The scheduled arraignment involving United Bank for Africa Plc (UBA) and four other defendants in the alleged ₦4.29 billion fraud, forex racketeering and money laundering case was on Monday adjourned following the failure of the accused persons to appear in court.
The matter, instituted by the Economic and Financial Crimes Commission (EFCC), came up before Justice Rahman Oshodi at the Lagos State Special Offences Court sitting in Ikeja.
At the proceedings, counsel to the EFCC, Mr. T. J. Banjo, informed the court that the defendants were absent despite having been served with the charge and other court processes.
Banjo told the court that the second and third defendants, Muyiwa Akinyemi and Amangbo Eziashi Stephen, were aware of the arraignment but were currently not available, adding that their absence was not due to lack of notice.
He consequently applied for an adjournment to enable the prosecution file the necessary applications to formally establish proof of service on the defendants.
Justice Oshodi granted the application and adjourned the matter to April 21, 2026, for arraignment, with proceedings scheduled to commence at 9:00 a.m.
The defendants in the case are United Bank for Africa Plc (UBA); Muyiwa Akinyemi; Amangbo Eziashi Stephen; Gesos Global Service Limited; and Fedat Global Limited.
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 ₦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, within Lagos and the jurisdiction of the court, the defendants conspired to sell foreign exchange above rates stipulated by the Central Bank of Nigeria (CBN) and subsequently retained and laundered the proceeds of the alleged transactions.
The alleged offences are said to contravene provisions of the Economic and Financial Crimes Commission (Establishment) Act and the Criminal Law of Lagos State.
