United Bank for Africa Plc (UBA) and four other defendants are scheduled to face arraignment before a Lagos State Special Offences Court on October 22 over allegations involving foreign exchange violations and financial transactions valued at approximately ₦4.29 billion.

The development follows an order by Justice Rahman Oshodi authorising the Economic and Financial Crimes Commission (EFCC) to serve the bank and the other defendants through substituted means after their absence delayed earlier proceedings.

The case involves a four-count charge bordering on alleged foreign exchange violations, concealment of proceeds suspected to be unlawful, retention of alleged criminal proceeds and money laundering.

The other defendants are Muyiwa Akinyemi, Amangbo Eziashi-Stephen, Geeos Global Service Limited and Fedat Global Limited.

According to the EFCC’s allegations, 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.

In another count, the commission alleges that ₦4,290,112,796.72 was held in a UBA account in September 2022 and that the funds were derived directly from unlawful activities. These allegations have yet to be established before the court.

Justice Oshodi granted the substituted-service application after EFCC counsel, Temitope Banjo, told the court that the defendants’ absence had stalled the arraignment.

The judge authorised the prosecution to paste the charge and accompanying documents at 19 Nnebue House, Festac, and 57 Marina Street, Lagos, or at other addresses known to the commission.

He also directed the EFCC to file affidavits confirming compliance with the order before the next hearing. However, the judge declined a separate request to serve lawyers representing some of the defendants, striking out that part of the application because the relief sought was unclear.

The proceedings had earlier stalled on June 3, 2026, when the defendants failed to appear for arraignment.

At the earlier hearing, Banjo maintained that the prosecution had served the relevant documents and filed affidavits of service. He also told the court that the commission had made efforts to arrest Akinyemi and Eziashi-Stephen over alleged breaches of their administrative bail conditions.

However, Adewale Kamourudeen, who represented UBA and the two individual defendants at the hearing, disputed the prosecution’s position on service. He told the court that his clients had not received the charge or hearing notices and had learnt about the proceedings through newspaper reports.

Kamourudeen said he needed to examine the court file to establish the nature of the proof of service being relied upon by the EFCC. Banjo, on his part, stated that UBA’s compliance officer, Chima Okugbo, had received the documents on behalf of the bank and the two officials.

The latest court order seeks to address the dispute over service and facilitate the next stage of the proceedings. The October 22 hearing is expected to provide an opportunity for the arraignment to proceed, subject to compliance with the court’s directions.

The allegations place UBA, one of Nigeria’s major financial institutions, in the spotlight over questions concerning foreign exchange transactions and alleged financial irregularities. However, the court has not determined the merits of the charge, and the allegations against the bank and the other defendants remain unproven.

The prosecution will be required to establish its case through admissible evidence, while the defendants retain their right to defend themselves in court.