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Alleged N4.3Bn Forex Fraud: EFCC Files Charges Against UBA, Others
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The Economic and Financial Crimes Commission (EFCC) has filed a case of fraud against the United Bank for Africa PLC under the chairmanship of Mr Tont Elumelu over an alleged N4.3 billion forex fraud before the Ikeja Special Offences Court
Other defendants sued by the EFCC in the case are Muyiwa Akinyemi; Amangbo Stephen; Gesos Global Service Ltd, and Fedat Global Ltd.
Following the absence of the defendants in court on Monday, January 26, 2026, Justice Rahman Oshodi, adjourned the case until April 21, 2026 for their arraignment just as there was no legal representation for any of the defendants.
When the case was called, counsel to the EFCC, Mr Temitope Banjo, announced his appearance and expressed surprise at the absence of the defendants, and said that all the defendants were duly served with the charge and other court processes.
Banjo also told the court that the second and third defendants were fully aware of the trial, but were currently on the run, and emphasised that their failure to appear was not due to lack of notice.
In the words of Banjo; “My lord, the second and third defendants are on the run. We are still making efforts and gathering the evidence of their whereabouts”.
The EFCC counsel thereafter prayed the court for an adjournment to enable the anti-graft file the necessary applications to formally establish proof of service on the defendants.
After listening to the EFCC’s counsel’s submission, Justice Rahman granted the application and adjourned the matter to April 21, 2026 for arraignment.
The defendants are to be tried on a four-count charge of conspiracy, stealing, money laundering and retention of proceeds of crime.
A perusal at the charge sheet indicated that the defendants allegedly committed the offences on Sept. 14, 2022, and March 20, 2023 in Lagos.
One of the counts stated that the EFCC alleged the defendants fraudulently converted and stole the sum of N4.3 billion, property of Energy Shield Petrochemical Ltd.
The EFCC also alleged that the defendants conspired to sell foreign exchange above the rates stipulated by the Central Bank of Nigeria, and thereafter retained and laundered the proceeds of the alleged illegal transactions.
The commission in another count, submitted that UBA retained the said sum in its account No. NGN0991931102, and thereby committed an offence contrary to and punishable under Section 17 of the Economic and Financial Crimes Commission (Establishment, etc.) Act, 2004
According to the EFCC counsel, the alleged offences contravene Sections 8, 17 (a) of the Advance Fee Fraud and Other Related Offences Act, No. 14, 2006, Section 285 and 332 (1) of the Criminal Laws of Lagos State (2015).
News
Israel Cautions US Of New Iranian Plot To K!ll President Trump
Israel reportedly shared intelligence with the US about a new Iranian plot to ass@ss!nate US President Donald Trump, according to a report.
The latest assassination plan, reported by the Wall Street Journal on Thursday, July 9, comes after years of Iranian regime threats to k!ll Trump as revenge for the 2020 killing of Islamic Revolutionary Guard Corps Gen. Qasem Soleimani by US forces.
When asked for comment, the White House referred The Post to Trump’s Wednesday remarks at the NATO summit in Ankara.
“They want to take out the US leader — me,” Trump said. “I’m on whatever list. I saw this morning I’m on every single one of their lists. And so far, I guess I’ve been a bit lucky, but maybe that doesn’t last very long.”
“These are evil, sick people,” the president continued. “And we have to root out that cancer. That cancer. You know what you do? You’ve got to cut out cancer early. And that’s the way I feel.”
Trump traveled to Turkey on his new Qatari “palace in the sky” plane, but took a different Air Force One home. The plane switch was a strategic “distraction” to keep the commander-in-chief safe, the White House said.
War Secretary Pete Hegseth, who accompanied the president to the summit, was instructed not to travel to Israel as planned shortly before Trump chose to switch planes in Turkey. It’s unclear if the Iranian threat extended to the war secretary.
The Israelis tipped the US off about the plot earlier this week. The specific threat was not being tracked by US officials before Israel’s warning and has yet to be vetted, CNN reported.
The warning comes as tensions have emerged in President Donald Trump’s relationship with Israeli Prime Minister Benjamin Netanyahu following the conflict with Iran.Executive Branch
Trump on June 1 told Netanyahu he was “f–king crazy” over his attacks on Lebanon, fearing they would provoke more war with Iran.
”You’d be in prison if it weren’t for me. I’m saving your ass. Everybody hates you now. Everybody hates Israel because of this,” a US official summarized Trump’s comments, which the president later confirmed to The Post.
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Kidnapped Oyo Pupils, Teachers finally Regain freedom – Presidency
According to a statement by presidential spokesperson, Bayo Onanuga, the victims were freed through the efforts of security agencies.
The schoolchildren and teachers kidnapped by suspected bandits in Oriire Local Government Area of Oyo State have been rescued.
According to a statement by presidential spokesperson, Bayo Onanuga, the victims were freed through the efforts of security agencies.
More to follow…
News
Just in: APC unveils Shettima as Tinubu’s running mate
The National Working Committee, NWC, of the All Progressives Congress, APC, has announced Vice President Kashim Shettima as President Bola Tinubu’s running mate for the 2027 presidential election.
The National chairman of the APC, Nentawe Yilwatda, revealed this via X where he stated that “the party formally received the presidential nomination forms of President Bola Ahmed Tinubu, GCFR, and His Excellency, Vice President Kashim Shettima, ahead of the 2027 general election” on Friday .
Yilwatda described the development as a defining moment that reaffirmed the party’s collective resolve to sustain the Renewed Hope Agenda and deepen the progress already being recorded across the country.
The development comes amid months of speculation that President Tinubu might replace Shettima with a northern Christian as his vice-presidential candidate ahead of the election.
“Today marked another significant milestone in the journey of our great party as I formally received the presidential nomination forms of His Excellency, President Bola Ahmed Tinubu and Vice President Kashim Shettima, ahead of the 2027 general election. It was a defining moment that reaffirmed our collective resolve to sustain the Renewed Hope Agenda and deepen the progress already being recorded across the country.
“The nomination forms were presented on behalf of President Tinubu by his Special Adviser on Political and Other Matters, Hon. Ibrahim Masari, during a well-attended ceremony at the Continental Hotel, Abuja. The presentation underscored the confidence of our party in the leadership of President Tinubu and Vice President Shettima as they prepare to seek a renewed mandate from the Nigerian people.
“The event brought together an impressive array of leaders of our great party, including the Chairman of the Progressive Governors’ Forum and Governor of Imo State, Senator Hope Uzodimma, alongside Governors Mai Mala Buni, Nasir Idris, Abba Kabir Yusuf, Uba Sani, Babagana Umara Zulum, Ahmadu Umaru Fintiri, as well as other governors, party executives and critical stakeholders from across the federation.
“The atmosphere was one of unity, confidence and shared purpose. As we move towards 2027, the All Progressives Congress remains focused on strengthening its grassroots support, consolidating the achievements of the Renewed Hope Agenda and working together to build a more prosperous, secure and inclusive Nigeria for all,” the APC chairman wrote.
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