UBA Faces EFCC Court Case Over N4.2 Billion Fraud

The Economic and Financial Crimes Commission (EFCC) has filed a case against United Bank for Africa Plc (UBA) and four other defendants, including Muyiwa Akinyemi and Stephen Ezeashi, over an alleged N4.2 billion foreign exchange fraud. The case was brought before Justice Rahman Oshodi at the Lagos State Special Offences Court in Ikeja.

The EFCC has charged the defendants with four counts related to conspiracy and money laundering, alleging that they concealed proceeds from unlawful activities amounting to N4,290,112,796.72. The alleged offenses occurred between September 14, 2022, and March 20, 2023, involving the sale of foreign exchange above the rates stipulated by the Central Bank of Nigeria.

During the court proceedings, prosecuting counsel T.J. Banjo noted that some defendants failed to appear despite being served with court processes.

The case has been adjourned until June 16, 2026, to allow for further proceedings.