The Economic and Financial Crimes Commission (EFCC)
has filed a ?4.3 billion forex fraud case against United Bank for
Africa (UBA), two companies—Gesos Global Service Ltd and Fedat
Global Ltd—and two individuals, Muyiwa Akinyemi and Amangbo
Stephen.
The case was filed at the Ikeja Special Offences
Court in Lagos. However, the proceedings could not continue on Monday as
none of the defendants appeared in court. The court has now scheduled the arraignment
for April 21, 2026.
EFCC Details Alleged Transactions
According to court documents, the charges stem from transactions
conducted on September 14, 2022, and March 20, 2023, in which the
defendants allegedly colluded to sell foreign currency at rates above the
official Central Bank of Nigeria (CBN) rate.
The EFCC claims that ?4.3 billion belonging to
Energy Shield Petrochemical Ltd was illegally converted and processed
through UBA accounts. One count alleges that UBA held the funds in one of its
accounts, which the commission says violates Nigerian financial crimes laws.
Charges Against the Defendants
The defendants face charges including:
The EFCC alleges that these actions contravene several
laws, including the Advance Fee Fraud Act, relevant Lagos State
criminal laws, and the EFCC Act.
Court Proceedings
During Monday’s session, EFCC lawyer Temitope Banjo
told the court that some defendants were fugitives and that all parties had
been formally notified of the charges. Justice Rahman Oshodi granted a
request to adjourn the hearing to ensure the appearance of all defendants.
The court is expected to formally arraign the accused
and begin the trial on April 21, 2026.
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