from an account operated by ALSCON. Four payments went to UDATSON Nigeria, while the remaining two involved Urico Global Services and an individual identified as Christopher Azogu.
The charge lists the following transactions:
- March 2024: ₦147,515,050 reportedly paid to UDATSON Nigeria.
- April 2024: ₦156,026,860 reportedly paid to UDATSON Nigeria.
- May 2024: ₦121,425,200 reportedly paid to UDATSON Nigeria.
- June 2024: ₦15 million reportedly paid to Christopher Azogu.
- April 2024: ₦15,124,950 reportedly paid to Urico Global Services.
- July 2024: ₦127,338,190 reportedly paid to UDATSON Nigeria.
The six transactions total ₦582,430,250, which amounts to approximately ₦582.43 million.
The EFCC alleges that ALSCON and Dmitry failed to submit written reports about these transfers to SCUML. The commission maintains that the alleged omissions breached Section 11(1)(b) of the Money Laundering (Prevention and Prohibition) Act, 2022.
The prosecution also cited Sections 11(3), 19(2)(b) and 22 of the law in outlining the alleged offences and their potential penalties. However, the transactions themselves do not establish that money laundering occurred, and the court must consider the evidence before reaching a decision.
ALSCON Denies Allegations as Court Sets Trial Date
During the proceedings, ALSCON’s legal representative challenged the charges and urged the court to quash them, maintaining that the company was innocent of the allegations. The not-guilty plea means the prosecution must establish its case through the judicial process.
Dmitry, who represents the interests of Russian aluminium company UC Rusal in ALSCON, was reportedly listed as being at large at the time of the arraignment. The case therefore places both the company’s alleged reporting failures and the director’s role under judicial scrutiny.
Justice Egwuatu fixed January 27, 2027, for the commencement of the trial. The next stage will provide an opportunity for the prosecution to present its case and for the defence to respond to the allegations through the court process.
The charges relate specifically to the alleged failure to report the identified transfers, rather than a judicial finding that the funds were proceeds of crime. This distinction remains important as the proceedings continue.
What the Case Means for Financial Reporting Compliance
The case draws attention to the reporting obligations imposed on businesses covered by Nigeria’s anti-money laundering framework. Relevant organisations must understand the requirements that apply to their activities and ensure that qualifying transactions are reported to the appropriate authorities.
Failure to meet statutory reporting obligations can lead to legal consequences, depending on the circumstances and the provisions that apply. Regulators rely on these reporting systems to monitor financial activity and support efforts to prevent and investigate money laundering.
For ALSCON, the immediate issue is whether the prosecution can prove the alleged breaches and whether the company can successfully challenge the case. The court has not yet delivered a verdict.
The January 2027 trial will be the next major stage in the proceedings. Until the court determines the charges, ALSCON and its director remain entitled to the presumption of innocence.