N4.29bn Fraud: Absence Of Bank, Others Stalls Arraignment

The planned arraignment of a commercial bank and four others before the Lagos State Special Offences Court in Ikeja over allegations of forex racketeering and money laundering was stalled yesterday due to their absence in court.

The Economic and Financial Crimes Commission (EFCC) had filed a four-count charge of conspiracy, stealing, retention of proceeds of crime and money laundering against the bank and its co-defendants before Justice Rahman Oshodi.

Other defendants in the case are Muyiwa Akinyemi, Amangbo Eziashi Stephen, Gesos Global Service Limited, and Fedat Global Limited.

However, since the charge was filed on April 11, 2025, none of the defendants appeared in court or were represented by their lawyers.

At the resumed hearing of the case on Monday, the EFCC counsel, Temitope Banjo, expressed surprise at the defendants’ absence, despite having been served with the charges and court papers.

Banjo alleged that the second and third defendants, Akinyemi and Eziashi Stephen, are aware of the trial but are currently on the run.

He claimed that their absence is not due to lack of notice.

The prosecutor then urged the court for an adjournment to allow him to file applications to prove proper service to the defendants.

Justice Oshodi, after considering the prosecution’s submission, granted the adjournment and fixed April 21 for further hearing.

The charges accuse the defendants of multiple offences, including fraudulent conversion, retention of proceeds of crime, forex malpractice, and money laundering involving about N4.29 billion, allegedly linked to Energy Shield Petrochemical Limited.

The EFCC alleged that, between September 14, 2022, and March 20, 2023, in Lagos, the defendants conspired to sell foreign exchange at rates above those set by the Central Bank of Nigeria, and then retained and laundered the proceeds of these illegal transactions.

The offences are said to violate provisions of the Economic and Financial Crimes Commission (Establishment) Act and the Criminal Law of Lagos State.