EFCC ARRAIGNMENT OF UBA, OTHERS OVER ALLEGED N4.29BN FOREX FRAUD STALLED AS DEFENSE FAIL TO APPEAR IN COURT

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By Aishat Momoh. O.

The defendant, a baker from the Ileejo area of Lekki, Lagos, is being tried for sexual assault.

The planned arraignment of United Bank for Africa Plc (UBA), two of its senior officials, and two companies over alleged foreign exchange infractions, concealment of proceeds of crime, stealing, and money laundering involving N4.29 billion was on Wednesday stalled at the Lagos State High Court in Ikeja due to the absence of the defendants.

The Economic and Financial Crimes Commission (EFCC) filed a four-count charge against the defendants, which include UBA, Muyiwa Akinyemi, Amangbo Eziashi Stephen, Gesos Global Service Limited, and Fedat Global Limited. The matter is before Justice Rahman Oshodi of the Criminal Division of the Lagos State High Court, Ikeja Judicial Division.

The EFCC alleges that the defendants were involved in conspiracy to sell foreign exchange above Central Bank of Nigeria (CBN) approved rates, concealment of proceeds of unlawful activities, retention of proceeds of crime, and money laundering.

When the case came up for arraignment, proceedings could not continue as none of the defendants was present in court to take their plea.

EFCC counsel, Temitope Banjo, informed the court that the defendants had been duly served with the charge and other court processes, adding that affidavits of service had been filed.

However, counsel representing the first, second, and third defendants, Adewale Kamourudeen, objected, arguing that his clients had not been properly served and only became aware of the matter through media reports. He also requested access to the court file to verify the proof of service relied upon by the prosecution.

Kamourudeen further stated that neither the information nor hearing notices had been served on his clients regarding the current or previous adjourned dates.

In response, the EFCC counsel insisted that service had been effected through the Compliance Officer of UBA, Mr. Chima Okugbo, who allegedly received the court processes on behalf of the bank and the two individual defendants.

He further told the court that the officer had previously engaged with investigators during the EFCC’s inquiry into the matter.

When asked by the court whether he was willing to accept service on behalf of his clients, Kamourudeen declined, stating that he had no instruction to do so.

Justice Oshodi subsequently adjourned the matter until June 16, 2026, for a report on service, arraignment, and further proceedings.

According to the charge filed by the EFCC on behalf of the Federal Government, the alleged offences occurred in Lagos between September 14, 2022, and March 20, 2023.

The Commission accused the defendants in Count One of conspiring to sell foreign exchange above rates stipulated by the CBN.

It further alleged in Count Two that the defendants concealed proceeds of unlawful activities amounting to N4,290,112,796.72 in a UBA account.

In Count Three, UBA was accused of retaining proceeds of crime, contrary to Section 17(a) of the EFCC Establishment Act, 2004.

The EFCC also alleged in Count Four that UBA and two officials engaged in money laundering activities within the stated period.

The case is expected to continue on the adjourned date as the court considers issues relating to service and arraignment of the defendants.