The Economic and Financial Crimes Commission (EFCC) has filed an alleged N4.3 billion foreign exchange fraud case against United Bank for Africa (UBA) Plc and four others before the Ikeja Special Offences Court, Lagos.
The other defendants are Muyiwa Akinyemi, Amangbo Stephen, Gesos Global Service Limited and Fedat Global Limited.
The EFCC alleged that the defendants fraudulently converted and stole N4.3 billion, said to be the property of Energy Shield Petrochemical Limited.
At the resumed proceedings yesterday, Justice Rahman Oshodi adjourned the matter to 21 April 2026, for the arraignment of the defendants, following their absence from court.
None of the defendants was represented by counsel. When the case was called, EFCC counsel, Temitope Banjo, announced his appearance and expressed surprise at the absence of the defendants, informing the court that all parties had been duly served with the charge and other court processes.
Banjo told the court that the second and third defendants were fully aware of the proceedings but were currently at large. He stressed that their failure to appear was not due to lack of notice.
‘My lord, the second and third defendants are on the run. We are still making efforts and gathering evidence on their whereabouts’, the prosecutor said.
He consequently prayed the court for an adjournment to enable the commission to file the necessary applications to formally establish proof of service on the defendants.
After listening to the prosecution’s submission, Justice Oshodi granted the application and adjourned the matter to 21 April for arraignment.
The defendants are to be tried on a four-count charge bordering on conspiracy, stealing, money laundering and retention of proceeds of crime.
According to the charge sheet, the alleged offences were committed between 14 September 2022 and 20 March 2023, in Lagos.
The commission alleged that the defendants conspired to sell foreign exchange above the rates stipulated by the Central Bank of Nigeria (CBN), and subsequently retained and laundered the proceeds of the alleged illegal transactions.
The anti-graft agency further alleged that UBA retained the said sum in its account number NGN0991931102, thereby committing an offence contrary to and punishable under Section 17 of the Economic and Financial Crimes Commission (Establishment, etc.) Act, 2004.
The prosecution maintained that the alleged offences contravene Sections 8 and 17(a) of the Advance Fee Fraud and Other Related Offences Act, 2006, as well as Sections 285 and 332(1) of the Criminal Law of Lagos State, 2015. Justice Oshodi subsequently adjourned the arraignment of the defendants to 21 April 2026.
