The Economic and Financial Crimes Commission on January 26, 2026, filed a ₦4.3 billion foreign exchange fraud case against United Bank for Africa Plc and four other defendants at the Ikeja Special Offences Court in Lagos, triggering fresh controversy around alleged large-scale forex malpractice.
The anti-graft agency accused the bank and its co-defendants of conspiracy, money laundering, stealing, and illegal foreign exchange transactions carried out in violation of Central Bank of Nigeria regulations between September 2022 and March 2023.
The case immediately took a dramatic turn when none of the defendants appeared in court for their scheduled arraignment, forcing the court to adjourn proceedings and raising questions about the seriousness of the allegations and the conduct of the accused parties.
Those listed as co-defendants alongside UBA are Muyiwa Akinyemi, Amangbo Eziashi Stephen, Gesos Global Service Limited, and Fedat Global Limited, all of whom are alleged to have participated in the transactions at the center of the ₦4.3 billion dispute.
According to the EFCC, the money allegedly belongs to Energy Shield Petrochemical Limited and was fraudulently converted and processed through UBA accounts as part of a scheme designed to conceal illegal forex dealings.
Prosecutors told the court that the defendants allegedly sold foreign currency at rates exceeding those approved by the Central Bank of Nigeria, generating illegal proceeds which were later laundered and retained through corporate and individual accounts.
The absence of the defendants and their lawyers at Monday’s proceedings drew sharp attention from the court, as EFCC prosecutor Temitope Banjo informed Justice Rahman Oshodi that all parties had been properly served with the charge sheet and accompanying legal documents.
Banjo disclosed that two of the individual defendants, Muyiwa Akinyemi and Amangbo Eziashi Stephen, are currently fugitives, despite being fully aware of the trial date and the charges filed against them.
He told the court that their failure to appear was deliberate and not due to any procedural lapse on the part of the prosecution, adding that the commission is actively tracking intelligence related to their whereabouts.
“My Lord, the second and third defendants are on the run. We are still making efforts and gathering intelligence on their whereabouts,” the prosecutor said, emphasizing that the suspects had chosen to evade the judicial process.
The EFCC further confirmed that United Bank for Africa Plc, as a corporate defendant, was duly served and notified of the arraignment but still failed to make any representation before the court.
Following the development, Banjo applied for an adjournment to enable the commission to formally file proof of service and other necessary applications to move the case forward.
Justice Rahman Oshodi granted the request and adjourned the matter until April 21, 2026, when the court expects all defendants to be present for formal arraignment at 9:00 a.m.
Details contained in the four-count charge sheet allege that the defendants conspired to fraudulently convert and steal ₦4.3 billion belonging to Energy Shield Petrochemical Limited during a series of transactions executed in Lagos.
The EFCC also accused the defendants of laundering the proceeds of the alleged crime and unlawfully retaining the funds, actions which the commission said undermined Nigeria’s financial regulations and forex control framework.
One of the counts specifically alleges that United Bank for Africa Plc retained the disputed funds in account number NGN0991931102, thereby facilitating the concealment and control of proceeds derived from illegal forex sales.
The alleged offences are said to contravene provisions of the EFCC (Establishment, etc.) Act of 2004, the Advance Fee Fraud and Other Related Offences Act of 2006, and the Criminal Law of Lagos State, 2015.
The high-profile nature of the case and the involvement of a major commercial bank have intensified public scrutiny, especially as the EFCC continues to pursue suspects who have reportedly gone underground ahead of their court appearance.
With the case now adjourned to April, attention is expected to remain firmly on whether the defendants will submit themselves to the court and how the allegations will unfold in what is shaping up to be a major financial crime trial.
