By ADENIKE AYODELE

Ikeja, Jan. 26, 2026 (NAN)The Economic and Financial Crimes Commission (EFCC) has instituted a N4.3 billion alleged forex fraud case at the Ikeja Special Offences Court against United Bank for Africa (UBA) Plc and four others.

Other defendants in the case are, Muyiwa Akinyemi; Amangbo Stephen; Gesos Global Service Ltd and Fedat Global Ltd.

The News Agency of Nigeria (NAN) reports that Justice Rahman Oshodi, however, 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 case was called, EFCC counsel, Mr Temitope Banjo, announced his appearance and expressed surprise at the absence of the defendants.

Banjo informed the court that all the defendants had been duly served with the charge and other court processes.

The prosecutor further told the court that the second and third defendants were fully aware of the trial but were currently on the run.

He stressed that their failure to appear was not due to lack of notice.

“My lord, the second and third defendants are on the run.

“We are still making efforts and gathering the evidence of their whereabouts,” Banjo said.

The prosecutor further prayed the court for an adjournment to enable the commission file the necessary applications to formally establish proof of service on the defendants.

Rahman, after listening to the prosecution’s submission, granted the application and adjourned the matter to April 21 f9r arraignment.

The defendants are being tried on a four -count charge of conspiracy, stealing, money laundering and

retention of proceeds of crime.

According to the charge sheet, the defendants allegedly committed the offences on Sept. 14, 2022, and March 20, 2023 in Lagos.

In one of the counts, EFCC alleged the defendants fraudulently converted and stole the sum of N4.3 billion, property of Energy Shield Petrochemical Ltd.

The commission, in another count, alleged the defendants conspired to sell foreign exchange above the rates stipulated by the Central Bank of Nigeria, and thereafter retained and laundered the proceeds of the alleged illegal transactions.

The anti-graft agency in another count, submitted that UBA retained the said sum in its account No. NGN0991931102, and thereby committed an offence contrary to and punishable under Section 17 of the Economic and Financial Crimes Commission (Establishment, etc.) Act, 2004

According to the prosecution, the alleged offences contravene Sections 8, 17 (a) of the Advance Fee Fraud and Other Related Offences Act, No. 14, 2006, Section 285 and 332 (1) of the Criminal Laws of Lagos State (2015). (NAN)