₦4.29bn Fraud Case, Judge carpets EFCC over one-year delay, fixes June 3 for definite arraignment of UBA, others

Justice Rahman Oshodi of the Lagos State High Court, Ikeja, on Tuesday openly rebuked the Economic and Financial Crimes Commission (EFCC) for prolonged delays in arraigning defendants in the alleged ₦4.29 billion fraud case against United Bank for Africa Plc (UBA) and four others, stressing that the matter had remained stagnant for about a year without arraignment.

The judge expressed displeasure at the slow pace of the prosecution, warning that criminal proceedings must not be left in limbo, before fixing June 3, 2026, for definite arraignment.

According to a reliable source who pleaded anonymity, the defendants are United Bank for Africa Plc (UBA), Muyiwa Akinyemi, Amangbo Eziashi Stephen, Gesos Global Service Limited, and Fedat Global Limited.

At the proceedings, EFCC counsel, Mr. T. J. Banjo, informed the court that the commission had now filed proof of service on all the defendants, a step required to move the case forward.

The defendants are facing charges bordering on conspiracy, unlawful forex trading, fraudulent conversion, retention of proceeds of crime, and money laundering involving ₦4,290,112,796.72, allegedly belonging to Energy Shield Petrochemical Limited.

According to the charge, they allegedly conspired between September 14, 2022, and March 20, 2023, in Lagos, to sell foreign exchange above rates approved by the Central Bank of Nigeria, and subsequently retained and laundered the proceeds of the transactions.

Justice Oshodi adjourned the matter to June 3, 2026, for definite arraignment, indicating the court’s readiness to proceed without further delay.