The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, on Tuesday, March 4, 2026, arraigned two senior bank officials over an alleged fraud involving $306,667.81 and €50,250 before 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 before Justice Ismaila Ijelu on a 10-count charge bordering on alleged stealing and retention of stolen property.
According to the EFCC, the case stemmed from a petition by FSDH Merchant Bank Limited following an internal audit which uncovered unauthorized debits totaling $306,667.81 and €50,250, equivalent to N527,406,916.66, from the bank’s Letters of Credit (LC) payable accounts.
Investigations by the anti-graft agency allegedly revealed that the defendants processed fraudulent transfers through the SWIFT platform to third parties.
James Olukayode Imokwede
One of the counts alleged that the defendants, sometime in 2021 in Lagos, dishonestly took N527,406,916.66, property of FSDH Merchant Bank Limited, within the jurisdiction of the court. Another count accused them of dishonestly taking $306,667.81 belonging to the bank.
The defendants pleaded not guilty to all the charges.
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.
Counsel to the first and second defendants, Oluwaseun Akintunde and Olajide S. Onasanya, informed the court that bail applications had been filed and appealed for liberal bail terms. They also prayed that the defendants be remanded in EFCC custody pending the perfection of bail conditions.
However, the prosecution opposed the request for EFCC custody, arguing that the commission’s detention facilities were overstretched.
In his ruling, Justice Ijelu granted each defendant bail in the sum of N2 million with two sureties in like sum. The court directed that one of the sureties must be a gainfully employed relative.
The sureties are required to provide evidence of tax payment for the last three years, show proof of livelihood, and have their residences verified. The defendants were also ordered to deposit their international passports with the court and were barred from travelling outside the country without prior approval.
The judge subsequently remanded the defendants in a correctional facility pending the perfection of their bail conditions.
The matter was adjourned to March 25, 2026, for commencement of trial.
