The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC), Ikoyi, on Tuesday, March 3, 2026, arraigned two senior officials of FSDH Merchant Bank Limited, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, before Justice Ismaila Ijelu of the Lagos State High Court sitting in Ikeja over an alleged fraud involving $306,667.81 and €50,250.
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The defendants were docked on a 10-count charge bordering on alleged stealing and retention of stolen property amounting to $306,667.81 and €50,250, equivalent to N527,406,916.66.
According to the prosecution, the bank, which petitioned the EFCC, discovered through an internal audit that unauthorized debits totaling the foreign currency sums were made from its Letters of Credit (LC) payable accounts.
Investigations reportedly revealed that the defendants processed fraudulent transfers through the SWIFT platform to third parties.
One of the charges alleged that the defendants, sometime in 2021 in Lagos, dishonestly took N527,406,916.66, property of FSDH Merchant Bank Limited, within the jurisdiction of the court. Another count accused them of dishonestly taking $306,667.81 belonging to the bank.
Both defendants pleaded “not guilty” to all charges when they were read to them.
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.
Counsel to the defendants, Oluwaseun Akintunde and Olajide S. Onasanya, informed the court that bail applications had already been filed and urged the court to grant bail on liberal terms. They also sought an order remanding the defendants in EFCC custody pending the perfection of bail conditions.
The prosecution opposed the request for EFCC custody, arguing that the Commission’s detention facilities were overstretched.
After hearing both sides, Justice Ijelu granted the defendants bail in the sum of N2 million each, with two sureties in like sum. The court ordered that one of the sureties must be a gainfully employed relative. The sureties are required to provide evidence of tax payments for the last three years, proof of livelihood, and must have their residences verified.
The court also directed the defendants to deposit their international passports and prohibited them from traveling outside the country without prior approval.
Pending the perfection of their bail conditions, the defendants were remanded in a correctional facility.
The matter was adjourned until March 25, 2026, for the commencement of trial.
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