The scheduled arraignment of United Bank for Africa Plc (UBA), its senior officials, and two firms over alleged foreign exchange violations, retention of proceeds of crime, stealing, and money laundering of the sum of N4.29 billion was stalled today, due to the absence of the defendants in court.
The Economic and Financial Crimes Commission (EFCC), has dragged the bank and others before Justice Rahman Oshodi of the Special Offences Court, Ikeja, Lagos.
The defendants are UBA, Muyiwa Akinyemi, Amangbo Eziashi Stephen, Gesos Global Service Limited, and Fedat Global Limited, are to face a four-count charge against them.
The bank and other defendants were alleged to have committed a foreign exchange infractions, concealment of proceeds of unlawful activities, retention of criminal proceeds, and money laundering.
At the resumed hearing of the matter for arraignment today, none of the defendants was present in court to take their plea. Hence, Barrister T. J. Banjo announced his appearance for the EFCC, Adewale Kamourudeen appeared under protest for the first, second, and third defendants, while I. S. Hassan represented the fourth defendant.
There was no legal representation for the fifth defendant.
Addressing the court, the EFCC lawyer, Barrister Banjo informed Justice Oshodi that the matter was scheduled for a report on service of court processes and the arraignment of the defendants.
He informed the court that all the defendants had been duly served with the charge and other court processes, adding that affidavits of service had already been filed before the court.
The prosecutor described the defendants’ absence as another attempt to frustrate the trial.
He further submitted that the Commission had made efforts to arrest the second and third defendants after they allegedly jumped the administrative bail earlier granted to them by the EFCC.
Banjo told the court he was surprised by the defendants’ absence despite having been served with the charge and relevant court processes.
In response, counsel to the first, second, and third defendants, Barrister Kamourudeen, maintained that his clients had not been served with either the information or any court processes relating to the case.
He argued that the defendants only became aware of the charge through media reports.
“I do not know the contents of the affidavit of service or whether it qualifies as proper service,” he told the court.
The defence counsel further stated that he needed to examine the court file to ascertain the nature of the proof of service relied upon by the prosecution.
Justice Oshodi then asked whether he was willing to accept service on behalf of his clients, but the lawyer declined, stating that he had no instructions to do so.
Following submissions from counsel, Justice Oshodi adjourned the matter until June 16, 2026, for a report on service, arraignment, and further proceedings.
According to the charge filed on behalf of the Federal Republic of Nigeria by the Executive Chairman of the EFCC, the alleged offences were committed in Lagos between September 14, 2022, and March 20, 2023.
In Count One, the anti-graft agency accused the defendants of conspiring to sell foreign exchange above rates stipulated by the Central Bank of Nigeria (CBN).
The charge states:
“That you, United Bank for Africa Plc, Muyiwa Akinyemi, Amangbo Eziashi Stephen, Geeos Global Service Limited and Fedat Global Limited, between 14th September 2022 through 20th March 2023 at Lagos within the jurisdiction of this Honourable Court, conspired to sell Forex above the rates stipulated by the Central Bank of Nigeria and thereby committed an offence.”
The EFCC also alleged that the defendants concealed proceeds of unlawful activities amounting to N4,290,112,796.72 in UBA Account No. NGN09991931102.
Part of the charge reads: “that you, United Bank for Africa Plc, Muyiwa Akinyemi, Amangbo Eziashi Stephen, Geeos Global Service Limited and Fedat Global Limited, sometime in September 2022 at Lagos within the jurisdiction of this Honourable Court, concealed the aggregate sum of N4,290,112,796.72 (Four Billion, Two Hundred and Ninety Million, One Hundred and Twelve Thousand, Seven Hundred and Ninety-Six Naira, Seventy-Two Kobo) in your United Bank for Africa Account No. NGN09991931102 derived directly from your illegal act.”
In Count Three, the EFCC accused UBA of retaining proceeds of crime contrary to Section 17(a) of the EFCC (Establishment, Etc.) Act, 2004.
“That United Bank for Africa Plc, between 14th September 2022 through 20th March 2023 in Lagos within the jurisdiction of this Honourable Court retained the sum of N4,290,112,796.72 (Four Billion, Two Hundred and Ninety Million, One Hundred and Twelve Thousand, Seven Hundred and Ninety-Six Naira, Seventy-Two Kobo) in your United Bank for Africa Account No. NGN09991931102 and you thereby committed an offence contrary to and punishable under Section 17 of the Economic and Financial Crimes Commission (Establishment, Etc.) Act, 2004.”
The anti-corruption agency further alleged in Count Four that UBA, Muyiwa Akinyemi, and Amangbo Eziashi Stephen engaged in acts constituting money laundering between September 2022 and March 2023.
