There is considerable interest in understanding the magnetoelectric effect with the aim of developing technological applications. Until recently this has been limited to insulating systems, but the observation of a toroidal moment in metallic UNi4B opens up a new field of research. This material was previously studied in the 1990s, which revealed an unusual magnetic structure, leaving many open questions about its origins. With new interest in this material, we believe the time is ripe to reinvestigate the spin excitations in the system, as a preliminary step towards investigating their behaviour in applied magnetic and electric fields in the future. The detailed analysis of the magnetic excitations may allow the exchange interactions to be determined and thus be used to distinguish between the different proposed mechanisms for the toroidal magnetic order