Proceedings in the alleged ₦4.29 billion fraud and money laundering case instituted by the Economic and Financial Crimes Commission (EFCC) against United Bank for Africa Plc (UBA) and four other defendants were on Monday stalled following the absence of the defendants at the Lagos State Special Offences Court, Ikeja.
The case, which is before Justice Rahman Oshodi, ld not proceed as scheduled because none of the defendants appeared for arraignment.
The defendants in the matter are United Bank for Africa Plc, Muyiwa Akinyemi, Amangbo Eziashi Stephen, Gesos Global Service Limited, and Fedat Global Limited.
At the resumed hearing, counsel to the EFCC, MrMr J. Banjo, announced his appearance and informed the court that the defendants had failed to appear despite being duly served with the charge and other relevant court processes.
Banjo further disclosed that the second and third defendants, Muyiwa Akinyemi and Amangbo Eziashi Stephen, were aware of the proceedings but were currently on the run.
He therefore applied for an adjournment to enable the commission to file the necessary applications to establish proof of service on the defendants.
Justice Oshodi granted the application and adjourned the matter to April 21, 2026, for arraignment.
According to the charge, the defendants are alleged to have, between September 14, 2022, and March 20, 2023, in Lagos, conspired to sell foreign exchange above the rates approved by the Central Bank of Nigeria.
They were also accused of fraudulently converting and retaining the proceeds of the illegal transactions.
The alleged offences involve the sum of ₦4,290,112,796.72, said to belong to Energy Shield Petrochemical Limited.
The offences are punishable under the EFCC (Establishment) Act and the Criminal Law of Lagos State.
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