Author: Gist Correspondent

The Economic and Financial Crimes Commission (EFCC) has filed a N4.3 billion alleged foreign exchange fraud case against United Bank for Africa (UBA) Plc and four other defendants before the Ikeja Special Offences Court in Lagos.

The other defendants are Muyiwa Akinyemi, Amangbo Stephen, Gesos Global Service Ltd and Fedat Global Ltd.

At the proceedings on Monday, Justice Rahman Oshodi adjourned the matter until April 21, 2026, for the arraignment of the defendants, following their absence in court. None of the defendants was represented by counsel at the hearing.

EFCC prosecuting counsel, Mr Temitope Banjo, who announced his appearance, expressed surprise over the absence of the defendants, informing the court that all parties had been duly served with the charge and other court processes.

Banjo further disclosed that the second and third defendants were fully aware of the case but were currently on the run.

“My lord, the second and third defendants are on the run. We are still making efforts and gathering evidence on their whereabouts,” the prosecutor told the court.

He stressed that their failure to appear was not due to lack of notice and requested an adjournment to enable the commission to file the necessary applications to establish proof of service on the defendants.

After listening to the prosecution’s submission, Justice Oshodi granted the application and adjourned the case to April 21 for arraignment.

The defendants are facing 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 September 14, 2022, and March 20, 2023, in Lagos.

In one of the counts, the EFCC alleged that the defendants fraudulently converted and stole the sum of N4.3 billion belonging to Energy Shield Petrochemical Ltd.

The anti-graft agency also alleged that the defendants conspired to sell foreign exchange above the rates stipulated by the Central Bank of Nigeria and subsequently retained and laundered the proceeds of the alleged illegal transactions.

In another count, the EFCC alleged that UBA retained the disputed sum in its account No. NGN0991931102, an act said to be contrary to and punishable under Section 17 of the Economic and Financial Crimes Commission (Establishment, etc.) Act, 2004.

The prosecution said 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 Laws of Lagos State, 2015.