The Economic and Financial Crimes Commission (EFCC), has dragged United Bank for Africa (UBA) Plc under the chairmanship of Mr. Tony Elumelu, and four others before Justice Rahman Oshodi of Special Fraud Court, over alleged ₦4.3 billion forex fraud.
Other defendants are Muyiwa Akinyemi; Amangbo Stephen; Gesos Global Service Ltd, and Fedat Global Ltd.
When the case came up for mention on Monday, all the defendants were absent in court.
Counsel to EFCC, Temitope Banjo, who expressed surprise at the absence of the defendants, informed the court that all the defendants were duly served with the charge and other court processes.
He further told the court that the second and third defendants 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.
“My lord, the second and third defendants are on the run.
“We are still making efforts and gathering the evidence of their whereabouts,” Banjo said.
The prosecution lawyer prayed the court for an adjournment to enable the Commission file the necessary applications to formally establish proof of service on the defendants.
After listening to the prosecution’s submission, Justice Oshodi granted the application and adjourned the matter to April 21, 2026, for arraignment.
The defendants are being tried on a four-count charge of conspiracy, stealing, money laundering and retention of proceeds of crime.
According to the charge sheet, the defendants allegedly committed the offences on September 14, 2022, and March 20, 2023 in Lagos.
In one of the counts against UBA, EFCC alleged the defendants fraudulently converted and stole the sum of ₦4.3 billion, property of Energy Shield Petrochemical Ltd.
The commission, in another count, alleged 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 anti-graft agency in another count, submitted that UBA retained the said sum in its account No. NGN0991931102, and thereby committed an offence contrary to and punishable under Section 17 of the Economic and Financial Crimes Commission (Establishment, etc.) Act, 2004
According to the prosecution, the alleged offences contravene Sections 8, 17 (a) of the Advance Fee Fraud and Other Related Offences Act, No. 14, 2006, Section 285 and 332 (1) of the Criminal Laws of Lagos State (2015).
