The Economic and Financial Crimes Commission has filed a case of alleged N4.3 billion foreign exchange fraud against United Bank for Africa Plc and four other defendants before the Ikeja Special Offences Court in Lagos.
Those listed alongside the bank are Muyiwa Akinyemi, Amangbo Stephen, Gesos Global Service Limited and Fedat Global Limited, all accused of fraudulently converting and stealing N4.3 billion said to belong to Energy Shield Petrochemical Limited.
At the resumed sitting on Wednesday, Justice Rahman Oshodi adjourned the matter to April 21, 2026, for the arraignment of the defendants after none of them appeared in court.
None of the defendants was represented by any legal counsel, and when the case was mentioned, EFCC lawyer, Temitope Banjo, announced his appearance and expressed surprise at their absence, telling the court that all the defendants had been properly served with the charge and other court processes.
Banjo informed the court that the second and third defendants were fully aware of the proceedings but were currently at large, stressing that their absence was not because they had not been notified.
“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 therefore asked the court for an adjournment to allow the commission file the necessary applications to formally establish proof of service on the defendants.
After hearing the prosecution’s arguments, Justice Oshodi granted the request and adjourned the case to April 21 for the defendants’ arraignment.
The defendants are expected to face 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.
The EFCC alleged that the defendants conspired to sell foreign exchange above the rates fixed by the Central Bank of Nigeria and later retained and laundered the proceeds from the alleged illegal transactions.
The anti-graft agency further claimed that UBA kept the said amount in its account number NGN0991931102, thereby committing an offence contrary to and punishable under Section 17 of the Economic and Financial Crimes Commission Act, 2004.
The prosecution also maintained that the alleged offences violated 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, as Justice Oshodi again fixed April 21, 2026, for arraignment.
