The arraignment of United Bank for Africa Plc and four others over an alleged N4.29 billion foreign exchange fraud was stalled on Wednesday following the absence of the defendants in court.
The case came up before Justice Rahman Oshodi of the Lagos State Special Offences Court sitting in Ikeja, where the Economic and Financial Crimes Commission had scheduled the defendants for arraignment.
UBA is facing trial alongside Muyiwa Akinyemi, Amangbo Eziashi Stephen, Geeos Global Service Limited and Fedat Global Limited.
The EFCC filed a four-count charge against the defendants bordering on alleged foreign exchange infractions, concealment of proceeds of unlawful activities, retention of criminal proceeds and money laundering.
According to the anti-graft agency, the alleged offences involved the sum of N4,290,112,796.72. One of the counts accused the defendants of conspiring, between September 14, 2022 and March 20, 2023, to sell foreign exchange above rates stipulated by the Central Bank of
This post was originally published on this site.
