Justice Rahman Oshodi of the Special Offences Court, Ikeja has adjourned till April 21, 2026 the arraignment of the United Bank for Africa, UBA, and four defendants alleged of ₦4.29 billion fraud.
The court adjourned their scheduled arraignment again following their continued absence.
The case was instituted by the Economic and Financial Crimes Commission, EFCC.
Those listed as defendants in the case includes; Muyiwa Akinyemi, Amangbo Eziashi Stephen, Gesos Global Service Limited, and Fedat Global Limited.
When Mr. Temitope Banjo, EFCC Counsel announced appearance, he expressed surprise at the absence of the defendants, despite having been duly 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 fully aware of the trial but were currently on the run.
He stressed that their failure to appear was not due to lack of notice, insisting that all procedural requirements had been complied with by the prosecution.
According to him, “The second and third defendants are on the run. We are still making effort and gathering intelligence on the way out,” EFCC Counsel said.
Justice Oshodi after listening to the submission of the prosecution, granted the application and adjourned the case to April 21, 2026, for arraignment.
According to the charge, the defendants are facing multiple counts bordering on fraudulent conversion, retention of proceeds of crime, forex malpractice and money laundering involving the sum of ₦4,290,112,796.72, alleged to be the property of Energy Shield Petrochemical Limited.
The EFCC alleged that between September 14, 2022, and March 20, 2023, at Lagos within the jurisdiction of the court, the defendants conspired to sell foreign exchange above the rates stipulated by the Central Bank of Nigeria, and thereafter retained and laundered the proceeds of the alleged illegal transactions.
The offences are said to contravene provisions of the Economic and Financial Crimes Commission (Establishment) Act and the Criminal Law of Lagos State.
