The Economic and Financial Crimes Commission (EFCC) has instituted a N4.3 billion alleged forex fraud case against United Bank for Africa (UBA) Plc and four other defendants at the Lagos Special Offences Court, Ikeja.
The other defendants listed in the suit include Muyiwa Akinyemi, Amangbo Stephen, Gesos Global Service Limited, and Fedat Global Limited.
However, the case could not proceed on Monday as none of the defendants appeared in court, and there was no legal representation on their behalf.
When the matter was called, EFCC counsel Mr. Temitope Banjo announced his appearance and expressed surprise over the absence of the defendants. He informed the court that all parties had been duly served with the charge and other relevant court processes.
Banjo further disclosed that the second and third defendants are currently on the run, adding that their failure to appear was not due to lack of notice.
“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 stated.
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The EFCC lawyer requested an adjournment to allow the commission to file necessary applications to formally establish proof of service on the defendants.
After considering the submission, Justice Rahman Oshodi granted the request and adjourned the matter to April 21 for the formal arraignment of the defendants.
The defendants are facing a four-count charge bordering on conspiracy, stealing, money laundering, and retention of proceeds of crime.
The case marks another major legal battle involving a top financial institution in Nigeria and underscores the ongoing crackdown on alleged financial crimes within the banking sector.