EFCC Slams UBA, Four Others With N4.3bn Alleged Forex Fraud Charges
By Halima Abdulkadiri
The Economic and Financial Crimes Commission (EFCC) has filed charges over an alleged N4.3 billion foreign exchange fraud against United Bank for Africa (UBA) Plc and four other defendants before the Ikeja Special Offences Court, Lagos.
The other defendants are Muyiwa Akinyemi, Amangbo Stephen, Gesos Global Service Ltd, and Fedat Global Ltd.
At the court sitting on Monday, Justice Rahman Oshodi adjourned the matter to April 21, 2026, for the arraignment of the defendants, following their absence from court and the lack of legal representation on their behalf.
Counsel to the EFCC, Temitope Banjo, told the court that all the defendants had been duly served with the charge and other court processes but failed to appear.
Banjo informed the court that the second and third defendants were aware of the case but were currently on the run, stressing that their absence was not due to lack of notice.
“My lord, the second and third defendants are on the run. We are still making efforts and gathering evidence on their whereabouts,” the prosecutor said.
He consequently applied for an adjournment to enable the commission to file the necessary applications to formally establish proof of service on the defendants.
Justice Oshodi granted the application and fixed April 21 for the defendants’ arraignment.
The defendants are facing a four-count charge bordering on conspiracy, stealing, money laundering, and retention of proceeds of crime.
According to the charge sheet, the alleged offences were committed in Lagos on September 14, 2022, and March 20, 2023.
In one of the counts, the EFCC alleged that the defendants fraudulently converted and stole N4.3 billion belonging to Energy Shield Petrochemical Ltd.
The anti-graft agency further alleged that the defendants conspired to sell foreign exchange above the rates approved by the Central Bank of Nigeria (CBN), and subsequently retained and laundered the proceeds of the purported illegal transactions.
In another count, the EFCC alleged that UBA retained the said sum in its account, thereby committing an offence contrary to and punishable under Section 17 of the EFCC (Establishment, etc.) Act, 2004.
The commission said the alleged offences contravene Sections 8 and 17(a) of the Advance Fee Fraud and Other Related Offences Act, 2006, as well as Sections 285 and 332(1) of the Criminal Law of Lagos State, 2015.
