The Economic and Financial Crimes Commission (EFCC) has instituted a N4.3 billion alleged forex fraud case at the Ikeja Special Offences Court against United Bank for Africa (UBA) Plc, Muyiwa Akinyemi, and three others.
The other defendants in the case are Amangbo Stephen, Gesos Global Service Ltd and Fedat Global Ltd.
Justice Rahman Oshodi adjourned the case until April 21 for the arraignment of the defendants, following their absence in court on Monday. There was also no legal representation for any of the defendants.
When the case was called, EFCC counsel Mr. Temitope Banjo announced his appearance and expressed surprise at the defendants’ absence. He informed the court that all the defendants had been duly served with the charge and other court processes.
The prosecutor further told the court that the second and third defendants were fully aware of the trial but were currently on the run.
“My lord, the second and third defendants are on the run. We are still making efforts and gathering the evidence of their whereabouts,” Banjo said.
He also prayed the court for an adjournment to enable the commission to file necessary applications to formally establish proof of service on the defendants.
After listening to the prosecution’s submission, Justice Rahman granted the application and adjourned the matter to April 21 for arraignment.
The defendants are being tried on a four-count charge of conspiracy, stealing, money laundering and retention of proceeds of crime.
According to the charge sheet, the defendants allegedly committed the offences between Sept. 14, 2022, and March 20, 2023, in Lagos.
In one of the counts, EFCC alleged the defendants fraudulently converted and stole N4.3 billion, property of Energy Shield Petrochemical Ltd.
The commission, in another count, alleged the defendants conspired to sell foreign exchange above the rates stipulated by the Central Bank of Nigeria, and thereafter retained and laundered the proceeds of the alleged illegal transactions.
The anti-graft agency also alleged that UBA retained the said sum in its account No. NGN0991931102, thereby committing an offence contrary to Section 17 of the Economic and Financial Crimes Commission (Establishment, etc.) Act, 2004.
According to the prosecution, the alleged offences contravene Sections 8 and 17(a) of the Advance Fee Fraud and Other Related Offences Act, No. 14, 2006, as well as Sections 285 and 332(1) of the Criminal Laws of Lagos State (2015). (NAN)
