The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission has arraigned two staff of FSDH Merchant Bank Limited identified as Bakare Surajudeen and James Imokwede before the State High Court in Ikeja over an alleged $306,667.81 fraud involving unauthorized debits from the bank’s accounts.
The defendants both top officials of FSDH Merchant Bank Limited, were docked on a 10-count charge bordering on alleged stealing and retention of stolen property.
They were arraigned before Justice Ismaila Ijelu on Tuesday over the alleged fraudulent diversion of funds amounting to $306,667.81 and €50,250, equivalent to N527,406,916.66, said to belong to the bank.
According to the petitioner, FSDH Merchant Bank Limited, an internal audit uncovered unauthorized debits totaling the said sums from its Letters of Credit (LC) payable accounts.
Investigations reportedly revealed that the defendants processed the alleged fraudulent transfers through the SWIFT platform to third parties.
One of the counts 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, property of FSDH Merchant Bank Limited.”
Another count alleged that the defendants dishonestly took $306,667.81, property of the bank. The defendants pleaded not guilty to all the charges preferred against 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.
However, the first and second defendants counsel, Oluwaseun Akintunde and Olajide 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, stating that the agency’s detention facilities were overstretched.
In his ruling, Justice Ismail 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, provide evidence of tax payment for the last three years, and show proof of livelihood, with residences subject to verification.
The court also directed the defendants to deposit their international passports and barred them from travelling outside the country without leave of court.
They were subsequently remanded in a correctional facility pending the perfection of their bail conditions.
The matter was adjourned till March 25, 2026, for the commencement of trial.
