Rivers
MBA Forex Trial Adjourn To June 3, Amid Bereavement … As Court Declines Cost Application
Proceedings in the alleged Advance Fee Fraud case involving MBA Trading and Capital Investment Limited (MBA Forex) and its representatives were on Thursday adjourned by a Federal High Court sitting in Port Harcourt to June 3, 2026.
The defendants in the matter include Precious Williams, Glossolalia Nigeria Limited, Doxasterz Oil and Gas, alongside other parties standing trial over alleged fraud-related offences.
They are facing charges bordering on conspiracy, obtaining by false pretence, and related infractions under the Advance Fee Fraud and Other Fraud Related Offences Act, 2016.
At the resumed hearing, the first defendant, who is also representing the second to fourth defendants, was not present in court, a development that shaped the day’s proceedings.
Prosecuting counsel, Elijah Bakam, urged the court to proceed with the matter despite the absence, informing the court that a prosecution witness had travelled from Lagos to give evidence.
Bakam stated that the prosecution was ready to go on with the case and stressed the need to avoid further delays in the trial.
However, the defence counsel, Tochukwu Maduka (SAN), told the court that his client’s absence was due to a bereavement.
He explained that upon receiving the information, he promptly notified the prosecution and sought an adjournment to enable his client complete burial arrangements.
Maduka further noted that despite this communication, the prosecution insisted on proceeding, prompting him to file a formal application for adjournment.
Responding, the prosecution argued that the absence of the first defendant should not stall proceedings since the defence was duly represented in court.
Bakam also informed the court that the prosecution had made six previous appearances and requested that a cost of N500,000 be awarded to cover the expenses of the witness who travelled from Lagos.
In the ruling, the presiding judge, Justice S.I. Mark, granted the application for adjournment, fixing June 3, 2026, for continuation of hearing, while noting the circumstances surrounding the defendant’s absence.
The court, however, declined the prosecution’s request for cost, effectively dismissing the application for financial compensation.
The case arose from a petition filed in April 2021 by victims of MBA Forex to the Economic and Financial Crimes Commission (EFCC), seeking intervention in the recovery of their funds.
Following the petition, the anti-graft agency instituted legal action against the defendants on behalf of thousands of affected investors, with proceedings still ongoing.
King Onunwor