The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC), Ikoyi, on Tuesday arraigned two bank officials over an alleged $306,667.81 and €50,250 fraud before Justice Ismaila Ijelu of the Lagos State High Court sitting in Ikeja.
The defendants, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, both top officials of FSDH Merchant Bank Limited, were docked on a 10-count charge bordering on alleged stealing and retention of stolen property.
According to the EFCC, an internal audit by the bank uncovered unauthorized debits totaling $306,667.81 and €50,250—equivalent to N527,406,916.66—from its Letters of Credit (LC) payable accounts.
Investigations allegedly revealed that the defendants processed fraudulent transfers through the SWIFT platform to third parties.
One of the counts alleged that the defendants, in 2021 in Lagos, dishonestly took N527,406,916.66 belonging to FSDH Merchant Bank Limited. Another count accused them of dishonestly taking $306,667.81, also said to be the property of the bank.
The defendants pleaded not guilty to all the charges.
Following their pleas, prosecution counsel H. U. Kofarnaisa asked the court for 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 and urged the court to grant bail on liberal terms. They also requested that the defendants be remanded in EFCC custody pending the perfection of their 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, who must provide evidence of tax payments for the last three years and proof of livelihood, with their residences subject to verification.
The defendants were also ordered to deposit their international passports with the court and were barred from travelling outside the country without the court’s permission.
The judge subsequently remanded them in a correctional facility pending the perfection of their bail conditions and adjourned the matter until March 25, 2026, for commencement of trial.
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