Proceedings in the alleged ₦4.29 billion fraud, forex 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, Ikeja, following the failure of the accused persons to appear for arraignment.
The case, filed by the Economic and Financial Crimes Commission (EFCC), is before Justice Rahman Oshodi.
The defendants are United Bank for Africa Plc (UBA); Muyiwa Akinyemi; Amangbo Eziashi Stephen; Gesos Global Service Limited; and Fedat Global Limited.
At the resumed hearing, EFCC counsel, T. J. Banjo, told the court he was surprised by the absence of the defendants, noting that they had been duly served with the charge and other court processes.
Banjo further informed the court that the second and third defendants, Muyiwa Akinyemi and Amangbo Eziashi Stephen, were aware of the proceedings but were currently at large.
He therefore applied for an adjournment to enable the EFCC to file the necessary applications to formally establish proof of service on the defendants.
Justice Oshodi granted the application and adjourned the case to April 21, 2026, for arraignment.
According to the charge, the defendants face multiple counts relating to alleged fraudulent conversion, retention of proceeds of crime, forex malpractice and money laundering involving ₦4,290,112,796.72, said to belong to Energy Shield Petrochemical Limited.
The EFCC alleged that between September 14, 2022, and March 20, 2023, the defendants conspired in Lagos to sell foreign exchange above the rates prescribed by the Central Bank of Nigeria and subsequently retained and laundered the proceeds of the alleged illegal transactions.
The offences are said to contravene provisions of the EFCC (Establishment) Act and the Criminal Law of Lagos State.
