The Economic and Financial Crimes Commission (EFCC) has filed charges against United Bank for Africa (UBA) Plc and four other defendants over an alleged N4.3 billion foreign exchange fraud. The case, brought before Justice Rahman Oshodi of the Ikeja Special Offences Court in Lagos, accuses the defendants of conspiracy, stealing, and money laundering.
The other defendants named in the charge are Muyiwa Akinyemi, Amangbo Stephen, Gesos Global Service Limited, and Fedat Global Limited. The EFCC alleges they fraudulently converted and stole N4.3 billion belonging to Energy Shield Petrochemical Limited.
At the resumed hearing, the arraignment was adjourned to April 21, 2026, as none of the defendants were present in court. EFCC counsel, Temitope Banjo, informed the court that all parties had been duly served but noted that the second and third defendants (Akinyemi and Stephen) were "on the run."
“My lord, the second and third defendants are on the run. We are still making efforts and gathering evidence on their whereabouts,” Banjo stated. He requested an adjournment to file formal proof of service applications.
The alleged offences, committed between September 2022 and March 2023, involve selling foreign exchange above Central Bank of Nigeria (CBN) stipulated rates and laundering the proceeds. The EFCC further alleges that UBA retained the illicit sum in a specific account.
The defendants face charges under the Advance Fee Fraud Act, the EFCC Establishment Act, and the Criminal Law of Lagos State. Justice Oshodi granted the prosecution's request and adjourned the case for arraignment.
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