EFCC Arraigns ALSCON, Director for Alleged N582.43m Money Launderin

The Economic and Financial Crimes Commission, EFCC, on Monday, October 12, 2026, arraigned Aluminium Smelter Company of Nigeria, ALSCON, plc, and its Director, Zavyalov Dmitry, before Justice O. A. Egwuatu of the Federal High Court, Abuja, for alleged money laundering offences involving N582,430,250.00 (Five Hundred and Eighty-Two Million, Four Hundred and Thirty Thousand, Two Hundred and Fifty Naira).
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The company and its director were arraigned on a six-count amended charge, marked FHC/ABJ/CR/644/2025. Dmitry is said to be at large.

According to the charge, the company, a Designated Non-Financial Business and Profession, DNFBP, and Its Director, Dmitry, failed to report in writing to the Special Control Unit against Money Laundering (SCUML) single transfers made from the company’s account between March and July 2024, as required under Section 11(1)(b) of the Money Laundering (Prevention and Prohibition) Act, 2022.

The transfers include 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, all paid to UDATSON NIGERIA. Others are N15,124,950.00 paid to Urico Global Services in April 2024 and N15,000,000.00 paid to one Christopher Azogu in June 2024.

Count one reads: “That you, Aluminium Smelter Company Of Nigeria Limited, plc, a Designated Non-Financial Business and Profession (DNFBP) and Zavyalov Dmitry (at large) being Director of the said DNFBP sometime in March, 2024 in Abuja within the jurisdiction of this Honourable Court, failed to report in writing to the Special Control Unit against Money Laundering (SCUML), a single transfer of the sum of N147,515,050.00 (One Hundred and Forty Seven Million, Five Hundred and Fifteen Thousand, Fifty Naira) paid into UDATSON NIGERIA from account no. 1013726291 operated by Aluminium Smelter Company Of Nigeria Plc as specified under Section 11(1)(b) of the Money Laundering (Prevention and Prohibition) Act, 2022 and you thereby committed an offence contrary to and punishable under Sections 11 (3), 19(2) (b), and 22 of the same Act.”

Count two: “That you, Aluminium Smelter Company Of Nigeria, plc, a. Designated Non-Financial Business and Profession (DNFBP) and Zavyalov Dmitry (at large) being Director of the said DNFBP sometime in April, 2024 in Abuja within the jurisdiction of this Honourable Court, failed to report in writing to the Special Control Unit against Money Laundering (SCUML), a single transfer of the sum of N156,026,860.00 (One Hundred and Fifty Six Million, Twenty Six Thousand, Eight Hundred and Sixty Naira) paid into UDATSON NIGERIA from account no. 1013726291 operated by Aluminium Smelter Company Of Nigeria Plc as specified under Section 11(1)(b) of the Money Laundering (Prevention and Prohibition) Act, 2022 and you thereby committed an offence contrary to and punishable under Sections 11 (3), 19(2) (b), and 22 of the same Act.”

Count four of the charge sheet reads, “That you, Aluminium Smelter Company Of Nigeria Plc, a Designated Non-Financial Business and Profession and Zavyalov Dmitry (at large) being Director of the said DNFBP sometime in May, 2024 in Abuja within the jurisdiction of this Honourable Court, failed to report in writing to the Special Control Unit against Money Laundering (SCUML), a single transfer of the sum of N121,425,200.00 (One Hundred and Twenty One Million, Four Hundred and Twenty Five Thousand, Two Hundred Naira) paid into Udatson Nigeria from account no. 1013726291 operated by Aluminium Smelter Company Of Nigeria Plc as specified under section 11(1)(b) of the Money Laundering (Prevention and Prohibition) Act, 2022 and you thereby committed an offence contrary to and punishable under sections 11 (3), 19(2) (b), and 22 of the same Act.”

EFCC

Lead counsel to the EFCC, Ekele Iheanacho, SAN, told the court that the offences are punishable under sections 11(3), 19(2)(b) and 22 of the Money Laundering (Prevention and Prohibition) Act.

When the charges were read, the company’s Acting Managing Director, Ime Monday Inyang, pleaded not guilty to all six counts on its behalf.

