The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) on Tuesday arraigned two senior bank officials over an alleged fraud involving $306,667.81 and €50,250 before the Lagos State High Court.
The defendants, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, both officials of FSDH Merchant Bank Limited, were docked before Justice Ismaila Ijelu on a 10-count charge bordering on alleged stealing and retention of stolen property.
According to the EFCC, the bank, as petitioner, uncovered through an internal audit unauthorised debits totalling $306,667.81 and €50,250 — equivalent to N527,406,916.66 — from its Letters of Credit (LC) payable accounts.
Investigations by the Commission allegedly revealed that the defendants processed fraudulent transfers through the SWIFT platform to third parties.
One of the counts alleges that the defendants, sometime in 2021 in Lagos, dishonestly took the sum of N527,406,916.66, property of FSDH Merchant Bank Limited. Another count accuses them of dishonestly taking $306,667.81 belonging to the bank within the court’s jurisdiction.
The defendants pleaded not guilty to all charges.
Following their pleas, prosecution counsel, H. U. Kofarnaisa, requested a trial date and urged the court to remand the defendants in a correctional facility pending trial. Defence counsel, Oluwaseun Akintunde and Olajide S. Onasanya, informed the court that bail applications had been filed and sought liberal bail terms. They also requested that the defendants be remanded in EFCC custody pending the perfection of bail conditions.
The prosecution opposed the request for EFCC custody, stating that the Commission’s detention facilities were overstretched.
In his ruling, Justice Ijelu granted bail to each defendant in the sum of N2 million with two sureties in like sum. The court ordered that one surety must be a gainfully employed relative. The sureties are required to provide evidence of tax payment for the past three years, proof of livelihood, and submit to verification of their residential addresses.
The defendants were also directed to deposit their international passports with the court and prohibited from travelling outside the country without judicial approval.
Pending the fulfilment of the bail conditions, the court ordered that the defendants be remanded in a correctional facility. The matter was adjourned until March 25, 2026, for commencement of trial.
