The arraignment of United Bank for Africa (UBA) Plc and four others over an alleged ₦4.29 billion foreign exchange fraud was, on Wednesday, stalled at the Lagos State Special Offences Court in Ikeja following the defendants’ failure to appear in court.
The defendants — United Bank for Africa (UBA) Plc, Muyiwa Akinyemi, Amangbo Eziashi Stephen, Geeos Global Service Limited, and Fedat Global Limited — were billed to be arraigned by the Economic and Financial Crimes Commission (EFCC) on a four-count charge bordering on alleged foreign exchange infractions, concealment of proceeds of unlawful activities, retention of criminal proceeds, and money laundering.
The matter, before Justice Rahman Oshodi of the Lagos State Special Offences Court, could not proceed as scheduled after only counsel to the parties appeared, with no defendant present in court.
Prosecution counsel, T. J. Banjo, told the court that all defendants had been duly served with the charge and hearing notices, adding that affidavits of service had been filed to that effect.
Banjo expressed surprise at their absence despite what he described as proof of service, insisting that the defendants were aware of the proceedings. He further alleged that efforts had been made by the commission to arrest two of the defendants after they allegedly jumped administrative bail earlier granted by the EFCC.
He urged the court to proceed with the arraignment, describing the absence of the defendants as a calculated attempt to stall trial.
However, counsel to the first, second and third defendants, Adewale Kamourudeen, disagreed, insisting that his clients were not served with the charge or any court processes relating to the matter. He told the court that they only became aware of the case through media reports.
“We have not been served with the information or hearing notice for today’s proceedings or the earlier adjourned date. We only got wind of it through newspaper publications,” Kamourudeen said, adding that he needed to inspect the court file to verify the prosecution’s claims of service.
Responding, Banjo maintained that the defendants had been properly served through UBA’s Compliance Officer, Chima Okugbo, whom he said received the processes on behalf of the bank and two of its officials. He also noted that the officer had previously represented the bank during investigations.
When Justice Oshodi asked defence counsel whether he was willing to accept service on behalf of his clients, Kamourudeen declined, stating that he had no such instructions.
Following arguments from both sides, the judge adjourned the matter to June 16, 2026, for report on service, arraignment, and further proceedings.
The case, which has drawn attention due to the scale of the alleged financial transactions, continues to raise questions over compliance, service of court processes, and the readiness of the defendants to take plea.
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