The Economic and Financial Crimes Commission (EFCC) Lagos Zonal Directorate 1, Ikoyi, arraigned two senior officials of FSDH Merchant Bank Limited in a Lagos State High Court sitting in Ikeja on Tuesday, March 3, 2026, on charges arising from alleged large-scale fraud.
The defendants, identified as Bakare Oladimeji Surajudeen and James Olukayode Imokwede, were each charged on a combined 10-count indictment alleging stealing and retention of stolen property involving foreign currency transactions.
EFCC said the case followed an internal audit by FSDH Merchant Bank that uncovered unauthorized debits totaling $306,667.81 and €50,250 from the bank’s Letters of Credit payable accounts.
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The commission’s investigation allegedly showed that the two officials processed fraudulent transfers out of the accounts using the SWIFT platform to third parties without authorization or bank sanction.
One of the charges presented in court accused Surajudeen and Imokwede of dishonestly taking N527,406,916.66 – the naira equivalent of the foreign currency sums belonging to their employer, FSDH Merchant Bank Limited, within the jurisdiction of the court in Lagos in 2021.
Another count specifically referenced the unauthorized taking of $306,667.81, also described as the bank’s property.
When the charges were read before Justice Ismaila Ijelu of the Lagos State High Court, the defendants entered not guilty pleas to all counts.
The prosecution, led by counsel H. U. Kofarnaisa, asked the court to fix a trial date and sought that both defendants be remanded in custody pending trial.
Defense lawyers Oluwaseun Akintunde and Olajide S. Onasanya informed the court that bail applications had been filed and asked that the defendants remain in EFCC custody to perfect bail conditions.
The prosecution opposed EFCC custody, stating that the agency’s detention facilities were overstretched.
Justice Ijelu granted bail to each defendant in the sum of N2 million, with two sureties in like sum. The court specified that one surety must be a gainfully employed relative who can provide proof of tax compliance over the last three years and demonstrate a stable livelihood, with residence subject to verification.
The defendants were ordered to deposit their international passports and were barred from traveling outside Nigeria without court approval. They were remanded in a correctional facility to perfect their bail conditions.
The matter was adjourned for trial commencement on March 25, 2026. EFCC’s statement noted this prosecution forms part of broader anti-graft activity, referencing similar recent arraignments of senior officials from other federal agencies and companies on fraud and money-laundering charges.
Source: Nairametrics
