EFCC arraigns firm over money laundering
The EFCC has arraigned the Aluminium Smelter Company of Nigeria, ALSCON Plc, before a Federal High Court in Abuja over alleged N582.43m money laundering. Read More:…
The Economic and Financial Crimes Commission has long relied on the Money Laundering (Prevention and Prohibition) Act, 2022, which requires designated non-financial businesses and individuals handling large transactions to file reports with the Special Control Unit Against Money Laundering (SCUML). The law is meant to curb the movement of illicit funds through corporate structures, and firms found to have bypassed these reporting obligations can face prosecution alongside their directors.
ALSCON, Nigeria's sole aluminium smelting company based in Ikot Abasi, Akwa Ibom State, has a history of ownership disputes and controversy dating back to its privatisation, with Russian firm UC Rusal long holding a majority stake. Coverage of this case agrees that the company and a Russian director have been arraigned before a Federal High Court in Abuja over an alleged N582.43 million money laundering case, with Premium Times adding detail on the specific legal provision allegedly breached — the failure to report the transactions in writing to SCUML. Neither outlet has yet reported the defendants' plea, trial date, or further details of how the funds were allegedly moved.