LAGOS, Nigeria — A Lagos State High Court has authorised the Economic and Financial Crimes Commission (EFCC) to serve criminal charges on United Bank for Africa (UBA) Plc and four other defendants through alternative means, following repeated delays in their arraignment over an alleged ₦4.29 billion foreign exchange fraud.
Justice Rahman Oshodi of the Special Offences Court in Ikeja granted the prosecution’s application on Monday, October 12, 2026, after the defendants failed to appear for arraignment.
The judge adjourned the case until October 22 and directed the EFCC to file affidavits establishing that the charges and accompanying court documents had been served in accordance with his order.
The case involves allegations of money laundering, unlawful foreign exchange transactions, and the concealment and retention of funds allegedly derived from illegal activities.
The defendants are UBA, Muyiwa Akinyemi, Amangbo Eziashi-Stephen, Gesos Global Service Limited, and Fedat Global Limited.
None has been convicted in the case, and the allegations have not been determined by the court.
Judge Authorises Alternative Service
The latest ruling followed an application by EFCC prosecutor Temitope Banjo, who asked the court to allow the commission to serve the defendants by displaying the relevant documents at designated addresses.
The application was made ex parte, meaning it was considered without requiring the opposing parties to be present.
Banjo told the court that the defendants’ continued absence had prevented the prosecution from proceeding with their arraignment.
After examining the supporting affidavit, Justice Oshodi ruled that displaying the charges in a conspicuous location at the defendants’ known addresses would provide reasonable assurance that the documents would reach their attention.
“I have considered the supporting affidavit, and I am satisfied that the first proposed mode of service, pasting the documents in a conspicuous place at the address of the first, second, and third defendants provides reasonable assurance that the proceedings will come to their attention,” the judge said, according to SolaceBase.
The judge rejected a separate request allowing the commission to serve lawyers representing some of the defendants, describing that part of the application as insufficiently clear.
The ruling means the EFCC can proceed with service through the method approved by the court rather than relying exclusively on personal delivery.
Oshodi said service completed in accordance with the order would be recognised under Section 88 of the Administration of Criminal Justice Law of Lagos State.
He directed the prosecution to complete the necessary procedures before the next hearing.
EFCC Alleges Illegal Foreign Exchange Transactions
The EFCC filed four counts against UBA and the other defendants in connection with transactions allegedly conducted between September 14, 2022, and March 20, 2023.
According to the charge, the defendants conspired to sell foreign exchange above rates stipulated by the Central Bank of Nigeria.
Prosecutors also alleged that approximately ₦4.29 billion was concealed in a UBA account and represented proceeds from unlawful activities.
The sum identified in the court proceedings is ₦4,290,112,796.72.
Earlier reports of the charge identified Energy Shield Petrochemical Limited as the company to which the disputed funds allegedly belonged.
The prosecution further accused the defendants of fraudulent conversion, retention of proceeds of crime, and money laundering.
The allegations concern transactions said to have occurred in Lagos.
Whether the disputed transactions violated the law, and whether any of the defendants participated in criminal conduct, remain questions for the court to determine.
The filing of charges does not establish that the accused persons or companies are guilty.
Previous Arraignment Delayed in June
The latest order follows several unsuccessful attempts to bring the defendants before the court.
On June 3, 2026, the arraignment was stalled after the defendants failed to appear.
At that hearing, Banjo told the court that the defendants had been served with the necessary documents and that affidavits of service had been filed.
He alleged that Akinyemi and Eziashi-Stephen had failed to comply with the terms of administrative bail previously granted by the EFCC.
Those claims were made by the prosecution and had not been established by a judicial finding.
Lawyer Adewale Kamourudeen, representing UBA and the two individual defendants, disputed the prosecution’s assertion that his clients had been properly served.
He said they had learnt about the proceedings through newspaper reports.
“The first, second and third defendants have not been served with the information or the hearing notice for today’s proceedings or the previous adjourned date. We got wind of it through newspaper reports. That is why we are here,” Kamourudeen told the court.
Banjo disputed the defence’s position, maintaining that UBA compliance officer Chima Okugbo had received the documents on behalf of the bank and the two individual defendants.
According to the prosecutor, Okugbo had represented UBA during the EFCC’s investigation and had accepted the court documents.
When Justice Oshodi asked Kamourudeen whether he would accept service on behalf of his clients, the lawyer declined, saying he had not received instructions authorising him to do so.
The court subsequently adjourned the matter for a further report on service and arraignment.
The dispute over whether the defendants had received proper notice remained central to the proceedings.
Case Has Faced Repeated Delays
The charges first came before the court in April 2025, according to previous reporting.
The case also failed to proceed as scheduled in January 2026, when the prosecution complained that the defendants had not appeared for arraignment.
The EFCC subsequently sought additional opportunities to establish proper service.
The latest order is intended to address that procedural obstacle.
Under Nigerian criminal procedure, arraignment generally requires an accused person to be brought before the court, informed of the charge, and called upon to enter a plea.
Where a defendant challenges whether court documents have been properly served, the dispute can delay the commencement of proceedings.
Substituted service provides an alternative method of delivering legal documents when the court is satisfied that ordinary service is impracticable or has proved unsuccessful.
Such an order addresses notification of proceedings; it does not determine the truth of the prosecution’s allegations.
Arraignment Fixed for October 22
At the next hearing, the court is expected to consider whether the EFCC has complied with its service order and whether the defendants can be arraigned.
The October 12 proceedings were reported by Galaxy Television and other Nigerian news organisations.
No plea has been reported in the case, and there has been no ruling establishing criminal liability against UBA or any of the four co-defendants.
The defendants’ detailed responses to the substantive fraud allegations were not available in the reports reviewed.
The proceedings are scheduled to resume on Thursday, October 22, 2026.
