The Economic and Financial Crimes Commission has instituted a
N4.3 billion case of forex fraud at the Ikeja Special Offences Court against
United Bank for Africa Plc, Muyiwa Akinyemi, Amangbo Stephen, Gesos Global
Service Ltd and Fedat Global Ltd.
Justice Rahman Oshodi, however, adjourned the case 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, Temitope Banjo,
announced his appearance and expressed surprise at the defendants’ absence.
Mr Banjo informed the court that all the defendants had been duly served with the charge and other court processes.
The prosecutor told the court that the second and third
defendants were fully aware of the trial but were currently on the run.
He stressed 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,” Mr
Banjo said.
The prosecutor asked the court for an adjournment to enable
the EFCC file the necessary applications to formally establish proof of service
on the defendants.
Mr Rahman, after listening to the prosecution’s submission,
granted the application and adjourned the matter to April 21 for arraignment.
The defendants are being tried on a four-count charge of conspiracy,
theft, money laundering, and retention of proceeds of crime.
According to the charge sheet, the defendants allegedly
committed the offences on September 14, 2022, and March 20, 2023, in Lagos.
In one of the counts, EFCC alleged that the defendants
fraudulently converted and stole N4.3 billion, property of Energy Shield
Petrochemical Ltd.
The commission, in another count, alleged that the defendants
conspired to sell foreign exchange at rates above those 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, 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 prosecution, the alleged offences contravene
Sections 8 and 17 (a) of the Advance Fee Fraud and Other Related Offences Act,
No. 14, 2006, and Sections 285 and 332(1) of the Criminal Laws of Lagos State
(2015).
(NAN)
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