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 others at the Ikeja Special Offences Court, Lagos.
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. There was also no legal representation for any of the defendants.
When the matter was called, EFCC counsel, Mr Temitope Banjo, announced his appearance and expressed surprise at the absence of the defendants, stating that they had all been duly served with the charge and other court processes.
Banjo informed the court that the second and third defendants were fully aware of the trial but were currently on the run.
“My lord, the second and third defendants are on the run. We are still making efforts and gathering information on their whereabouts,” he said.
The prosecutor prayed the court for an adjournment to enable the commission file the necessary applications to formally establish proof of service on the defendants.
Justice Oshodi granted the application and adjourned the matter to April 21 for arraignment.
The defendants are facing a four-count charge bordering on conspiracy, stealing, money laundering and retention of proceeds of crime.
According to the charge sheet, the alleged offences were committed between Sept. 14, 2022, and March 20, 2023, in Lagos.
In one of the counts, the EFCC alleged that the defendants fraudulently converted and stole the sum of N4.3 billion belonging to Energy Shield Petrochemical Ltd.
The commission also alleged that the defendants conspired to sell foreign exchange above rates stipulated by the Central Bank of Nigeria and subsequently retained and laundered the proceeds of the alleged illegal transactions.
In another count, the EFCC alleged that UBA retained the said sum in its account No. NGN0991931102, thereby committing an offence contrary to and punishable under Section 17 of the Economic and Financial Crimes Commission (Establishment, etc.) Act, 2004.
The prosecution said the alleged offences contravene Sections 8 and 17(a) of the Advance Fee Fraud and Other Related Offences Act, 2006, as well as Sections 285 and 332(1) of the Criminal Laws of Lagos State, 2015.