The Economic and Financial Crimes Commission (EFCC) has initiated a significant legal battle against the United Bank for Africa (UBA) and several individuals and companies, alleging a massive forex fraud scheme. According to the assessment of specialists presented in the publication, the case, which involves a staggering 43 billion naira, highlights ongoing concerns about financial misconduct in Nigeria's banking sector.
EFCC Charges UBA and Others with Foreign Currency Offenses
The EFCC has charged UBA, along with
- Gesos Global Service Ltd
- Fedat Global Ltd
- individual Muyiwa Akinyemi
- Amangbo Stephen
Allegations of Illegal Currency Conversion
The commission claims that the defendants illegally converted 43 billion naira belonging to Energy Shield Petrochemical Ltd during these transactions. The charges against them include
- conspiracy
- theft
- money laundering
- possession of proceeds from illegal activities
Court Proceedings Adjourned
During the initial court session at the Ikeja Special Offences Court in Lagos, the case could not proceed as none of the defendants appeared. The court has adjourned the proceedings to April 21, allowing time for the EFCC to ensure all parties are properly notified. Justice Rahman Oshodi granted the prosecution's request for additional time, and the court is expected to formally arraign the accused at the next hearing.
In light of the recent legal actions taken by the EFCC against UBA for forex fraud, experts have clarified the implications of the newly introduced 7.5% VAT on banking services in Nigeria. For more details, see VAT on banking.
