Alleged N4.29bn Forex Fraud: EFCC’s Arraignment of UBA, Others Stalled

The planned arraignment of United Bank for Africa (UBA) Plc and four other defendants over an alleged N4.29 billion foreign exchange fraud was on Wednesday stalled due to the absence of the defendants before the Lagos State Special Offences Court sitting in Ikeja.

The case, filed by the Economic and Financial Crimes Commission (EFCC), came up before Justice Rahman Oshodi for report of service and arraignment.

UBA is standing trial alongside Muyiwa Akinyemi, Amangbo Eziashi Stephen, Geeos Global Service Limited and Fedat Global Limited on a four-count charge bordering on alleged foreign exchange infractions, concealment of proceeds of unlawful activities, retention of criminal proceeds and money laundering.

According to the EFCC, the alleged offences involve the sum of N4,290,112,796.72.

One of the charges alleges that the defendants conspired between September 14, 2022, and March 20, 2023, to sell foreign exchange at rates above those stipulated by the Central Bank of Nigeria (CBN).

The anti-graft agency also accused the defendants of concealing the sum of N4.29 billion in a UBA account, which it alleged was derived from unlawful activities.

At Wednesday’s proceedings, EFCC counsel, T.J. Banjo, informed the court that all defendants had been duly served with the charge and hearing notices, adding that affidavits of service had already been filed before the court.

Banjo further alleged that some of the defendants were attempting to frustrate the trial by failing to appear in court. He also stated that efforts had been made to apprehend the second and third defendants after they allegedly jumped administrative bail granted by the Commission.

However, counsel to UBA, Muyiwa Akinyemi and Amangbo Eziashi Stephen, Adewale Kamourudeen, disputed the prosecution’s claims, insisting that his clients had not been served with any court processes relating to the case.

“The first, second and third defendants have not been served with the information or the hearing notice for today’s proceedings or the previous adjourned date. We got wind of it through newspaper reports. That is why we are here,” Kamourudeen told the court.

The defence counsel also requested access to the court file to verify the proof of service relied upon by the prosecution.

In response, Banjo maintained that service had been properly effected through UBA’s Compliance Officer, Chima Okugbo, whom he described as the bank’s representative during the investigation and the person who accepted the court processes on behalf of the bank and the individual defendants.

Justice Oshodi subsequently asked the defence counsel whether he would accept service on behalf of his clients, but the request was declined on the grounds that he had no instruction to do so.

Following arguments from both parties, the court adjourned the matter until June 16, 2026, for report of service, arraignment and further proceedings.

The defendants have not yet entered any plea, and the allegations remain subject to determination by the court.Headline alternatives: