Delay in ₦4.29 Billion UBA Fraud Case Due to Failure to Arraign Accused Persons

The ₦4.29 billion fraud case involving the United Bank for Africa (UBA) has been stalled due to the failure to arraign the accused persons. The case, which includes allegations of money laundering and foreign exchange racketeering, involves UBA, Muyiwa Akinyemi, Amangbo Eziashi Stephen, and two other defendants.

The Economic and Financial Crimes Commission (EFCC) instituted the case before Justice Rahman Oshodi of the Crimin Division of the High Court in Ikeja, Lagos State. The defendants are facing multiple counts related to fraudulent conversions, money laundering, and illegal transactions amounting to ₦4,290,112,796.72.

Despite the court proceedings scheduled for a specific date, the accused individuals did not appear, prompting an adjournment to April 21, 2026, for their arraignment.