The Economic and Financial Crimes Commission (EFCC) on accused the defendants in an alleged N4.29 billion foreign exchange fraud case of frustrating the prosecution after their absence stalled a scheduled arraignment before the High Court of Lagos State, Ikeja.
The case, pending before Justice Rahman Oshodi of the Criminal Division of the High Court, involves United Bank for Africa Plc (UBA), two of its senior officials, Muyiwa Akinyemi and Amangbo Eziashi Stephen, as well as Geeos Global Service Limited and Fedat Global Limited.
The anti-graft agency filed a four-count charge against the defendants bordering on alleged foreign exchange violations, concealment and retention of proceeds of unlawful activities, and money laundering involving N4.29 billion.
However, proceedings could not go on as none of the defendants appeared in court to take their plea.
When the matter was called, EFCC counsel, Temitope Banjo, informed the court that the case was slated for a report on service of court processes and arraignment of the defendants.
Banjo told Justice Oshodi 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’ failure to attend court as a deliberate attempt to frustrate the trial.
According to him, the Commission had earlier made efforts to arrest the second and third defendants after they allegedly jumped the administrative bail granted to them during the investigation.
Banjo said he was surprised that the defendants failed to appear despite having been served with the charge and hearing notices.
Appearing under protest for the first, second and third defendants, Adewale Kamourudeen challenged the prosecution’s position, insisting that his clients had neither been served with the charge nor any hearing notice relating to the case.
“The first, second and third defendants have not been served with the information or the hearing notice of today’s date or previous adjournment. We got wind of it through newspaper reports. That is why we are here,” he told the court.
Kamourudeen further stated that he had not seen the affidavit of service relied upon by the prosecution and could not confirm whether it constituted proper service under the law.
He added that he would need to inspect the court file before taking a position on the issue.
Responding, Banjo maintained that service had been properly effected through UBA’s Compliance Officer, Mr. Chima Okugbo.
According to the prosecutor, Okugbo received the charge and other court processes on behalf of the bank as well as the two individual defendants.
He argued that the compliance officer consistently represented the bank throughout the EFCC’s investigation and was therefore an appropriate person through whom service could be effected.
Justice Oshodi subsequently asked defence counsel whether he was willing to accept service on behalf of his clients, but Kamourudeen declined, stating that he had no instructions to do so.
Counsel to the fourth defendant, I.S. Hassan, was present in court, while no legal representation appeared for the fifth defendant.
After hearing 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 by the EFCC on behalf of the Federal Republic of Nigeria, the alleged offences were committed in Lagos between September 14, 2022, and March 20, 2023.
In Count One, the Commission alleged that the defendants conspired to sell foreign exchange above the 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 further alleged that the defendants concealed proceeds of unlawful activities amounting to N4,290,112,796.72 in a UBA account.
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 in your United Bank for Africa Account No. NGN09991931102 derived directly from your illegal act.”
In another count, the EFCC accused UBA of retaining the alleged proceeds of crime contrary to Section 17(a) of the EFCC (Establishment, Etc.) Act, 2004.
The Commission also alleged that UBA, Akinyemi and Stephen engaged in money laundering activities between September 2022 and March 2023.
The defendants are yet to enter their plea to the charges.
