The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC), Ikoyi, on Tuesday, 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 — are top officials of FSDH Merchant Bank Limited. They were docked before Justice Ismaila Ijelu on a 10-count charge bordering on alleged stealing and retention of stolen property amounting to $306,667.81 and €50,250.
According to the EFCC, the petitioner, FSDH Merchant Bank Limited, discovered through an internal audit that unauthorized debits totaling $306,667.81 and €50,250 — equivalent to N527,406,916.66 — were made from its Letters of Credit (LC) payable accounts.
Investigations by the anti-graft agency allegedly revealed that the defendants processed fraudulent transfers to third parties through the SWIFT platform.
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 (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 states:
“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.”
The defendants pleaded “not guilty” to all charges.
Following their pleas, prosecution counsel, H. U. Kofarnaisa, asked the court for a trial date and urged that the defendants be remanded 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 already been filed and appealed for bail on liberal terms. They also requested that the defendants be remanded in EFCC custody pending the perfection of their bail conditions.
However, the prosecution opposed the request for EFCC custody, arguing that “the EFCC detention facilities are overstretched.”
In his ruling, Justice Ijelu granted bail to the defendants 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. The sureties are also required to provide evidence of tax payment for the last three years, show proof of livelihood, and have their residences verified.
The court further directed the defendants to deposit their international passports and barred them from travelling outside the country without leave of court.
Pending the perfection of their bail conditions, the judge ordered that the defendants be remanded in a correctional facility.
The matter was adjourned until March 25, 2026, for the commencement of trial.