Proceedings in the alleged N4.29 billion fraud and money laundering case instituted by the Economic and Financial Crimes Commission, EFCC, against United Bank for Africa Plc, UBA, and four others were on Monday stalled at the Lagos State High Court, Ikeja, due to the absence of the defendants.
The case is before Justice Rahman Oshodi at the Criminal Division of the High Court of Lagos State.
The defendants are United Bank for Africa Plc, Muyiwa Akinyemi, Amangbo Stephen, Gesos Global Service Limited, and Fedat Global Limited.
At the hearing, EFCC counsel, Mr. T. Banjo, announced his appearance and informed the court that the defendants failed to appear for arraignment despite having been served with the charge and other court processes.
Banjo told the court that the second and third defendants, Muyiwa Akinyemi and Amangbo Eziashi Stephen, were aware of the trial but were currently on the run.
READ ALSO: FG to appeal judgment directing investigation into attacks on Journalists
He consequently applied for an adjournment to enable the commission file the necessary applications to establish proof of service.
Justice Oshodi granted the application and adjourned the matter to April 21, 2026, for arraignment, at 9:00 a.m.
According to the charge, the defendants are alleged to have, between September 14, 2022, and March 20, 2023, at Lagos within the jurisdiction of the court, conspired to sell foreign exchange above the rates stipulated by the Central Bank of Nigeria, and thereafter, fraudulently converted and retained the proceeds.
The alleged offences involve the sum of N4,290,112,796.72, said to be the property of Energy Shield Petrochemical Limited, and are punishable under the EFCC (Establishment) Act and the Criminal Law of Lagos State.
