Ikeja: A high‑stakes legal battle is unfolding at the Ikeja Special Offences Court as the Economic and Financial Crimes Commission (EFCC) has filed a ₦4.3 billion case of alleged foreign exchange fraud against United Bank for Africa (UBA) Plc and four co‑defendants.
The defendants named in the charge sheet include Muyiwa Akinyemi, Amangbo Stephen, Gesos Global Service Ltd, and Fedat Global Ltd.
They face a four‑count indictment bordering on conspiracy, stealing, money laundering, and retention of proceeds of crime.
When the matter was called on Monday, Justice Rahman Oshodi adjourned proceedings until April 21 after none of the defendants appeared in court or had legal representation.
EFCC counsel, Mr Temitope Banjo, expressed surprise at their absence, stressing that all parties had been duly served with court processes. He further informed the court that two of the defendants were “on the run,” adding that the Commission was gathering evidence to establish their whereabouts.
According to the EFCC, the alleged offences were committed between September 14, 2022, and March 20, 2023, in Lagos. In one count, the Commission accused the defendants of fraudulently converting ₦4.3 billion belonging to Energy Shield Petrochemical Ltd. Another count alleges that they conspired to sell foreign exchange above the Central Bank of Nigeria (CBN) stipulated rates, subsequently retaining and laundering the proceeds.
The prosecution also alleged that UBA retained the said sum in account number NGN0991931102, an act it claims contravenes Section 17 of the EFCC Establishment Act, 2004. The charges further cite violations of 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 Lagos State Criminal Law, 2015.
Justice Oshodi granted the EFCC’s request for adjournment to enable the Commission file applications proving service on the defendants before their arraignment.