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EFCC Charges UBA and Others with ₦4.3 Billion Forex Fraud Case
The Economic and Financial Crimes Commission (EFCC) has taken a big step in fighting financial crime in Nigeria. EFCC charges UBA and others with a forex fraud case involving ₦4.3 billion. This serious matter names United Bank for Africa (UBA), two companies called Gesos Global Service Ltd and Fedat Global Ltd, and two men, Muyiwa Akinyemi and Amangbo Stephen, as defendants.
The case started at the Ikeja Special Offences Court in Lagos. On Monday, everyone waited for the hearing, but none of the defendants showed up. This meant the court could not move forward. The judge set a new date of April 21 for their arraignment. That is when the defendants will officially face the charges in court.
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EFCC lawyers told the court that all defendants had received the court papers. They knew about the case but still did not come. The lawyers also said two of the defendants are now fugitives. This means they are hiding from the law, and EFCC is working hard to find them.
The EFCC explained clearly how the alleged fraud happened. Court papers show the problems took place on two dates: September 14, 2022, and March 20, 2023. The commission says the defendants worked together to sell foreign currency at wrong prices. They charged rates higher than what the Central Bank of Nigeria (CBN) allows. This is against the rules for buying and selling dollars or other currencies.
Worse still, the EFCC points to ₦4.3 billion that belonged to Energy Shield Petrochemical Ltd. Prosecutors claim the defendants took this money illegally. They changed it during these bad forex deals and kept it. Then, they moved the funds through UBA bank accounts. In one charge, EFCC says UBA held the money in its account. The agency believes this broke Nigeria’s laws on financial crimes.
The defendants face many serious charges. These include conspiracy, which means planning the crime together; theft, for stealing the money; money laundering, for hiding dirty money; and keeping proceeds from illegal acts. EFCC says these actions violate key laws. They break the Advance Fee Fraud Act, Lagos State Criminal Laws, and the EFCC Act itself. If proven guilty, the penalties could be heavy, like jail time or big fines.
During the court session on Monday, EFCC lawyer Temitope Banjo spoke up. She asked the judge for more time. The goal was to make sure every defendant gets proper notice and to track down those who are missing. Justice Rahman Oshodi listened and agreed. He gave the extra time and moved the hearing to April 21.
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This delay is common in such cases when people do not show up. It gives EFCC a chance to serve papers properly and bring everyone to court. On April 21, the real action will start. The court expects to arraign all defendants. That means reading the charges to them so they can enter pleas, guilty or not guilty. Then, the trial can begin with evidence and arguments from both sides.
This forex fraud case highlights big issues in Nigeria’s banking and currency markets. Many people lose money when banks or traders use wrong rates. The CBN sets official rates to keep things fair, but some ignore them for quick profit. EFCC’s move shows no one is above the law, not even big banks like UBA. Nigerians watch closely, hoping for justice. The April 21 date will be key. It could lead to arrests, trials, and stronger rules against fraud.
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