By Stephen Simon
The planned arraignment of United Bank for Africa Plc (UBA), two of its senior officials and two corporate entities over alleged foreign exchange violations, retention of proceeds of crime, stealing and money laundering involving N4.29 billion was stalled on Wednesday following the absence of the defendants before a Lagos State High Court.
The case, instituted by the Economic and Financial Crimes Commission (EFCC), is pending before Justice Rahman Oshodi of the Criminal Division of the High Court of Lagos State, Ikeja Judicial Division.
The defendants in the four-count charge are UBA, Muyiwa Akinyemi, Amangbo Eziashi Stephen, Geeos Global Service Limited and Fedat Global Limited.
The anti-graft agency accused the defendants of foreign exchange infractions, concealment of proceeds of unlawful activities, retention of criminal proceeds and money laundering involving N4,290,112,796.72.
However, proceedings could not commence as scheduled when the matter came up for arraignment because none of the defendants appeared in court to take their plea.
At the hearing, EFCC counsel, Temitope Banjo, announced his appearance, while Adewale Kamourudeen appeared under protest for the first, second and third defendants. Counsel identified as I.S. Hassan represented the fourth defendant, while there was no legal representation for the fifth defendant.
Banjo informed the court that the matter was slated for a report on service of court processes and the arraignment of the defendants.
According to him, all defendants had been duly served with the charge and accompanying court processes, adding that affidavits of service had already been filed before the court.
The prosecutor described the absence of the defendants as another attempt to frustrate the proceedings.
He further told the court that efforts had been made to arrest the second and third defendants after they allegedly jumped the administrative bail earlier granted to them by the Commission.
Banjo said he was surprised that the defendants failed to appear despite being served with the charge and hearing notices.
In response, counsel to the first, second and third defendants disputed the prosecution’s position, insisting that his clients had neither been served with the information nor any hearing notice relating to the case.
According to him, the defendants only became aware of the proceedings through media reports.
“The first, second and third defendants have not been served the information or the hearing notice of today’s date or previous adjournment. We got wind of it through newspaper reports. That is why we are here.
“I do not know the contents of the affidavit of service or whether it qualifies as proper service,” Kamourudeen told the court.
The defence lawyer further argued that he needed access to the court file to examine the proof of service relied upon by the prosecution.
But Banjo maintained that service had been properly effected through UBA’s Compliance Officer, Chima Okugbo, whom he said had consistently represented the bank during the investigation and also received the court processes on behalf of the two bank officials.
According to the EFCC counsel, the officer accepted service for the bank as well as for Muyiwa Akinyemi and Amangbo Eziashi Stephen.
Justice Oshodi subsequently asked the defence counsel whether he was willing to accept service on behalf of his clients, but the lawyer declined, stating that he had no instructions to do so.
Following submissions by counsel, the court adjourned the matter until June 16, 2026, for a report on service, arraignment and further proceedings.
According to the charge filed in the name of the Federal Republic of Nigeria by the Executive Chairman of the EFCC, the alleged offences were committed in Lagos between September 14, 2022 and March 20, 2023.
In Count One, the Commission alleged that the defendants conspired to sell foreign exchange above rates stipulated by the Central Bank of Nigeria.
The EFCC also accused the defendants of concealing proceeds of unlawful activities amounting to N4.29 billion in UBA Account No. NGN09991931102.
In a separate count, the anti-corruption agency alleged that UBA retained proceeds of crime contrary to the provisions of the EFCC (Establishment, Etc.) Act, 2004.
The Commission further alleged that UBA, Muyiwa Akinyemi and Amangbo Eziashi Stephen engaged in acts constituting money laundering between September 2022 and March 2023.
The case is expected to attract significant attention from the financial sector, given the stature of the bank involved and the magnitude of the allegations, although the defendants have yet to enter a plea and the claims remain allegations pending determination by the court.
