EFCC files ₦4.3bn forex fraud charges against UBA and others

• EFCC filed a ₦4.3bn forex fraud case against UBA, Muyiwa Akinyemi, Amangbo Stephen, Gesos Global Service Ltd, and Fedat Global Ltd
• The alleged offences happened between September 2022 and March 2023
• The case was adjourned to April 21 after the defendants failed to appear in court
• Charges include conspiracy, theft, money laundering, and retention of illicit funds

The Economic and Financial Crimes Commission (EFCC) has filed a ₦4.3 billion forex fraud case against United Bank for Africa (UBA), two companies: Gesos Global Service Ltd and Fedat Global Ltd, and two individuals: Muyiwa Akinyemi and Amangbo Stephen.

The case was filed at the Ikeja Special Offences Court in Lagos, but could not proceed on Monday after none of the defendants showed up. The court has now fixed April 21 for their arraignment.

The prosecution stated that the defendants had received the court documents and knew about the case. Lawyers from the EFCC informed the court that two of the defendants were currently fugitives.

EFCC explains how the alleged transactions happened

Court documents indicate that the charges relate to transactions occurring on September 14, 2022, and March 20, 2023. The EFCC alleges that the defendants colluded to sell foreign currency at rates exceeding the official rate set by the Central Bank of Nigeria (CBN).

The commission also claimed that ₦4.3 billion belonging to Energy Shield Petrochemical Ltd was illegally converted during these transactions. The charges state that the money was then kept and processed through UBA accounts.

In one of the counts, prosecutors said UBA held the funds in one of its accounts, which the agency believes breached Nigeria’s financial crimes laws.

Also read: N50bn Forex scam: EazzyTranzact CEO denies EFCC’s allegation amid legal tussle

The defendants are charged with conspiracy, theft, money laundering, and possession of money gained from illegal acts. The EFCC claims these actions break laws, including Nigeria’s Advance Fee Fraud Act, Lagos State Criminal Laws, and the EFCC Act.

During Monday’s court session, the EFCC’s lawyer, Temitope Banjo, requested the court to grant additional time. This was to ensure that all defendants are formally notified and to find those who have not yet attended court. Justice Rahman Oshodi approved this request and postponed the hearing.

The case hearing has now been rescheduled for April 21, when the court is expected to formally arraign the accused parties and begin hearing their responses to the charges.

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