UBA, Four Others’ Arraignment Over Alleged N4.29bn Forex Fraud Stalled as Defendants Fail to Appear
The planned arraignment of United Bank for Africa (UBA) Plc and four other defendants over an alleged N4.29 billion foreign exchange fraud was on Wednesday stalled at the Lagos State Special Offences Court sitting in Ikeja due to the absence of the defendants.
The Economic and Financial Crimes Commission (EFCC), through its Lagos Zonal Directorate 1, had filed a four-count charge against UBA Plc, Muyiwa Akinyemi, Amangbo Eziashi Stephen, Geeos Global Service Limited and Fedat Global Limited over alleged foreign exchange infractions, concealment of proceeds of unlawful activities, retention of criminal proceeds and money laundering.
According to the charge, the defendants allegedly conspired between September 14, 2022 and March 20, 2023 to sell foreign exchange above rates stipulated by the Central Bank of Nigeria. The EFCC further alleged that the defendants concealed the sum of N4.29 billion in a UBA account, which it claimed was derived from unlawful activities.
When the matter came up before Justice Rahman Oshodi on Wednesday, prosecution counsel, T.J. Banjo, informed the court that all defendants had been duly served with the charge and other court processes, noting that affidavits of service had already been filed.
Banjo described the defendants’ absence as an attempt to frustrate the proceedings and disclosed that the Commission had previously made efforts to arrest the second and third defendants after they allegedly violated administrative bail conditions granted by the EFCC.
Counsel representing the first, second and third defendants, Adewale Kamourudeen, however, disputed the prosecution’s claim, insisting that his clients had not been served with the charge or hearing notices.
He told the court that the defendants only became aware of the case through media reports and requested an opportunity to examine the court records to verify the proof of service relied upon by the prosecution.
Responding, Banjo maintained that service had been properly effected through UBA’s Compliance Officer, Chima Okugbo, who he said accepted the court documents on behalf of the bank and the two individual defendants. He added that Okugbo had consistently represented the bank during the EFCC’s investigation.
When asked by the court whether he was willing to accept service on behalf of his clients, Kamourudeen declined, stating that he had no instructions to do so.
Following submissions from both parties, Justice Oshodi adjourned the matter until June 16, 2026 for a report on service, arraignment and further proceedings.
The case remains one of several ongoing financial crime prosecutions being pursued by the EFCC involving alleged violations of foreign exchange regulations and anti-money laundering laws.
UBA, Four Others’ Arraignment Over Alleged N4.29bn Forex Fraud Stalled as Defendants Fail to Appear