The Economic and Financial Crimes Commission (EFCC) has brought a N4.3 billion foreign exchange fraud case before the Ikeja Special Offences Court against United Bank for Africa (UBA) Plc and four other defendants.
Also charged in the case are Muyiwa Akinyemi, Amangbo Stephen, Gesos Global Service Ltd, and Fedat Global Ltd.
At the hearing on Monday, the matter could not proceed as none of the defendants was present in court, and no legal counsel appeared on their behalf.
EFCC prosecuting counsel, Temitope Banjo, informed the court of his appearance and expressed concern over the absence of the accused persons, noting that all parties had been properly served with the charge and accompanying court documents.
Banjo further told the court that the second and third defendants were evading arrest, stressing that their failure to appear was not due to lack of notice.
According to him, efforts were ongoing to trace their whereabouts and ensure their appearance before the court.
The prosecution subsequently requested an adjournment to enable the commission to file necessary applications to formally establish proof of service on the defendants.
Justice Rahman Oshodi, after hearing the application, granted the request and adjourned the case until April 21 for arraignment.
The defendants are facing a four-count charge bordering on conspiracy, stealing, money laundering, and unlawful retention of proceeds of crime.
Court documents allege that the offences were committed between Sept. 14, 2022, and March 20, 2023, in Lagos.
In one of the counts, the EFCC accused the defendants of fraudulently converting and stealing N4.3 billion belonging to Energy Shield Petrochemical Ltd.
The commission also alleged that the defendants conspired to sell foreign exchange above the rates approved by the Central Bank of Nigeria and subsequently retained and laundered the proceeds of the transactions.
In another count, the EFCC claimed that UBA retained the funds in a designated account, an action said to contravene provisions of the EFCC Act and other relevant laws.
The alleged offences, according to the prosecution, violate sections of the Advance Fee Fraud and Other Related Offences Act and the Criminal Laws of Lagos State, with the court expected to take the defendants’ plea at the next sitting.