Counsel to the company had asked the court to quash the charges, claiming that the company was innocent of the charges.

In view of the plea, Justice Egwuatu adjourned the matter to January 27, 2027 for commencement of trial.

Dele Oyewale

Head, Media & Publicity

October 12, 2026
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Taiwo Oyedele, Cardoso Meet World Bank President Banga on Nigeria’s Shift From Stability to Growth

Bangkok, 12 October 2026. The Honourable Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, and the Governor of the Central Bank of Nigeria, Olayemi Cardoso, met the President of the World Bank Group, Ajay Banga, on Monday. The meeting took place on the sidelines of the 2026 IMF and World Bank Group Annual Meetings in Bangkok, Thailand, where Oyedele leads Nigeria’s delegation.
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The meeting reviewed Nigeria’s reform progress and the next phase of its agenda: turning macroeconomic stability into faster growth, more private investment and stronger domestic revenues.

Banga commended the progress of Nigeria’s reforms. He pointed to the rise in private capital inflows from about $300 million in 2023 to nearly $6 billion in 2026, a twentyfold increase.

Oyedele highlighted the rising economic growth and noted that Nigeria’s tax-to-GDP ratio rose from about 7 per cent to 12.5 per cent over the same period. This gives the government more room to fund public investment without resorting to deficit monetisation.

The meeting discussed how Nigeria can make greater use of World Bank guarantee instruments. These guarantees can unlock financing for infrastructure and draw more private capital into the domestic market.

Power infrastructure and human capital were identified as priorities for continued public investment, given their importance to business competitiveness, productivity and job creation. The meeting also stressed the quality of public spending, so that each naira delivers measurable economic and social returns.

Taiwo Oyedele, Cardoso

The meeting is part of the Federal Government’s wider engagement with development partners to lock in reform gains and attract new investment. As Nigeria moves from stability to growth, the priority is to turn stronger fundamentals into productive investment, more jobs and better living standards for Nigerians.

Efe Ovuakporie
Head of Media
Federal Ministry of Finance
12 October 2026
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EFCC Arraigns Nigerian-American Adegoke for Alleged $320,000 Vehicle Import Fraud

The Ilorin Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on Thursday, October 8, 2026, arraigned a Nigerian-American, Oluwatobi Adegoke, before Justice Olubunmi Abike-Fadipe of the Special Offences Court, Lagos State, sitting in Ikeja, on a one-count charge bordering on stealing.
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Adegoke’s journey to the dock started in July 2026 when he was arrested by operatives of the Ilorin Zonal Directorate for an alleged cross-border vehicle import fraud involving more than $320,000, approximately N434.88 million.

Preliminary investigations revealed that the defendant allegedly belonged to a syndicate based in the United States that specialised in defrauding unsuspecting Nigerians under the guise of purchasing and importing vehicles from the US.

Further investigation revealed that while residing in the United States, Adegoke allegedly advertised and circulated photographs of a 2024 Mercedes-Benz G63 AMG to prospective buyers in Nigeria, claiming that he could purchase and ship the luxury vehicle to them. The investigation further established that two victims allegedly paid a combined sum of more than $320,000 (over N434.88 million) in connection with the transaction.

The charge reads:

Oluwatobi Adegoke sometime in December, 2024 at Lagos within the Ikeja judicial division, dishonestly converted to your own use, the sum of ($680000) property of Ikechukwu Osita Ifeabunike, being money transferred to the bank account of your company Omosco Auto Sales LLC for purchase of 2022 G Wagon from Mr Robinson”

The defendant pleaded not guilty to the charge.

Following his plea, EFCC counsel, Arazeem Adebayo, urged the court to fix a date for trial and remand the defendant in a Correctional Centre.

EFCC

Defence counsel, Olalekan Abiodun, who had earlier been overruled on his objection to the arraignment of the defendant, was again overruled when he applied that the defendant be remanded at EFCC custody pending the filing of his bail application.

Consequently, Justice Abike-Fadipe ordered that Adegoke be remanded at the Kirikiri Correctional Centre and adjourned the case until January 13, 2027, for trial.

Dele Oyewale

Head, Media & Publicity

October 12, 2026
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