Was ALSCON and its Russian director arraigned by the EFCC for money laundering?

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1. 1

   AN EXAMINATION OF THE PROVISIONS OF THE ECONOMIC AND FINANCIAL CRIMES (EFCC) ACT IN NIGERIA

   ABU Law Journal (Ishaq & Ede)Published Jun 1, 2018Checked Oct 13, 2026

   “The historical background to the existence of the Economic and Financial Crimes Commission (EFCC)became eminent when it was recognised from the late 1980's of the need to create a special agency to investigate economic and financial crimes in Nigeria. It wasperiod when the menace of Advance Fee Fraud with its negative impact on Nigeria had been acknowledged. It became also notable that the sophistication of economic crimes was such that there might be the need for a special commission to handle their investigation and prosecution. The EFCC is a creation of the law with the responsibility to investigate money laundering and advance fee fraud in Nigeria. The history of the EFCC in Nigeria began with its establishment in 2003 about IS5years ago, in 2003. At the course of its development Nigeria became confronted with a lot of different anti-developmental issues. Among other things include the high level of criminality and fraudulent activities. Poverty and crime have remained high to this day. Owing to this, there is a smear of the country’s image. The enormity of the situation brought about the creation of the EFCC.”

2. 2

   AN ASSESSMENT OF THE ROLE OF THE SPECIAL CONTROL UNIT AGAINST MONEY LAUNDERING (SCUML) IN COUNTERING MONEY LAUNDERING AND TERRORISM FINANCING IN NIGERIA ABIODUN ADEBANJO (DOP)

   The American Journal of Political Science Law and Criminology (Adebanjo & Adebanjo)Published Sep 1, 2024Checked Oct 13, 2026

   “This is a first step in FATF Recommendation 23 that requires Competent Authorities to have a National Register of DNFBPs. In this regards the Unit has done creditably well but bringing DNFBPs into full compliance of Nigeria’s AML/CFT/CPF required a lot more. Some of the challenges militating against the Unit playing its role includes among other: many Self Regulating Organisations (SROs) do not comply with the Unit as they should. The Unit is supposed to provide information to all law enforcement agencies as the NFIU does. This is not currently the case. The Unit is a Department under the EFCC, as such virtually all of the information it gathers is in the fulfilment of the mandate of the EFCC. The Unit’s mandate just like the NFIU is regulatory. How a regulatory Unit can function effective in a law enforcement set is a challenge that must be addressed. It is clear from the number of staff and coverage of SCUML that the Unit there is a need for the Unit to have office in all the states in Nigeria if it is to play more effective role in regulating the activities of DNFBPs which are scatter across Nigeria.”

3. 3

   Rusal (Wikipedia)

   WikipediaPublished Oct 10, 2026Checked Oct 13, 2026

   “United Company Rusal (Russian: МКПАО «ОК РУСАЛ») is a Russian aluminum company. It was the world's largest primaty aluminium producer, until overtaken by China Hongqiao Group in 2016. Rusal accounts for almost 9% of the world's primary aluminium output and 9% of the world's alumina production. Rusal was founded by major Russian industrialist Oleg Deripaska. The United Company was formed by the merger of Rusal, SUAL, and the alumina assets of Glencore, completed in March 2007. The company is incorporated in Jersey, where it has its financial centre, but its headquarters are in Moscow, Russian Federation. UC Rusal is a public limited company and its shares are traded on the Moscow and Hong Kong stock exchanges. Since 25 September 2020, the company changed its place of registration from Jersey to Kaliningrad, Russia. In 2021 Rusal announced a proposal to demerge its high carbon assets and change its name to AL+.”

4. 4

   Money laundering conviction rate and capital formation in Nigeria

   Accounting (Opudu & Ogoun)Published Jan 1, 2023Checked Oct 13, 2026

   “The study is hinged on contemporary deterrence theory. The study adopted the ex-post facto research design and used quarterly data from 1Q 2010 to 4Q 2019, which was sourced from the Nigerian Financial Intelligence Unit (NFIU), Economic and Financial Crime Commission (EFCC) and CBN statistical reports. Hence, Error Correction Model (ECM) was utilized to analyze the data. The findings indicate that the current money laundering conviction rate (MLCR) has a negative and non-significant effect on capital formation in Nigeria. Therefore, the study concludes that the current conviction rate is too weak to deter the act. Hence, it is recommended that the judicial system be rejigged with enabling legislation and autonomy to strengthen it to hasten the trial of such cases and ease conviction of culpable individuals, without necessarily putting innocent victims at jeopardy. Such autonomy should also be granted to the EFCC, ICPC, NFIU etc. and inter-agency synergy should be encouraged.”

5. 5

   The money laundering market: An economic analysis.

   Proceedings of the National Academy of Sciences of the United States of America (Ferwerda)Published Aug 10, 2026Checked Oct 14, 2026

   “Criminals launder their proceeds from crime, either themselves or by paying a professional, to disguise the link between the criminal, the crime, and the proceeds. This allows the criminal to spend the proceeds more freely and lowers the chance of receiving unwanted attention from the authorities. This paper investigates the structure and dynamics of the understudied market for money laundering services. The analysis reveals that this illegal market is demand-driven and fragmented, with different forms of laundering, each requiring different steps with varying levels of risk. High search costs, specialized money launderers, and uncertainties lead to local monopolies. Demand tends to be relatively inelastic because criminals eventually need laundering services to spend their proceeds. Local monopolies, inelastic demand, and poor information flows lead to relatively high prices for laundering. Trust issues and two-sided asymmetric information lead to a market with relationships that tend to last longer than generally expected in illegal markets.”

6. 6

   Money Laundering

   Crime and Justice (Levi & Reuter)Published Jan 1, 2006Checked Oct 14, 2026

   “Except at an anecdotal level, the effects of this system on laundering methods and prices, or on offenders’ willingness to engage in various crimes, are unknown. Available data weakly suggest that the anti–money laundering (AML) regime has not had major effects in suppressing crimes. The regime does facilitate investigation and prosecution of some criminal participants who would otherwise evade justice, but fewer than expected by advocates of “follow the money” methods. It also permits the readier recovery of funds from core criminals and from financial intermediaries. However, the volume is very slight compared with income or even profits from crime. Though the regime also targets terrorist finances, modern terrorists need little money for their operations. AML controls are unlikely to cut off their funds but may yield useful intelligence. Money‐laundering controls impose costly obligations on businesses and society: they merit better analysis of their effects, both good and bad.”