Alleged ₦4.29 Billion Fraud Case Against UBA Stalled Over Defendants’ Absence
Proceedings in the ₦4.29 billion fraud, foreign exchange racketeering, and money laundering case involving United Bank for Africa Plc (UBA) and four co‑defendants were on Monday stalled at the Lagos State Special Offences Court, Ikeja, due to the failure of the accused persons to appear for arraignment.
The matter, instituted by the Economic and Financial Crimes Commission (EFCC), is before Justice Rahman Oshodi of the Criminal Division of the High Court of Lagos State. The defendants are:
1. United Bank for Africa Plc (UBA)
2. Muyiwa Akinyemi
3. Amangbo Eziashi Stephen
4. Gesos Global Service Limited
5. Fedat Global Limited
At the resumed sitting, EFCC counsel, Mr. T. J. Banjo, expressed surprise at the absence of the defendants, noting that they had been duly served with the charge and other court processes. He informed the court that the second and third defendants, Muyiwa Akinyemi and Amangbo Eziashi Stephen, were fully aware of the proceedings but had absconded.
Banjo stressed that their absence was not attributable to lack of notice and consequently applied for an adjournment to enable the Commission file the necessary applications to establish proof of service.
Justice Oshodi, after considering the prosecution’s submissions, 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 face multiple counts bordering on fraudulent conversion, retention of proceeds of crime, forex malpractice, and money laundering involving ₦4,290,112,796.72, alleged to belong to Energy Shield Petrochemical Limited.
The EFCC alleges that between September 14, 2022, and March 20, 2023, within Lagos jurisdiction, the defendants conspired to sell foreign exchange above the rates approved by the Central Bank of Nigeria, and thereafter retained and laundered the proceeds of the unlawful transactions.
The offences are said to contravene provisions of the Economic and Financial Crimes Commission (Establishment) Act and the Criminal Law of Lagos State.
