The Economic and Financial Crimes Commission (EFCC) has filed a N4.3 billion foreign exchange fraud case against United Bank for Africa (UBA) Plc and four other defendants at the Ikeja Special Offences Court. The other defendants include Muyiwa Akinyemi, Amangbo Stephen, Gesos Global Service Ltd, and Fedat Global Ltd.
The case, which was scheduled for arraignment, was adjourned until April 21 due to the absence of the defendants in court. Justice Rahman Oshodi granted the adjournment after the EFCC counsel, Temitope Banjo, informed the court that all defendants had been served with the charge and other court processes. Banjo expressed surprise at their absence, stating that the second and third defendants were aware of the trial but were currently evading the law.
According to the EFCC, the defendants are facing a four-count charge of conspiracy, stealing, money laundering, and retention of proceeds of crime. The alleged offenses were committed between September 14, 2022, and March 20, 2023, in Lagos. The charge sheet alleges that the defendants fraudulently converted and stole N4.3 billion, property of Energy Shield Petrochemical Ltd. Additionally, the EFCC alleged that the defendants conspired to sell foreign exchange above the rates stipulated by the Central Bank of Nigeria and retained the proceeds of the alleged illegal transactions.
The anti-graft agency also alleged that UBA retained the sum in its account and committed an offense contrary to the Economic and Financial Crimes Commission (Establishment, etc.) Act, 2004. The alleged offenses contravene various sections of the Advance Fee Fraud and Other Related Offences Act and the Criminal Laws of Lagos State.
The case highlights the ongoing efforts of the EFCC to combat financial crimes and fraud in Nigeria. The commission’s actions demonstrate its commitment to holding individuals and institutions accountable for their actions and ensuring that the law is upheld. The adjourned case is set to continue on April 21, and the outcome will be closely watched by stakeholders in the financial sector and beyond. The EFCC’s pursuit of justice in this case underscores the importance of transparency and accountability in financial transactions, particularly in the foreign exchange market.
