The Economic and Financial Crimes Commission (EFCC) has filed a ₦4.3 billion foreign exchange fraud case before the Ikeja Special Offences Court, Lagos, against United Bank for Africa (UBA) Plc, Muyiwa Akinyemi, Amangbo Stephen, Gesos Global Service Ltd, and Fedat Global Ltd according to the News Agency of Nigeria (NAN)
Justice Rahman Oshodi adjourned the matter until April 21, 2026, for the arraignment of the defendants after none of them appeared in court on Monday. No legal representation was also present for the defendants.
EFCC counsel, Temitope Banjo, told the court that all the defendants had been duly served with the charge and other court processes but failed to appear. He disclosed that the second and third defendants were currently on the run.
According to the prosecutor, the defendants’ absence was not due to lack of notice, adding that the commission was making efforts to trace their whereabouts. He requested an adjournment to enable the EFCC to file the necessary applications to formally establish proof of service.
Justice Oshodi granted the application and adjourned the case to April 21 for arraignment.
The defendants are facing a four-count charge bordering on conspiracy, theft, money laundering, and retention of proceeds of crime.
According to the charge sheet, the alleged offences were committed between September 14, 2022, and March 20, 2023, in Lagos. The EFCC alleged that the defendants fraudulently converted and stole ₦4.3 billion belonging to Energy Shield Petrochemical Ltd.
The commission further alleged that the defendants sold foreign exchange at rates above those approved by the Central Bank of Nigeria and retained the proceeds of the illegal transactions. In one of the counts, the EFCC claimed that UBA retained the funds in its account, thereby committing an offence under the EFCC (Establishment) Act, 2004.
The alleged offences are said to contravene provisions of the Advance Fee Fraud and Other Related Offences Act, 2006, and the Criminal Laws of Lagos State, 2015.
(NAN)
