The planned arraignment of United Bank for Africa (UBA) Plc and four co-defendants over an alleged N4.29 billion foreign exchange fraud was on Wednesday stalled at the Lagos State Special Offences Court in Ikeja following their absence from court.
The Economic and Financial Crimes Commission (EFCC) had scheduled the defendants to be arraigned before Justice Rahman Oshodi on a four-count charge bordering on foreign exchange violations, concealment of proceeds of unlawful activities, retention of criminal proceeds, and money laundering.
The defendants in the case are UBA Plc, Muyiwa Akinyemi, Amangbo Eziashi Stephen, Geeos Global Service Limited, and Fedat Global Limited.
According to the EFCC, the defendants allegedly conspired between September 14, 2022, and March 20, 2023, to sell foreign exchange above rates approved by the Central Bank of Nigeria (CBN), an act the Commission said contravenes relevant financial regulations.
The anti-graft agency also alleged that the defendants concealed N4.29 billion in a UBA account, claiming the funds were proceeds derived from unlawful activities.
When the matter came up for arraignment, EFCC prosecuting counsel, T.J. Banjo, informed the court that all the defendants had been served with the charge and other relevant court processes. He added that affidavits of service had already been filed before the court.
Banjo described the defendants’ absence as a deliberate attempt to delay the proceedings, noting that the Commission had previously made efforts to arrest the second and third defendants after they allegedly jumped administrative bail granted during the investigation.
The prosecutor expressed surprise that the defendants failed to appear despite being served with the court documents and hearing notices.
However, counsel to UBA, Akinyemi and Stephen, Adewale Kamourudeen, disputed the prosecution’s claim, insisting that his clients had not been served with either the charge or hearing notices.
He told the court that the defendants only became aware of the case through media reports and newspaper publications.
Kamourudeen further stated that he would need to inspect the court records to verify the proof of service relied upon by the prosecution.
In response, Banjo maintained that service had been properly effected through UBA’s Compliance Officer, Chima Okugbo, whom he said received the documents on behalf of the bank and the two individual defendants.
According to the EFCC, Okugbo had represented the bank throughout the investigation and had also accepted service for the officials named in the charge.
When Justice Oshodi asked whether the defence counsel would accept service on behalf of his clients, Kamourudeen declined, stating that he had not been authorised to do so.
Following arguments from both sides, the court adjourned the matter until June 16, 2026, for a report on service of processes, arraignment of the defendants, and further proceedings.
