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The Economic and Financial Crimes Commission (EFCC) has charged a commercial bank and four other defendants at the Ikeja Special Offences Court, Lagos over alleged a ₦4.3 billion fraud.
The other defendants named in the charge include Muyiwa Akinyemi, Amangbo Stephen, Gesos Global Service Limited, and Fedat Global Limited.
When the matter was called on Monday, none of the defendants was present in court, nor was any legal representation made on their behalf.
As a result, the presiding judge, Justice Rahman Oshodi, adjourned the case until April 21, 2026, for the arraignment of the accused persons.
EFCC counsel, Temitope Banjo, who appeared in court, expressed surprise at the absence of the defendants, informing the court that all parties had been duly served with the charge and other court processes. He further disclosed that the second and third defendants were aware of the proceedings but were currently at large.
“My Lord, the second and third defendants are on the run. We are still making efforts and gathering intelligence on their whereabouts,” the prosecutor stated, stressing that their absence was not due to a lack of notice.
Mr. Banjo subsequently requested an adjournment to allow the commission to file the necessary applications to formally prove service on the defendants. Justice Oshodi granted the request and set April 21 for the arraignment.
According to the charge sheet, the defendants are facing a four-count charge that includes conspiracy, stealing, money laundering, and retention of proceeds of crime.
The alleged offences were said to have been committed between September 14, 2022, and March 20, 2023, in Lagos.
In one of the counts, the EFCC alleged that the defendants fraudulently converted and stole the sum of ₦4.3 billion belonging to Energy Shield Petrochemical Limited.
The anti-graft agency also accused the defendants of conspiring to sell foreign exchange above the rates stipulated by the Central Bank of Nigeria (CBN) and subsequently retaining and laundering the proceeds from the alleged illegal transactions.
The commission further claimed that the bank retained the sum in its account number NGN0991931102, an act it said contravenes Section 17 of the EFCC (Establishment, etc.) Act, 2004.
The alleged offences, according to the prosecution, also violate Sections 8 and 17(a) of the Advance Fee Fraud and Other Related Offences Act, 2006, as well as Sections 285 and 332(1) of the Criminal Law of Lagos State, 2015.
The case was adjourned for further proceedings.
