Failure To Arraign Accused Persons Stall ₦4.29 Billion Fraud Case Against UBA

The legal proceedings in the alleged ₦4.29 billion fraud, foreign exchange 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 sitting in Ikeja, due to the accused persons’ failure to appear for arraignment.

The defendants in the charge are United Bank for Africa Plc (UBA), Muyiwa Akinyemi, Amangbo Eziashi Stephen, Gesos Global Service Limited, and Fedat Global Limited.

Naijaonpoint learnt that the Economic and Financial Crimes Commission (EFCC) had instituted the case before Justice Rahman Oshodi at the Criminal Division of the High Court of Lagos State, Ikeja Judicial Division.

According to the charge, the defendants are facing multiple counts bordering on fraudulent conversion, retention of proceeds of crime, foreign exchange malpractice and money laundering involving the sum of ₦4,290,112,796.72, allegedly belonging to Energy Shield Petrochemical Limited.

The EFCC alleged that, between September 14, 2022, and March 20, 2023, in Lagos and within the court’s jurisdiction, the defendants conspired to sell foreign exchange at rates above those stipulated by the Central Bank of Nigeria (CBN).

The anti-graft agency further alleged that the proceeds from the purported illegal transactions were subsequently retained and laundered, stressing that the offences contravene relevant provisions of the EFCC (Establishment) Act and the Criminal Law of Lagos State.

The counsel to the EFCC, T. J. Banjo, after announcing his appearance at the resumed hearing on Monday, informed the court that he was taken by surprise by the defendants’ absence, despite having been duly served with the charge and other relevant court processes.

Banjo told the court that the second and third defendants, Muyiwa Akinyemi and Amangbo Eziashi Stephen, were fully aware of the proceedings but had failed to present themselves in court.

He added that the two individuals were currently on the run, stressing that their non-appearance was not due to any lack of notice or service.

Following the development, the EFCC counsel applied for an adjournment to enable the commission to file the necessary applications to formally establish proof of service on all the defendants ahead of their arraignment.

After hearing the prosecution’s submission, Justice Oshodi granted the application, adjourned the case to April 21, 2026, for arraignment and directed that proceedings on the next adjourned date would commence at 9:00 a.m.

The court is expected to take the defendants’ plea when they are produced for arraignment on the next adjourned date.