ALSCON DNFBP Alleged Failure to Report SCUML Transfers Under Money Laundering Act

ALSCON, a Designated Non-Financial Business and Profession (DNFBP), faces six counts of failing to report transfers to SCUML between March and July 2024. The charge alleges that the company’s director did not disclose four transactions totaling N147.52M, N156.03m, N121.43M, and N127.34M paid to Udatson Nigeria during those months.

The alleged offence violates Section 11(1)(b) of the Money Laundering (Prevention and Prohibition) Act, 2022, and is punishable under Sections 11(3), 19(2)(b), and 22 of the Act. ALSCON’s Acting Managing Director, Ime Monday Inyang, pleaded not guilty to all six counts when the charges were read. EFCC lead counsel, Ekele Iheanacho, confirmed the offences fall under the cited provisions.