UBA, Officials Absent as EFCC Seeks Arraignment Over ₦4.29bn Forex Fraud

Nigeria’s anti-graft agency told the Lagos State Special Offences Court in Ikeja that United Bank for Africa Plc and four individuals face four counts, including selling forex above Central Bank rates, concealing unlawful proceeds and money laundering involving ₦4.29 billion. When the case was called on Wednesday, neither UBA nor the other defendants appeared. EFCC prosecutor T.J. Banjo said all parties had been properly served. But counsel for UBA and two officials, Adewale Kamourudeen, argued they only learned of the charges from media reports and denied any formal service. Banjo maintained that UBA’s compliance officer had accepted the court papers. With the defence refusing to acknowledge service, Justice Rahman Oshodi adjourned proceedings to June 16, 2026 for report of service, arraignment and further hearing.

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