EFCC Files N4.3bn Forex Fraud Case Against UBA, 4 Others

IKEJA: The Economic and Financial Crimes Commission (EFCC) has instituted a N4.3 billion alleged foreign exchange fraud case against United Bank for Africa (UBA) Plc and four other defendants before the Ikeja Special Offences Court.

The other defendants are Muyiwa Akinyemi, Amangbo Stephen, Gesos Global Service Ltd and Fedat Global Ltd.

Justice Rahman Oshodi adjourned the case until April 21 for the arraignment of the defendants, following their absence in court on Monday.

None of the defendants was represented by counsel.

EFCC counsel, Mr Temitope Banjo, expressed surprise at their absence, stating that all the defendants had been duly served with the charge and other court processes.

He further informed the court that the second and third defendants were on the run and that efforts were ongoing to trace their whereabouts.

Banjo sought an adjournment to enable the commission file necessary applications to establish proof of service.

Granting the application, Justice Oshodi adjourned the matter to April 21.

The defendants are facing a four-count charge bordering on conspiracy, stealing, money laundering and retention of proceeds of crime.

According to the charge, the alleged offences were committed between September 14, 2022 and March 20, 2023 in Lagos, including the alleged fraudulent conversion of N4.3 billion belonging to Energy Shield Petrochemical Ltd.

The EFCC also alleged that the defendants sold foreign exchange above Central Bank of Nigeria rates and retained and laundered the proceeds, contrary to relevant laws.