The Economic and Financial Crimes Commission (EFCC) has arraigned two officials of FSDH Merchant Bank Limited over alleged fraudulent transactions amounting to $306,667.81 and €50,250 (approximately ₦527 million).
The defendants, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, appeared before Justice Ismaila Ijelu of the Lagos State High Court, Ikeja, on Tuesday, March 3, 2026.
10-Count Charge of Stealing and Retention of Stolen Property
According to the EFCC, the bank’s internal audit uncovered unauthorised debits processed through the SWIFT platform, allegedly transferring funds to third parties. The charges include stealing and retaining stolen property belonging to FSDH Merchant Bank Limited.
One of the court charges read:
“Dishonestly took the sum of ₦527,406,916.66, property of FSDH Merchant Bank Limited.”
Both defendants pleaded not guilty to all charges. Following their plea, the prosecution requested trial dates and sought that the defendants be remanded pending trial.
Court Grants Bail Amid Strict Conditions
Defence lawyers Oluwaseun Akintunde and Olajide S. Onasanya applied for bail, which Justice Ijelu granted with strict conditions:
- Each defendant must pay ₦2 million and provide two sureties in like sum.
- One surety must be a gainfully employed relative with evidence of tax payment for the last three years.
- Defendants must deposit international passports and are barred from travelling abroad without court permission.
The defendants were subsequently remanded in a correctional facility pending the perfection of bail conditions.
The court adjourned the matter to March 25, 2026, for the commencement of trial.
