Hearing in the alleged ₦4.29 billion fraud, forex racketeering, and money laundering case levelled against United Bank for Africa, UBA, and four other defendants were on Monday stalled at the Lagos State Special Offences Court, Ikeja, following defendants failure to show up for arraignment.
The criminal charge which is pending before Justice Rahman Oshodi of the Criminal Division of the High Court of Lagos State. was instituted by the Economic and Financial Crimes Commission, EFCC.
The defendants are:
United Bank For Africa UBA
Muyiwa Akinyemi
Amangbo Eziashi Stephen
Gesos Global Service Limited
Fedat Global Limited
At the resumed proceedings on Monday counsel to the EFCC, Mr. T. J. Banjo, announced his appearance and informed the court that he was surprised by the absence of the defendants, despite their having been served with the charge and other court processes.
Banjo specifically told the court that the second and third defendants, Muyiwa Akinyemi and Amangbo Eziashi Stephen, were fully aware of the trial but were currently on the run.
He stressed that their failure to appear was not due to lack of notice.
The EFCC counsel consequently prayed the court for an adjournment to enable the commission file the necessary applications to formally establish proof of service on the defendants.
Justice Rahman Oshodi, after listening to the prosecution’s submission, granted the application and adjourned the matter to April 21, 2026, for arraignment, with proceedings scheduled to commence at 9:00 a.m.
According to the charge, the defendants are facing multiple counts bordering on fraudulent conversion, retention of proceeds of crime, forex malpractice, and money laundering involving the sum of ₦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, at Lagos within the jurisdiction of the court, the defendants conspired to sell foreign exchange above the rates stipulated by the Central Bank of Nigeria, and thereafter retained and laundered the proceeds of the alleged 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.
About The Author
