EFCC Arraigns Aluminium Smelter Company Over Alleged N424.9m Money Laundering Reporting Breach

The Economic and Financial Crimes Commission (EFCC) has arraigned Aluminium Smelter Company of Nigeria Plc over alleged failure to report multiple financial transactions totalling hundreds of millions of naira to the Special Control Unit Against Money Laundering (SCUML).

The charges also named Zavyalov Dmitry, a director of the company who is said to be at large.

According to the charge sheet, the company allegedly failed to report transactions involving funds paid into Udatson Nigeria from account number 1013726291, operated by Aluminium Smelter Company of Nigeria Plc.

One of the counts alleged that the company failed to report a transfer of N147,515,050 in April 2024, while another accused it of failing to report a separate transaction of N156,026,860 during the same month.

A further count alleged that the company failed to report a transaction of N121,425,200 in May 2024.

The alleged offences were said to have occurred in Abuja and were brought under Section 11(1)(b) of the Money Laundering (Prevention and Prohibition) Act, 2022. The charge sheet cited Sections 11(3), 19(2)(b) and 22 of the Act as provisions under which the alleged offences are punishable.

EFCC lead counsel, Ekele Iheanacho (SAN), told the court that the offences attracted penalties under the cited provisions of the law.

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

Counsel to the company subsequently urged the court to quash the charges, maintaining that the company was innocent of the allegations.

Justice Egwuatu adjourned the case until January 27, 2027, for the commencement of trial.

The allegations have yet to be determined by the court, and the company’s plea of not guilty means the case will proceed to trial.