EFCC Arraigns UBA, Two Firms, and Two Individuals in ₦4.3bn Forex Fraud Case
The Economic and Financial Crimes Commission (EFCC) of Nigeria has filed charges against United Bank for Africa Plc (UBA) and four other defendants over an alleged ₦4.3 billion forex fraud.
The defendants named in the case are UBA, Gesos Global Service Ltd, Fedat Global Ltd, and two individuals — Muyiwa Akinyemi and Amangbo Stephen.
Allegations
According to court filings, the alleged offences occurred on September 14, 2022, and March 20, 2023. The EFCC accuses the defendants of colluding to sell foreign currency at rates above those approved by the Central Bank of Nigeria (CBN), in violation of forex trading regulations.
Prosecutors further allege that ₦4.3 billion belonging to Energy Shield Petrochemical Ltd was unlawfully diverted during these forex deals. The funds were allegedly laundered through UBA accounts, with the bank itself accused of holding proceeds of the illicit deals.
The defendants face multiple counts, including:
- Conspiracy — for jointly planning the alleged fraud.
- Theft — forstealing Energy Shield’s funds.
- Money laundering — for disguising the origin of illicit proceeds.
- Retention of proceeds of crime
If convicted, they could face significant penalties, including imprisonment and heavy fines under Nigeria’s financial crime laws.
The case opened at the Ikeja Special Offences Court in Lagos. However, during Monday’s scheduled hearing, none of the defendants appeared. All parties had been duly served but failed to attend, and two of the accused are now fugitives.
Justice Rahman Oshod granted EFCC lawyer Temitope Banjo's request for more time to secure the defendants’ attendance and adjourned the proceedings. The arraignment has been rescheduled for April 21, when the court is expected to hear the charges and the defendants’ responses formally.
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