₦4.29bn Fraud Case Against UBA, Others Stalled as Defendants Fail to Appear in Court

Proceedings in the alleged ₦4.29 billion fraud and money laundering case filed by the Economic and Financial Crimes Commission (EFCC) against United Bank for Africa Plc (UBA) and four other defendants were on Tuesday stalled at the Lagos State High Court in Ikeja after none of the defendants appeared for arraignment.

The case is before Justice Rahman Oshodi at the Criminal Division of the High Court of Lagos State, Ikeja Judicial Division.

The defendants are United Bank for Africa Plc, Muyiwa Akinyemi, Amangbo Eziashi Stephen, Gesos Global Service Limited, and Fedat Global Limited.

At the hearing, EFCC counsel, Mr. T. J. 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. 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 ₦4,290,112,796.72, said to be the property of Energy Shield Petrochemical Limited, and are punishable under the Economic and Financial Crimes Commission (Establishment) Act and the Criminal Law of Lagos State.