An Ikeja Special Offences Court has authorised the Economic and Financial Crimes Commission (EFCC) to serve court documents on United Bank for Africa Plc (UBA) and other defendants through substituted means in a case involving alleged N4.29bn foreign exchange fraud.
Justice Rahman Oshodi granted the order after considering an ex parte application by the EFCC, following the defendants’ failure to appear for arraignment.
The other defendants are Muyiwa Akinyemi, Amangbo Eziashi-Stephen, Gesos Global Service Ltd and Fedat Global Limited.
The judge directed the prosecution to paste the charge and accompanying court processes in a conspicuous place at 19 Nnebue House, 57 Marina, Festac Island, Lagos, or another address known to the commission.
Oshodi said the proposed method of service offered reasonable assurance that the proceedings would come to the defendants’ attention.
“I have considered the supporting affidavit, and I’m satisfied that the first proposed mode of service … provides reasonable assurance that the proceedings will come to their attention,” he said.
The judge, however, rejected a separate request to serve counsel representing some of the defendants, describing the relief as unclear and striking it out.
He said service carried out through the approved method would be recognised under Section 88 of the Administration of Criminal Justice Law of Lagos State.
The court adjourned the case until October 22, 2026, for arraignment and directed the prosecution to file affidavits before the next hearing.
Earlier, EFCC counsel, Temitope Banjo, had urged the court to approve substituted service after the defendants failed to appear for arraignment. The proceedings had also stalled on June 3 because of their absence.
The EFCC filed a four-count charge bordering on foreign exchange infractions, concealment of proceeds of unlawful activities, retention of criminal proceeds and money laundering.
In one of the counts, the commission alleged that the defendants conspired between September 14, 2022, and March 20, 2023, to sell foreign exchange at rates above those stipulated by the Central Bank of Nigeria.
The EFCC further alleged that proceeds from the transactions were retained and laundered.
The allegations have yet to be determined by the court.
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