EFCC Files ₦4.3bn Forex Fraud Charges Against UBA and Others
The Economic and Financial Crimes Commission (EFCC) has instituted a ₦4.3 billion foreign exchange fraud case against United Bank for Africa (UBA), two companies, Gesos Global Service Ltd and Fedat Global Ltd, and two individuals, Muyiwa Akinyemi and Amangbo Stephen.
The case was filed before the Ikeja Special Offences Court in Lagos, but proceedings could not commence on Monday after none of the defendants appeared in court. The court has now fixed April 21 for their formal arraignment.
Defendants Absent as Court Adjourns Hearing
During the court session, EFCC prosecutors informed the court that all defendants had been duly served with court documents and were aware of the charges. However, lawyers representing the commission disclosed that two of the accused individuals are currently at large and considered fugitives.
EFCC counsel Temitope Banjo requested additional time to ensure that all parties are properly notified and to facilitate the appearance of the absent defendants. The presiding judge, Justice Rahman Oshodi, granted the request and adjourned the matter to April 21.
EFCC Details Alleged Forex Transactions
According to court filings, the charges stem from transactions allegedly carried out on September 14, 2022, and March 20, 2023. The EFCC alleges that the defendants conspired to sell foreign exchange at rates above the official rate approved by the Central Bank of Nigeria (CBN).
The anti-graft agency further claims that ₦4.3 billion belonging to Energy Shield Petrochemical Ltd was illegally converted and laundered through accounts held with UBA.
In one of the counts, prosecutors allege that the bank retained and processed the funds, an action the EFCC believes violated Nigeria’s financial and anti-money laundering laws.
Charges Filed Against the Defendants
The defendants are facing multiple charges, including:
- Conspiracy
- Theft
- Money laundering
- Possession of proceeds of unlawful activities
The EFCC stated that the alleged offences contravene provisions of the Advance Fee Fraud and Other Related Offences Act, the Lagos State Criminal Law, and the EFCC Establishment Act.
Next Court Date Set for April 21
Justice Oshodi adjourned the case to April 21, when the court is expected to formally arraign the defendants and begin hearing their responses to the charges.
The case adds to ongoing scrutiny of foreign exchange transactions and financial compliance within Nigeria’s banking and corporate sectors, as authorities continue efforts to enforce currency regulations and combat financial crimes.
