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).
