News
ICPC Charged Bank Branch Managers In Maiduguri To Serve As Financial Sector’s First Bulwark Against Graft
ICPC Charged Bank Branch Managers In Maiduguri To Serve As Financial Sector’s First Bulwark Against Graft
The Independent Corrupt Practices and Other Related Offences Commission (ICPC), Borno State Office, has charged bank branch managers in Maiduguri to serve as the financial sector’s first bulwark against graft, as the anti-corruption watchdog intensifies its collaboration with banking institutions to stem the tide of public funds diversion and money laundering.
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The high-level stakeholders’ engagement convened recently at the ICPC Borno State Office brought together the Resident Anti-Corruption Commissioner (RACC), senior Commission officials, and branch managers representing various financial institutions operating across the state, marking a significant push to entrench a compliance culture within the region’s banking ecosystem.
Declaring the session open, the Resident Anti-Corruption Commissioner underscored the pivotal role that financial institutions occupy in safeguarding Nigeria’s fiscal integrity, describing them as the “first line of defence” against corrupt financial flows, suspicious transactions, and the pilferage of public coffers.
“You are not merely custodians of deposits; you are gatekeepers of national development,” the RACC told the assembled managers. “Your adherence to due diligence, prompt reporting of red-flag transactions, and unwavering commitment to transparency are indispensable to the collective crusade against corruption.”
He further implored the bankers to view compliance not as a bureaucratic burden, but as a patriotic obligation that reinforces public trust and institutional integrity.
Responding on behalf of the participating branch managers, Mr. Ali Ali-Biu, Compliance Manager at Union Bank, expressed profound gratitude to the ICPC for orchestrating the engagement, which he described as timely and instructive.
He reaffirmed the banking sector’s resolve to stand shoulder-to-shoulder with the Commission, pledging full adherence to regulatory obligations and the expeditious provision of actionable intelligence to aid investigations.
In his exposition, Mr. Dzikwi meticulously outlined the statutory responsibilities of financial institutions in detecting and reporting suspicious activities, the legal ramifications of non-compliance, and the practical channels for seamless engagement with the ICPC.
He also illuminated common red flags indicative of corrupt practices within the banking milieu, ranging from unusual cash lodgments to circumventing reporting thresholds to opaque structuring of transactions, and stressed the imperative of robust internal control mechanisms as a bulwark against financial malfeasance.
The engagement thereafter transitioned into an interactive question-and-answer session, during which participants sought clarification on a range of operational concerns, including reporting protocols, the contours of whistleblower protection, and avenues for deepened collaboration in investigating corruption-related offences.
The dialogue underscored the mutual determination to bridge any gaps between regulatory expectations and on-the-ground realities.
ICPC
Delivering the vote of thanks, the Second-in-Command, Assistant Director Samuel David Damdakalak, reiterated the ICPC’s steadfast commitment to entrenching integrity across the financial services landscape.
He urged the bank managers to institutionalise a culture of ethical practice.
Eereporter.com
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
Eereporter.com
News
Taiwo Oyedele, Cardoso Meet World Bank President Banga on Nigeria’s Shift From Stability to Growth
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.
Eereporter.com
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
Eereporter.com
High Court Dismisses Aisha Achimugu’s Fundamental Rights Suit Against EFCC
Justice M.S. Liman of the Federal High Court sitting in Abuja has dismissed a fundamental human rights suit filed by Abuja-based businesswoman, Aisha Achimugu against the Economic and Financial Crimes Commission, EFCC.
Eereporter.com
In the originating suit no : FHC/ABJ/CS/466/2026, Achimugu approached the court for determination of whether the defendant, EFCC’s action of searching her house and seizing her cars and jewelries and other items was within the powers of the Commission.
Achimugu also asked the court to enforce her rights to privacy, including an order of the court restraining the defendant from threatening or harassing and invading her private residence.
Part of her claim was for the court to award a N10,000,000,000 (Ten Billion Naira) damage against the EFCC for what she described as invasion of her privacy.
Delivering judgment in the suit on Monday, October 10, 2026, Justice Liman dismissed the suit and held that the defendant has the power to search the plaintiff’s property after receiving intelligence on the alleged criminal activities of the plaintiff. “EFCC has the right to search the residence,” he said.
The judge said that Achimugu and her legal representatives failed to show reason to warrant the kind of damage she demanded from the EFCC and equally dismissed the request for N10 billion damages.
On the whole, Justice Liman agreed that there was nothing that should have stopped the EFCC from carrying out its statutory duties. The court therefore held that the matter lacked merit and was dismissed because “ it is frivolous and it was brought in bad faith”. The damage she sought was also denied.
Federal High Court
Reacting to the judgment, counsel to the EFCC, Emenike Mgbemele said the judgment was in the interest of justice, adding that the suit was a ploy to waste the time of the court.
Dele Oyewale
Head, Media & Publicity
October 12, 2026
Eereporter.com
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