…Fixes June 16 for arraignment
A High Court of Lagos State has issued a stern warning to the United Bank for Africa (UBA) and two of its senior officials over what it described as deliberate delays in the arraignment over alleged fraud, money laundering and foreign exchange violations involving N4.29 billion.
The UBA, Muyiwa Akinyemi, Amangbo Eziashi Stephen, Geeos Global Service Limited and Fedat Global Limited are facing a four-count charge bordering on alleged foreign exchange infractions, concealment of proceeds of unlawful activities, retention of criminal proceeds and money laundering.
The Court presided over by Justice Rahman Oshodi specifically warned UBA that his court would no longer tolerate any further delay.
The warning followed the absence in court of UBA and other defendants in court thereby stalled their arraignment, thus prompted concerns over repeated setbacks in the commencement of the trial.
The Economic and Financial Crimes Commission (EFCC), is accusing the defendants of alleged concealing and retaining of N4.29 billion believed to be proceeds of unlawful activities and engaged in transactions that contravene regulations governing foreign exchange operations between September 2022 and March 2023.
At the proceedings, counsel for the EFCC, Temitope Banjo, told the court that the defendants were duly served with the charge and hearing notices, stressing that affidavits of service were also before the court.
The EFCC counsel argued that UBA and other defendants’ refusal to appear was a deliberate attempt to frustrate the prosecution, stressing that efforts were made previously to arrest two of the defendants after they jumped administrative bail granted by the commission.
But, the defence counsel, Adewale Kamourudeen, who appeared under protest for UBA and two of its officials, countered the claim of the prosecution and insisted that his clients were not aware of the proceedings, stressing that they only learnt of the charges through media reports.
Following arguments of both the prosecution and the defence, Justice Oshodi stressed the need for the matter to move forward and cautioned against any further delay in bringing the defendants before the court.
The trial judge adjourned the case to June 16, 2026, for a report on service, arraignment and commencement of trial, and directed that the issues of service should be resolved before the next adjourned date.
The defendants are however, yet to take their plea as the trial judge, Justice Oshodi has given a warning over any further delay before the substantive trial begins.
