Nigeria’s anti-corruption agency, the Economic and Financial Crimes Commission (EFCC), has filed criminal charges amounting to ₦4.3 billion against United Bank for Africa (UBA), Gesos Global Service Ltd, Fedat Global Ltd, and two individuals, Muyiwa Akinyemi and Amangbo Stephen.

The charges were lodged at the Ikeja Special Offences Court in Lagos, but the matter could not proceed on Monday after all the defendants failed to appear in court. The presiding judge has now scheduled April 21 for their arraignment.

Court Adjourns Case as Defendants Stay Away

During proceedings, EFCC prosecutors told the court that the defendants had been properly served with court processes and were fully aware of the case. However, the commission disclosed that two of the accused persons are currently on the run.

EFCC counsel Temitope Banjo applied for more time to ensure the attendance of all defendants and to track those yet to submit themselves to the court. Justice Rahman Oshodi granted the application and adjourned the case.

How the Alleged Forex Scheme Occurred

Court documents show that the charges relate to foreign exchange transactions allegedly executed on September 14, 2022, and March 20, 2023. The EFCC claims the defendants collaborated to trade foreign currency at rates above the official benchmark set by the Central Bank of Nigeria (CBN).

The commission further alleges that ₦4.3 billion belonging to Energy Shield Petrochemical Ltd was unlawfully converted and channelled through UBA-linked accounts, in breach of Nigeria’s financial regulations.

In one count, prosecutors accuse the bank of receiving, holding, and processing the funds, actions the EFCC says violate applicable anti-money laundering and financial crime laws.

Criminal Counts Against the Accused

The defendants are facing charges bordering on:

• Conspiracy
• Stealing
• Money laundering
• Retention of proceeds from illegal transactions

According to the EFCC, the alleged offences contravene provisions of the Advance Fee Fraud and Other Related Offences Act, Lagos State Criminal Law, and the EFCC Establishment Act.

April 21 Set for Arraignment

Justice Oshodi adjourned the matter to April 21, when the accused parties are expected to be formally arraigned and respond to the charges.

The case highlights continued regulatory scrutiny of foreign exchange dealings and compliance practices within Nigeria’s banking and corporate ecosystem, as authorities intensify efforts to curb financial crimes