N4.29bn Forex Fraud: UBA, Four Others’ Arraignment Stalled Over Absence in Court

The arraignment of United Bank for Africa Plc and four others over an alleged N4.29 billion foreign exchange fraud was stalled on Wednesday after the defendants failed to appear in court.

The case came up before Justice Rahman Oshodi of the Lagos State Special Offences Court, Ikeja, where the Economic and Financial Crimes Commission had scheduled the defendants for arraignment.

UBA is facing trial alongside Muyiwa Akinyemi, Amangbo Eziashi Stephen, Geeos Global Service Limited, and Fedat Global Limited.

The EFCC filed a four-count charge against the defendants over alleged foreign exchange infractions, concealment of proceeds of unlawful activities, retention of criminal proceeds, and money laundering.

According to the anti-graft agency, the alleged offences involve N4,290,112,796.72. One count accuses the defendants of conspiring between September 14, 2022, and March 20, 2023, to sell foreign exchange above rates stipulated by the Central Bank of Nigeria.

Another count alleges the defendants concealed N4.29 billion in a United Bank for Africa account, which the EFCC said was derived from an illegal act.

When the matter was called on Wednesday, prosecution counsel T.J. Banjo appeared for the EFCC. Adewale Kamourudeen represented UBA, Akinyemi, and Stephen, while I.S. Hassan appeared for Geeos Global Service Limited. There was no legal representation for Fedat Global Limited.

Banjo told the court the matter was fixed for report of service and arraignment. He said all the defendants had been duly served with the charge and other processes, adding that affidavits of service had been filed.

The prosecutor accused the defendants of trying to frustrate the trial by staying away from court. He added that the EFCC had made efforts to arrest the second and third defendants after they allegedly jumped administrative bail granted by the Commission.

Banjo said he was surprised the defendants failed to appear despite being served with the charge and hearing notices.

But Kamourudeen, counsel to UBA and the two individual defendants, disagreed. He told the court his clients had not been served with the charge or any court process. According to him, the defendants only learned of the matter through media reports.

“The first, second and third defendants have not been served with the information or the hearing notice for today’s proceedings or the previous adjourned date. We got wind of it through newspaper reports. That is why we are here,” he said.

Kamourudeen added that he needed to inspect the court file to confirm the proof of service cited by the prosecution.

Responding, Banjo dismissed the claim. He said UBA’s Compliance Officer, Chima Okugbo, received service on behalf of the bank and the two individual defendants. Okugbo had represented the bank during the investigation and was the same person who accepted service for the officials, Banjo told the court.

Justice Oshodi asked the defence counsel whether he would accept service on behalf of his clients, but he declined, saying he had no instruction to do so.

The judge adjourned the case to June 16, 2026, for report of service, arraignment, and further proceedings.