₦4.29B Fraud Case Against UBA Hits Snag Over Failure To Arraign Suspects

Legal proceedings in the alleged ₦4.29 billion fraud, foreign exchange malpractice, and money laundering case involving United Bank for Africa Plc (UBA) and four other defendants were stalled on Monday at the Lagos State Special Offences Court in Ikeja, after the accused failed to appear for arraignment.

The defendants in the case are United Bank for Africa Plc (UBA), Muyiwa Akinyemi, Amangbo Eziashi Stephen, Gesos Global Service Limited, and Fedat Global Limited.

According to Ireporter Online, the Economic and Financial Crimes Commission (EFCC) had instituted the case before Justice Rahman Oshodi at the Criminal Division of the Lagos State High Court, Ikeja Judicial Division. The charges include fraudulent conversion, retention of proceeds of crime, foreign exchange violations, and money laundering involving ₦4,290,112,796.72, allegedly belonging to Energy Shield Petrochemical Limited.

The EFCC alleged that between September 14, 2022, and March 20, 2023, within Lagos and the court’s jurisdiction, the defendants conspired to sell foreign exchange at rates above those permitted by the Central Bank of Nigeria (CBN). The proceeds of these transactions were reportedly retained and laundered, in violation of provisions of the EFCC (Establishment) Act and Lagos State Criminal Law.

EFCC counsel T. J. Banjo, appearing on Monday, expressed surprise at the defendants’ absence, noting that they had been properly served with court processes. He explained that Muyiwa Akinyemi and Amangbo Eziashi Stephen were aware of the proceedings but failed to appear and were currently evading the court.

Following the submission, the court granted the EFCC’s application for an adjournment to enable the commission to file proof of service documents for all defendants. Justice Oshodi adjourned the case to April 21, 2026, for arraignment and directed that proceedings would commence at 9:00 a.m. on the next scheduled date, when the defendants are expected to enter their pleas.