Proceedings in the alleged N4.29 billion fraud, foreign exchange racketeering and money laundering case involving United Bank for Africa Plc (UBA) and four other defendants were on Monday stalled at the Lagos State Special Offences Court sitting in Ikeja, following 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 at the Criminal Division of the High Court of Lagos State, Ikeja Judicial Division.
The defendants in the charge are United Bank for Africa Plc (UBA); Muyiwa Akinyemi; Amangbo Eziashi Stephen; Gesos Global Service Limited; and Fedat Global Limited.
At the resumed hearing, counsel to the EFCC, Mr. T. J. Banjo, announced his appearance and informed the court that he was taken by surprise by the absence of the defendants, despite having been duly served with the charge and other relevant court processes.
Banjo told the court that the second and third defendants, Muyiwa Akinyemi and Amangbo Eziashi Stephen, were fully aware of the proceedings but had failed to present themselves in court.
He added that the two individuals were currently on the run, stressing that their non-appearance was not due to any lack of notice or service.
In view of the development, the EFCC counsel applied for an adjournment to enable the commission to file the necessary applications to formally establish proof of service on all the defendants ahead of their arraignment.
Justice Oshodi, after listening to the submission of the prosecution, granted the application and adjourned the case to April 21, 2026, for arraignment.
The court directed that proceedings on the next adjourned date would commence at 9:00 a.m.
According to the charge, the defendants are facing multiple counts bordering on fraudulent conversion, retention of proceeds of crime, foreign exchange malpractice and money laundering involving the sum of N4,290,112,796.72, allegedly belonging to Energy Shield Petrochemical Limited.
The EFCC alleged that between September 14, 2022, and March 20, 2023, in Lagos and within the jurisdiction of the court, the defendants conspired to sell foreign exchange at rates above those stipulated by the Central Bank of Nigeria (CBN).
The anti-graft agency further alleged that the proceeds from the purported illegal transactions were subsequently retained and laundered.
The offences are said to contravene relevant provisions of the Economic and Financial Crimes Commission (Establishment) Act, as well as the Criminal Law of Lagos State.
The court is expected to take the defendants’ plea when they are produced for arraignment on the next adjourned date.
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