The Economic and Financial Crimes Commission (EFCC) has arraigned two senior officials of FSDH Merchant Bank Limited, Bakare Oladimeji Surajudeen and James Olukayode Imokwede before a Lagos State High Court in Ikeja on charges related to an alleged fraud involving $306,667.81 and €50,250.
The arraignment took place on Tuesday, March 3, 2026, before Justice Ismaila Ijelu. The defendants faced a 10-count charge accusing them of stealing and unlawfully retaining the bank's property.
According to the EFCC, the case originated from a petition by FSDH Merchant Bank following an internal audit that revealed unauthorized debits from its Letters of Credit (LC) payable accounts.
The total amount involved equates to approximately ₦527,406,916.66.Investigations showed that the accused allegedly processed fraudulent transfers via the SWIFT platform to third-party accounts.
One count in the charge sheet states: “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 ₦527,406,916.66 (Five Hundred and Twenty-Seven Million, Four Hundred and Six Thousand, Nine Hundred and Sixteen Naira, Sixty-Six Kobo), property of FSDH Merchant Bank Limited.”
Another count specifically addresses the dollar amount: “That you Bakare Oladimeji Surajudeen and James Olukayode Imokwede sometime in 2021 in Lagos within the jurisdiction of this Honourable Court dishonestly took sum of $306,667.81 (Three Hundred and Six Thousand, Six Hundred and Sixty-Seven dollars, Eighty-One cents) property of FSDH Merchant Bank Limited.”
Both defendants pleaded not guilty to all charges.Prosecuting counsel H. U. Kofarnaisa requested a trial date and urged the court to remand the defendants in a correctional facility pending trial.
Defense counsels Oluwaseun Akintunde and Olajide S. Onasanya filed bail applications, seeking liberal bail terms and temporary remand in EFCC custody while bail conditions were perfected.
The prosecution opposed remand in EFCC custody, citing overstretched facilities.After hearing arguments, Justice Ijelu granted each defendant bail in the sum of ₦2 million with two sureties in like sum.
One surety must be a gainfully employed relative, and both sureties must provide evidence of tax payments for the last three years, proof of livelihood, and verifiable residential addresses.
The defendants were also ordered to deposit their international passports with the court and barred from traveling abroad without court permission.Pending fulfillment of bail conditions, the judge remanded them in a correctional facility.
The case was adjourned to March 25, 2026, for the start of trial.
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