United_Bank_for_Africa N4.29bn Forex Fraud Arraignment Stalled

United Bank for Africa (UBA), along with two of its senior officials, Muyiwa Akinyemi and Amangbo Eziashi Stephen, and two companies, Calvados Global Services Limited and Pela Global Limited, are facing a four-count charge by the Nigeria — Economic and Financial Crimes Commission (EFCC) for alleged N4.29 billion foreign exchange fraud, concealment of proceeds of unlawful activities, retention of criminal proceeds, and money laundering. The arraignment before Justice Rahman Oshodi of the Nigeria — Lagos State Special Offences Court was stalled due to the absence of the defendants. The EFCC alleges that the defendants conspired to sell foreign exchange above the rates stipulated by the Nigeria — Central Bank of Nigeria and concealed the illicit funds in a United Bank for Africa account. The prosecution claims the defendants were duly served, but the defense counsel argues otherwise, stating his clients only learned of the charges through media reports. The court has adjourned the matter to June 16, 2026, for further proceedings.