EFCC: UBA, 4 others dragged to court over alleged Forex fraud, money laundering

*United Bank for Africa Plc, and four other accused persons and organisations as defendants are being tried at the Special Offences Court, in Lagos, on a four-count charge of conspiracy, stealing, money laundering and retention of proceeds of crime

Isola Moses | ConsumerConnect

The Economic and Financial Crimes Commission (EFCC) has filed a N4.3 billion alleged Foreign Exchange (Forex) fraud case against United Bank for Africa (UBA) Plc, and four other accused persons and organisations at the Lagos Special Offences Court, Ikeja, Lagos State capital.

Other defendants in the case are Muyiwa Akinyemi; Amangbo Stephen; Gesos Global Service Limited and Fedat Global Limited.

ConsumerConnect gathered the UBA Plc and other defendants are being tried at the Special Offences Court on a four-count charge of conspiracy, stealing, money laundering and retention of proceeds of crime.

However, Justice Rahman Oshodi adjourned the case till April 21 this year for the arraignment of the defendants, following their absence in court Monday, January 26, 2026.

There was also no legal representation for any of the defendants, report said.

When the case was called, Mr. Temitope Banjo, EFCC counsel, announced his appearance and expressed surprise at the absence of the defendants in court.

Banjo, however, informed the court that all the defendants had been duly served with the charge and other court processes for their appearance.

The prosecutor also informed the Special Offences Court that the second and third defendants were fully aware of the trial, but were currently on the run.

The counsel emphasised that their failure to appear was not due to lack of notice.

Banjo stated: “My lord, the second and third defendants are on the run.

“We are still making efforts and gathering the evidence of their whereabouts.”

The prosecutor urged the court for an adjournment to enable the anti-graft Commission file the necessary applications to formally establish proof of service on the defendants.

Rahman, after listening to the prosecution’s submission, granted the application and adjourned the matter to April 21 for arraignment.