N4.29bn Forex Fraud Case Stalls as Defendants Fail to Appear in Lagos Court
A high-profile fraud case involving allegations of forex racketeering and money laundering worth N4.29 billion has stalled after a commercial bank and four co-defendants failed to appear for their arraignment at the Lagos State Special Offences Court. The Economic and Financial Crimes Commission (EFCC) had brought the defendants before Justice Rahman Oshodi on multiple charges including conspiracy, stealing, retention of proceeds of crime, and money laundering.
Background and Context
The case highlights ongoing challenges in Nigeria's efforts to combat financial crime in its foreign exchange market, where strict controls by the Central Bank of Nigeria have historically created opportunities for illegal arbitrage. The EFCC, established under the Economic and Financial Crimes Commission (Establishment) Act, has been increasingly active in prosecuting forex-related violations as Nigeria struggles with currency stability and foreign exchange shortages.
Key Figures and Entities
The defendants include an unnamed commercial bank, individuals Muyiwa Akinyemi and Amangbo Eziashi Stephen, and two corporate entities—Gesos Global Service Limited and Fedat Global Limited. According to EFCC counsel Temitope Banjo, Akinyemi and Eziashi Stephen are aware of the proceedings but are currently evading court appearance. The case is connected to Energy Shield Petrochemical Limited, though the exact nature of this connection remains unclear from court documents.
Legal and Financial Mechanisms
The four-count charge alleges that between September 14, 2022, and March 20, 2023, the defendants conspired to sell foreign exchange at rates exceeding those officially set by the Central Bank of Nigeria. They then allegedly retained and laundered the proceeds from these illegal transactions. The charges span violations of both federal EFCC legislation and the Criminal Law of Lagos State, reflecting the multi-jurisdictional nature of financial crime prosecution in Nigeria. The total amount involved—N4.29 billion—underscores the scale of the alleged operation.
International Implications and Policy Response
The case emerges amid broader concerns about Nigeria's forex market integrity and its impact on foreign investment. The failure of defendants to appear in court, despite being served with charges, raises questions about enforcement mechanisms and the effectiveness of Nigeria's anti-money laundering framework. International partners have repeatedly urged Nigeria to strengthen its financial crime prosecution capabilities as part of broader efforts to improve transparency and combat illicit financial flows. The outcome of this case could signal whether Nigerian authorities can successfully prosecute complex financial crimes involving sophisticated corporate structures.
Sources
This report draws on court documents from the Lagos State Special Offences Court, EFCC charge sheets filed on April 11, 2025, and contemporary news coverage of Nigerian financial crime prosecutions. The information reflects the status of proceedings as of the adjourned hearing date.
