{"id":5236,"date":"2026-10-14T13:35:03","date_gmt":"2026-10-14T13:35:03","guid":{"rendered":"https:\/\/consumerconnectng.com\/?p=5236"},"modified":"2026-10-14T15:34:43","modified_gmt":"2026-10-14T15:34:43","slug":"forex-infractions-uba-4-others-to-get-courts-substituted-service-over-n4-29bn-alleged-fraud","status":"publish","type":"post","link":"https:\/\/consumerconnectng.com\/?p=5236","title":{"rendered":"Forex Infractions: UBA, 4 others get court&#8217;s substituted service over N4.29bn alleged fraud"},"content":{"rendered":"<p>*<strong><em>Justice Rahman Oshodi of an Ikeja Special Offences Court, in Lagos State, orders a substituted service on the United Bank for Africa (UBA) Plc, and four other defendants in an alleged N4.29 billion Foreign Exchange fraud case<\/em><\/strong><\/p>\n<p>Isola Moses | ConsumerConnect<\/p>\n<p>For alleged \u20a64.29 billion Foreign Exchange (Forex) fraud, Nigeria&#8217;s Economic and Financial Crimes Commission (EFCC) has charged United Bank for Africa (UBA) Plc, and four other defendants before the Ikeja Special Offences Court, in Lagos, South-West Nigeria.<\/p>\n<p><em>ConsumerConnect<\/em> reports aside from UBA Plc, four other defendants in the ongoing legal matter are Muyiwa Akinyemi, a bank official; Amangbo Eziashi-Stephen; and two companies: Gesos Global Service Limited and Fedat Global Limited.<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"Y6GhfRHpKW\"><p><a href=\"https:\/\/consumerconnectng.com\/?p=5228\">NCC urges consumers to verify SIM-enabled devices, releases framework for unapproved access to networks<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"\u201cNCC urges consumers to verify SIM-enabled devices, releases framework for unapproved access to networks\u201d \u2014 Consumer Experience Is A Top Priority\" src=\"https:\/\/consumerconnectng.com\/?p=5228&amp;embed=true#?secret=zHPYSYNubX#?secret=Y6GhfRHpKW\" data-secret=\"Y6GhfRHpKW\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p>It is recalled that the EFCC had instituted a four-count charge against all the defendants, bordering on conspiracy, stealing, money laundering, concealment of proceeds of unlawful activities, and selling Foreign Exchange above rates, as stipulated by the Central Bank of Nigeria (CBN) between September 14, 2022, and March 20, 2023.<\/p>\n<p>The anti-graft Commission, in the charge sheet, noted the funds purportedly belonged to Energy Shield Petrochemical Limited, and were retained through UBA Account Number NGN0991931102.<\/p>\n<p>It was, however, gathered that the initial arraignment&nbsp; was stalled June 3 due to the absence of the defendants.<\/p>\n<p>Mr. Temitope Banjo, counsel to the EFCC, subsequently, sought a permission to serve the UBA Plc, and other defendants through substituted means.<\/p>\n<p>Justice Rahman Oshodi of an Ikeja Special Offences Court Monday, October 11, 2026, then ordered substituted service on UBA Plc, and four other defendants over an alleged N4.29 billion Foreign Exchange fraud.<\/p>\n<p>Justice Oshodi has granted an ex-parte motion, allowing the EFCC to effect service by pasting the charges and court processes in conspicuous places at the defendants&#8217; addresses, including UBA House Headquarters at 57, Marina Street, on Lagos Island.<\/p>\n<p>Granting the request, the presiding Judge held that pasting the charge, and accompanying court processes at the defendants\u2019 addresses would provide reasonable assurance that the proceedings would come to their attention.<\/p>\n<p>Justice Oshodi also stated: \u201cI have considered the supporting affidavit and am satisfied that the first proposed mode of service\u2014pasting the documents in a conspicuous place at the address of the first, second, and third defendants\u2014provides reasonable assurance that the proceedings will come to their attention.&#8221;<\/p>\n<p>The Judge, however, declined the prosecution\u2019s alternative request to serve counsel representing the affected defendants, according to report.<\/p>\n<p>Oshodi said: \u201cRelief number two, which seeks service on counsel for the first to third defendants, remains obscure and is struck out.&#8221;<\/p>\n<p>Granting the first relief, the Judge ordered the prosecution to paste the charge and accompanying processes at the defendants\u2019 address or any other address known to the Commission.<\/p>\n<p>He averred: \u201cAccordingly, I grant permission for the prosecution to serve the charge and accounting processes by pasting them in a conspicuous place at the address of the first, second, and third defendants, known as UBA House, 57 Marina Street , Lagos Island, 19 Nnebue House Festac or at any other address known to the complainant\/applicant.&#8221;<\/p>\n<p>The judge said the service would be legally recognised under the applicable state law.<\/p>\n<p>According to him, \u201cunder Section 88 of the Administration of Criminal Justice Law of Lagos State, service effected in this manner shall be deemed due service of the processes.&#8221;<\/p>\n<p>The court later adjourned the case until October 22 this year for arraignment, and directed the prosecution to file affidavits before the next hearing.<\/p>\n<p>Justice Oshodi added: \u201cI adjourn the matter, due to the defendants\u2019 absence, to October 22 and the prosecution is to file affidavits before the next scheduled adjourned date.&#8221;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>*Justice Rahman Oshodi of an Ikeja Special Offences Court, in Lagos State, orders a substituted service on the United Bank for Africa (UBA) Plc, and&hellip;<\/p>\n","protected":false},"author":2,"featured_media":1996,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"_FSMCFIC_featured_image_caption":"UBA Plc Headquarters, in 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href=\"https:\/\/consumerconnectng.com\/?cat=20\" rel=\"category\">Highlights<\/a> <a href=\"https:\/\/consumerconnectng.com\/?cat=3\" rel=\"category\">InfoEducation<\/a> <a href=\"https:\/\/consumerconnectng.com\/?cat=4\" rel=\"category\">Markets<\/a>","tag_info":"Markets","comment_count":"1","_links":{"self":[{"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=\/wp\/v2\/posts\/5236","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5236"}],"version-history":[{"count":3,"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=\/wp\/v2\/posts\/5236\/revisions"}],"predecessor-version":[{"id":5275,"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=\/wp\/v2\/posts\/5236\/revisions\/5275"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=\/wp\/v2\/media\/1996"}],"wp:attachment":[{"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5236"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5236"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/consumerconnectng.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5236"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}