An Ikeja Special Offences Court has adjourned until 21 April the alleged ₦4.3 billion foreign exchange fraud case instituted by the Economic and Financial Crimes Commission (EFCC) against United Bank for Africa (UBA) Plc and four others.
Justice Rahman Oshodi adjourned the matter on Monday after the defendants failed to appear in court and were not represented by counsel.
The News Agency of Nigeria (NAN) reports that the defendants include Mr Muyiwa Akinyemi, Mr Amangbo Stephen, Gesos Global Service Ltd and Fedat Global Ltd.
EFCC counsel, Mr Temitope Banjo, told the court that all the defendants had been duly served with the charge and accompanying court processes.
He further informed the court that the second and third defendants were currently on the run, stressing that their absence was not due to lack of notice.
According to the prosecutor, efforts were ongoing to trace their whereabouts, and he requested an adjournment to enable the commission to file applications to formally establish proof of service.
Justice Oshodi granted the application and adjourned the case for arraignment.
The defendants are facing a four-count charge of conspiracy, stealing, money laundering and retention of proceeds of crime.
The EFCC alleged that the offences were committed between September 2022 and March 2023 in Lagos, including the fraudulent conversion of ₦4.3 billion belonging to Energy Shield Petrochemical Ltd.
The commission also alleged that the defendants sold foreign exchange above the rates approved by the Central Bank of Nigeria and retained the proceeds of the alleged illegal transactions.
According to the prosecution, the alleged offences contravene provisions of the Advance Fee Fraud and Other Related Offences Act, the Criminal Law of Lagos State, 2015, and the EFCC (Establishment, etc.) Act, 2004.
