UBA, FOUR OTHERS ABSENT AS COURT STALLS N4.29BN FRAUD, FOREX RACKETEERING CASE
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Proceedings in the alleged ₦4.29 billion fraud, forex racketeering, and money laundering case involving United Bank for Africa Plc (UBA) and four other defendants were stalled on Monday at the Lagos State Special Offences Court, Ikeja, following the absence of the accused at arraignment.
The case, instituted by the Economic and Financial Crimes Commission (EFCC), is before Justice Rahman Oshodi at the Criminal Division of the Lagos State High Court, Ikeja Judicial Division. The defendants include UBA; Muyiwa Akinyemi; Amangbo Eziashi Stephen; Gesos Global Service Limited; and Fedat Global Limited.
At the resumed proceedings, EFCC counsel, Mr. T. J. Banjo, informed the court that he was surprised by the non-appearance of the defendants, despite being duly served with the charges and other court processes. He noted that the second and third defendants, Akinyemi and Eziashi, were aware of the trial but were currently on the run.
Banjo subsequently requested an adjournment to allow the EFCC to file applications formally establishing proof of service on the absent defendants. Justice Oshodi granted the request and adjourned the case to April 21, 2026, for arraignment, with proceedings set to commence at 9:00 a.m.
According to the charge, the defendants face multiple counts of fraudulent conversion, retention of proceeds of crime, forex malpractice, and money laundering involving ₦4,290,112,796.72, alleged to be the property of Energy Shield Petrochemical Limited.
The EFCC alleged that between September 14, 2022, and March 20, 2023, in Lagos, the defendants conspired to sell foreign exchange above Central Bank of Nigeria rates and subsequently retained and laundered the proceeds from the illegal transactions.
The offences are said to contravene provisions of the Economic and Financial Crimes Commission (Establishment) Act and the Criminal Law of Lagos State.
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