The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC), Ikoyi, on Tuesday arraigned two bank officials, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, before Ismaila Ijelu of the Lagos State High Court sitting in Ikeja over an alleged fraud involving $306,667.81 and €50,250.
The defendants, said to be top officials of FSDH Merchant Bank Limited, were docked on a 10-count charge bordering on alleged stealing and retention of stolen property amounting to $306,667.81 and €50,250.
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According to the prosecution, the bank petitioned the EFCC following the discovery of unauthorized debits uncovered during an internal audit. The alleged fraudulent transactions, totaling $306,667.81 and €50,250 — equivalent to N527,406,916.66 — were reportedly withdrawn from the bank’s Letters of Credit (LC) payable accounts.
Investigations further revealed that the defendants allegedly processed fraudulent transfers to third parties through the SWIFT platform.
One of the charges reads:
“That you, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, sometime in 2021 in Lagos within the jurisdiction of this Honourable Court, dishonestly took the sum of N527,406,916.66 (Five Hundred and Twenty-Seven Million, Four Hundred and Six Thousand, Nine Hundred and Sixteen Naira, Sixty Six kobo), property of FSDH Merchant Bank Limited.”
Another count states:
“That you, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, sometime in 2021 in Lagos within the jurisdiction of this Honourable Court, dishonestly took the sum of $306,667.81 (Three Hundred and Six Thousand, Six Hundred and Sixty Seven Dollars, Eighty One Cents), property of FSDH Merchant Bank Limited.”
The defendants pleaded not guilty to all charges preferred against them.
Following their pleas, prosecution counsel, H. U. Kofarnaisa, urged the court to fix a trial date and prayed that the defendants be remanded in a correctional facility pending trial.
Counsel to the first and second defendants, Oluwaseun Akintunde and Olajide S. Onasanya, informed the court that bail applications had been filed on behalf of their clients and urged the court to grant them bail on liberal terms. They also requested that the defendants be remanded in EFCC custody pending the perfection of their bail conditions.
The prosecution, however, opposed the request for EFCC custody, stating that the commission’s detention facilities were overstretched.
After hearing arguments from 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 also required to provide evidence of tax payment for the last three years, proof of livelihood, and verified residential addresses.
The defendants were further ordered to deposit their international passports with the court and barred from travelling outside the country without prior approval.
Pending the perfection of their bail conditions, the judge remanded them in a correctional facility.
The matter was adjourned till March 25, 2026, for the commencement of trial.
