₦4.29bn Alleged FX Fraud: Court Adjourns EFCC Case Against UBA, Others Over Defendants’ Absence

₦4.29bn Alleged FX Fraud: Court Adjourns EFCC Case Against UBA, Others Over Defendants’ Absence

Proceedings in the alleged ₦4.29 billion fraud and money laundering case filed by the Economic and Financial Crimes Commission (EFCC) against United Bank for Africa Plc (UBA) and four other defendants were on Monday stalled at the Lagos State High Court sitting in Ikeja, following the failure of the defendants to appear for arraignment.

The matter is before Justice Rahman Oshodi of the Criminal Division of the High Court of Lagos State.

Those listed as defendants are United Bank for Africa Plc, Muyiwa Akinyemi, Amangbo Eziashi Stephen, Gesos Global Service Limited, and Fedat Global Limited.

At the resumed hearing, counsel to the EFCC, Mr. T. J. Banjo, informed the court that although the defendants had been duly served with the charge and other court processes, none appeared in court for arraignment.

Banjo further disclosed that the second and third defendants, Muyiwa Akinyemi and Amangbo Eziashi Stephen, were aware of the proceedings but were currently on the run.

He consequently applied for an adjournment to enable the prosecution file the necessary applications to establish proof of service on the defendants.

Justice Oshodi granted the application and adjourned the case to April 21, 2026, for arraignment, at 9:00 a.m.

According to the charge, the defendants are alleged to have, between September 14, 2022, and March 20, 2023, within Lagos State, conspired to sell foreign exchange at rates above those stipulated by the Central Bank of Nigeria (CBN), and subsequently fraudulently converted and retained the proceeds.

The alleged offences involve the sum of ₦4,290,112,796.72, said to belong to Energy Shield Petrochemical Limited, and are punishable under the provisions of the Economic and Financial Crimes Commission (Establishment) Act and the Criminal Law of Lagos State.