Justice Rahman Oshodi of the Lagos State High Court, Ikeja, has issued a stern warning that his court would no longer tolerate delays in the arraignment of United Bank for Africa(UBA), two of its senior officials and two companies facing allegations of fraud, money laundering and foreign exchange violations involving N4.29 billion.

The warning came after the planned arraignment of the defendants was stalled due to their absence in court, prompting concerns over repeated setbacks in the commencement of the trial.

At the proceedings, counsel for the Economic and Financial Crimes Commission (EFCC), Temitope Banjo, informed the court that all the defendants had been served with the charge and hearing notices, insisting that affidavits of service were already before the court.

Banjo argued that the defendants’ failure to appear was another attempt to frustrate the prosecution, adding that efforts had previously been made to arrest two of the defendants after they allegedly jumped administrative bail granted by the anti-graft agency.

However, defence counsel, Adewale Kamourudeen, who appeared under protest for UBA and two of its officials, disputed the claim, maintaining that his clients were unaware of the proceedings and only learnt about the charges through media reports.

Following arguments from both sides, Justice Oshodi emphasized the need for the matter to move forward and cautioned against any further delay in bringing the defendants before the court.

The judge subsequently adjourned the case until June 16, 2026, for a report on service, arraignment and commencement of trial, making it clear that the court expected the issues surrounding service to be resolved before the next adjourned date.

UBA, Muyiwa Akinyemi, Amangbo Eziashi Stephen, Geeos Global Service Limited and Fedat Global Limited are facing a four-count charge bordering on alleged foreign exchange infractions, concealment of proceeds of unlawful activities, retention of criminal proceeds and money laundering.

According to the EFCC, the defendants allegedly concealed and retained N4.29 billion believed to be proceeds of unlawful activities and engaged in transactions that contravene regulations governing foreign exchange operations between September 2022 and March 2023.

The defendants are yet to take their plea as the court prepares for what Justice Oshodi indicated should be the final delay before the substantive trial begins.