RismadarVoice Reporters, June 4, 2026
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 in Ikeja due to the absence of the defendants.
The Economic and Financial Crimes Commission (EFCC) had scheduled the arraignment of UBA, Muyiwa Akinyemi, Amangbo Eziashi Stephen, Geeos Global Service Limited, and Fedat Global Limited before Justice Rahman Oshodi on a four-count charge bordering on foreign exchange violations, money laundering, concealment, and retention of proceeds of unlawful activities.
According to the EFCC, the defendants allegedly conspired between September 2022 and March 2023 to sell foreign exchange above rates approved by the Central Bank of Nigeria (CBN).
The anti-graft agency further alleged that the defendants concealed N4.29 billion, said to be proceeds of illegal forex transactions, in a UBA account.
When the matter came up for arraignment, EFCC counsel T.J. Banjo informed the court that all defendants had been served with the charge and other court processes, adding that affidavits of service had already been filed.
Banjo described the defendants’ absence as an attempt to frustrate the trial and disclosed that the EFCC had previously attempted to arrest the second and third defendants after they allegedly violated the terms of their administrative bail.
However, counsel representing UBA and two of the individual defendants, Adewale Kamourudeen, disputed the prosecution’s claim, arguing 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 inspect the court records relating to service of processes.
In response, Banjo maintained that service had been properly effected through UBA’s Compliance Officer, Chima Okugbo, who allegedly received the documents on behalf of the bank and the two officials during the course of the investigation.
When Justice Oshodi asked whether the defence counsel was willing to accept service on behalf of his clients, he declined, stating that he had no instructions to do so.
Following submissions from both parties, the court adjourned the case until June 16, 2026, for a report on service, arraignment, and further proceedings.
The case is one of several ongoing prosecutions by the EFCC targeting alleged violations in Nigeria’s foreign exchange market and financial sector.
