By The Lagos Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) on Tuesday arraigned two senior officials of FSDH Merchant Bank Limited over alleged financial fraud amounting to $306,667.81 and €50,250.
The defendants, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, were brought before Justice Ismaila Ijelu of the Lagos State High Court in Ikeja on a 10-count charge bordering on stealing and retention of stolen property.
According to the EFCC, the alleged fraud was uncovered after the bank conducted an internal audit, which reportedly revealed unauthorised debits from its Letters of Credit (LC) payable accounts. Investigators alleged that the defendants processed suspicious transfers through the SWIFT banking platform to third parties.
The anti-graft agency told the court that the funds involved, said to be equivalent to over N527 million, were dishonestly taken from the bank in 2021.
Both defendants pleaded not guilty to the charges.
Following their pleas, prosecution counsel H. U. Kofarnaisa requested a trial date and asked the court to remand the defendants in a correctional facility pending trial. Defence counsel, Oluwaseun Akintunde and Olajide S. Onasanya, urged the court to grant bail on liberal terms and sought their clients’ remand in EFCC custody pending the fulfilment of bail conditions.
The prosecution opposed the request for EFCC custody, citing congestion at the commission’s detention facilities.
In his ruling, Justice Ijelu granted the defendants bail in the sum of N2 million each, with two sureties in like sum. He directed that one of the sureties must be a gainfully employed relative and must provide evidence of tax payment for the past three years, proof of livelihood and verified residential address.
The court also ordered 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, and the case was adjourned till March 25, 2026, for the commencement of trial.
