EFCC Files N4.3bn Forex Fraud Charges Against UBA, 4 Others.
The Economic and Financial Crimes Commission, EFCC, has filed a N4.3 billion alleged forex fraud case at the Ikeja Special Offences Court against United Bank for Africa, UBA, Plc and four others.
The Economic and Financial Crimes Commission, EFCC, has filed a N4.3 billion alleged forex fraud case at the Ikeja Special Offences Court against United Bank for Africa, UBA, Plc and four others.
Apart from the UBA, other defendants in the case include Muyiwa Akinyemi; Amangbo Stephen; Gesos Global Service Ltd and Fedat Global Ltd.
The defendants are being tried on a four -count charge of conspiracy, stealing, money laundering and retention of proceeds of crime.
The court presided over by Justice Rahman Oshodi, has however, adjourned the matter until April 21 for the arraignment of the defendants, following their absence in court on Monday.
There was also no legal representation for any of the defendants.
When the case was called, EFCC counsel, Mr Temitope Banjo, announced his appearance and expressed surprise over the absence of the defendants, as according to him, all the defendants had been duly served with the charge and other court processes.
Banjo further told the court that both the second and third defendants were fully aware of the trial but were currently on the run, noting that their failure to appear was not due to lack of notice.
His words, “My lord, the second and third defendants are on the run. We are still making efforts and gathering the evidence of their whereabouts.”
He, then urged the court for an adjournment to enable the commission file the necessary applications to formally establish proof of service on the defendants, which Justice Oshodi granted and adjourned the matter to April 21 for their arraignments.
According to the charge, the defendants allegedly committed the offences on September 14, 2022, and March 20, 2023 in Lagos.
In one of the counts, EFCC alleged the defendants fraudulently converted and stole the sum of N4.3 billion, property of Energy Shield Petrochemical Ltd
The commission, in another count, the defendants were allegedly accused of conspiring 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 anti-graft agency in another count, submitted that UBA retained the said sum in its account No. NGN0991931102, contrary to and punishable under Section 17 of the Economic and Financial Crimes Commission, Establishment, etc, Act, 2004 as well as 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 Code Laws of Lagos State (2015).
The court presided over by Justice Rahman Oshodi, has however, adjourned the matter until April 21 for the arraignment of the defendants, following their absence in court on Monday.
There was also no legal representation for any of the defendants.
When the case was called, EFCC counsel, Mr Temitope Banjo, announced his appearance and expressed surprise over the absence of the defendants, as according to him, all the defendants had been duly served with the charge and other court processes.
Banjo further told the court that both the second and third defendants were fully aware of the trial but were currently on the run, noting that their failure to appear was not due to lack of notice.
His words, “My lord, the second and third defendants are on the run. We are still making efforts and gathering the evidence of their whereabouts.”
He, then urged the court for an adjournment to enable the commission file the necessary applications to formally establish proof of service on the defendants, which Justice Oshodi granted and adjourned the matter to April 21 for their arraignments.
According to the charge, the defendants allegedly committed the offences on September 14, 2022, and March 20, 2023 in Lagos.
In one of the counts, EFCC alleged the defendants fraudulently converted and stole the sum of N4.3 billion, property of Energy Shield Petrochemical Ltd
The commission, in another count, the defendants were allegedly accused of conspiring 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 anti-graft agency in another count, submitted that UBA retained the said sum in its account No. NGN0991931102, contrary to and punishable under Section 17 of the Economic and Financial Crimes Commission, Establishment, etc, Act, 2004 as well as 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 Code Laws of Lagos State (2015).
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