The planned arraignment of United Bank for Africa (UBA) Plc and four others over an alleged N4.29 billion foreign exchange fraud was again stalled on Wednesday at the Lagos State Special Offences Court in Ikeja after none of the defendants appeared in court.

It was the second time the defendants would not be in court for the commencement of their trial. When the charge was first brought before the court in April 2025, the matter also failed to proceed as scheduled amid disputes over service and the absence of all parties in the dock.

The Economic and Financial Crimes Commission (EFCC) is prosecuting the case before Judge Rahman Oshodi on four counts of 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 (UBA), Muyiwa Akinyemi, Amangbo Eziashi Stephen, Geeos Global Service Limited and Fedat Global Limited.

One of the counts alleges that between 14 September 2022 and 20 March 2023 in Lagos, the defendants conspired to sell foreign exchange at rates above those stipulated by the Central Bank of Nigeria.

Another count states that sometime in September 2022, the defendants allegedly concealed the sum of N4.3 billion in a United Bank for Africa account, which was said to have been derived from unlawful activities.

When the case was called, EFCC lawyer, 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.

Also, during the proceedings, Mr Banjo told the court that the matter was fixed for report of service and arraignment.

He explained to the judge that all defendants had been served with the charge and other processes, adding that affidavits of service had already been filed.

But the absence of the defendants drew a sharp reaction from the prosecution, who described it as another attempt to frustrate the commencement of trial.

Mr Banjo also told 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, Mr Kamourudeen told the court that his clients were not served with any 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.

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He urged the court to allow him access to the case file to verify the proof of service being relied upon by the prosecution.

But Mr Banjo maintained that service had been effected through UBA’s compliance officer, Chima Okugbo, who he noted received the court processes on behalf of the bank and two of its officials, Messrs Akinyemi and Stephen.

He told the court that the same officer had also interfaced with investigators during the EFCC’s inquiry into the case.

When Mr Oshodi turned to defence lawyer and asked if he was prepared to accept service in court on behalf of his clients, Mr Kamourudeen declined, saying he had no instructions to do so.

With no resolution on service and no defendants in court to take their plea, Mr Oshodi adjourned the matter until 16 June for report of service, arraignment and further proceedings.

N4.29bn Forex Fraud: Case Against Bank and Others Fails as Defendants Absent

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