The prosecution of BFI Group Corporation (BFIG) by the Economic and Financial Crimes Commission (EFCC) is being framed by the company as a calculated political offensive tied directly to the protracted battle over the Aluminium Smelter Company of Nigeria (ALSCON).
BFIG’s Chief Executive Officer, Alabo Prince Mietamuno Saturday Jaja, has accused the Federal Government of deploying criminal charges as state pressure to compel his company to abandon ALSCON, despite two subsisting Supreme Court judgments affirming BFIG’s ownership.

According to Jaja, the EFCC case has nothing to do with fraud and everything to do with power, politics, and control of a strategic national asset.
“This prosecution is a ruse — malicious, unfounded, and politically driven,” Jaja said. “It is designed to intimidate BFIG into surrendering ALSCON without negotiation or compensation after the government failed repeatedly at the Supreme Court.”
‘No Petition, No Victim, No Crime’
Jaja disclosed that no individual, corporate body, or financial institution has ever petitioned the EFCC against BFIG over the alleged €100 million transaction forming the basis of the charges.
“There is no complainant. No victim. No loss,” he said. “Yet the EFCC has chosen to criminalise a legitimate transaction to frustrate the execution of court judgments.”
He explained that the transaction involved Centage Mortgage Bank, a Central Bank of Nigeria (CBN)-licensed institution, which negotiated a €100 million facility intended for the real estate and residential development components of ALSCON.
Jaja questioned why the EFCC targeted BFIG and its executives rather than the issuing bank, suggesting selective prosecution driven by political interests.
ALSCON at the Centre of the Storm
According to BFIG, the timing of the prosecution is not coincidental. The company points to the Supreme Court’s rulings against the Bureau of Public Enterprises (BPE) and subsequent committal proceedings involving a former Director-General as the real trigger for the EFCC action.
“This case is about ALSCON — pure and simple,” Jaja said. “The criminal justice system is being weaponised to reverse what the government failed to overturn legally.”
He described the prosecution as part of a coordinated scheme to obstruct the handover of ALSCON, a strategic aluminium smelting plant that has remained dormant amid years of political and legal controversy.
EFCC Arraignment
Despite BFIG’s claims, the EFCC on January 29, 2026, arraigned BFI Group Corporation and six others before Justice M.S. Idris of the FCT High Court, Jabi, Abuja.
The defendants were charged on a five-count amended information bordering on alleged fraud, conspiracy, and false pretence involving €100 million, including claims of attempting to obtain a Certificate of Capital Importation using false representations.
All defendants pleaded not guilty.
During proceedings, defence counsel described the case as an abuse of process and applied for bail, while EFCC prosecutors opposed oral bail applications, insisting that written applications must be determined under the Administration of Criminal Justice Act (ACJA).
Justice Idris adjourned the matter to February 3, 2026, for ruling on bail. One defendant was ordered remanded in EFCC custody, while others were sent to Kuje Correctional Centre.
‘This Will Not Stand’
Jaja said BFIG’s legal team is already responding robustly and announced plans for an expanded press conference to release documents and clarify what he called “deliberate distortions” surrounding the case.
“This is not the first attempt to stop ALSCON from being handed over,” he said. “But just like before, this too will fail. The rule of law must prevail.”
As the legal battle intensifies, the case is fast becoming a test of whether court judgments can withstand political pressure when powerful economic interests are at stake.





