The planned arraignment of United Bank for Africa Plc and four others over alleged ₦4.29 billion foreign exchange fraud was again stalled on Wednesday at the Lagos State Special Offences Court sitting in Ikeja after none of the defendants appeared before the court.
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This is the second time the defendants would be absent for the commencement of their trial. When the charge first came before the court in April 2025, the matter also failed to proceed as scheduled amid disputes over service and the absence of the defendants.
The Economic and Financial Crimes Commission is prosecuting the case before Justice Rahman Oshodi on a four-count charge bordering on alleged forex racketeering, conspiracy, concealment of proceeds of unlawful activities, retention of criminal proceeds and money laundering.
The defendants in the charge are United Bank for Africa Plc, Muyiwa Akinyemi, Amangbo Eziashi Stephen, Geeos Global Service Limited and Fedat Global Limited.
One of the counts alleges that between September 14, 2022 and March 20, 2023 in Lagos, the defendants conspired to sell foreign exchange at rates above those stipulated by the Central Bank of Nigeria.
Another count alleges that sometime in September 2022, the defendants concealed the sum of ₦4.3 billion in a UBA account, which was said to have been derived from unlawful activities.
When the matter was called, EFCC counsel, T. J. Banjo, announced appearance for the prosecution. Adewale Kamourudeen appeared for the first, second and third defendants, while I. S. Hassan represented the fourth defendant. There was no legal representation for the fifth defendant.
Banjo told the court that the matter was fixed for report of service and arraignment. He said all the defendants had been served with the charge and other processes, adding that affidavits of service had been filed.
The prosecution expressed concern over the absence of the defendants, describing it as another attempt to frustrate the commencement of trial.
Banjo further informed the court that efforts had been made to arrest the second and third defendants after they allegedly jumped administrative bail earlier granted by the commission.
However, Kamourudeen told the court that his clients had not been served with the charge or hearing notice.
He said they only became aware of the proceedings 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 stated.
He urged the court to allow him access to the case file to verify the proof of service relied upon by the prosecution.
But Banjo maintained that service had been effected through UBA’s compliance officer, Chima Okugbo, who allegedly received the court processes on behalf of the bank and two of its officials, Akinyemi and Stephen.
He also told the court that the same officer had interfaced with investigators during the EFCC’s inquiry into the case.
Justice Oshodi then asked defence counsel whether he was prepared to accept service in court on behalf of his clients, but Kamourudeen declined, saying he had no instructions to do so.
With no resolution on the issue of service and none of the defendants present to take their plea, Justice Oshodi adjourned the matter until June 16 for report of service, arraignment and further proceedings.
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