The Economic and Financial Crimes Commission (EFCC) has arraigned two officials of FSDH Merchant Bank Limited over an alleged fraud involving $306,667.81 and €50,250.
According to a statement issued by the commission, the defendants — Bakare Oladimeji Surajudeen and James Olukayode Imokwede — were on Tuesday, March 3, 2026, brought before Justice Ismaila Ijelu of the Lagos State High Court sitting in Ikeja.
The EFCC said the duo were arraigned on a 10-count charge bordering on alleged stealing and retention of stolen property belonging to FSDH Merchant Bank Limited.
The commission stated that an internal audit by the bank uncovered unauthorized debits totaling $306,667.81 and €50,250, equivalent to N527,406,916.66. It added that investigations showed the transactions were allegedly processed through the SWIFT platform to third parties.
One of the charges read in court alleged that the defendants “dishonestly took the sum of N527,406,916.66, property of FSDH Merchant Bank Limited.”
The defendants pleaded not guilty to all counts. Following their plea, prosecution counsel requested a trial date and asked the court to remand the defendants pending trial.
Counsel to the defendants applied for bail on liberal terms.
Justice Ijelu granted each defendant bail in the sum of N2 million with two sureties in like sum. The court ordered that one surety must be a gainfully employed relative with proof of tax payment for the past three years and evidence of lawful income.
The defendants were also directed to deposit their international passports with the court and were barred from travelling outside Nigeria without permission.
They were subsequently remanded in custody pending the perfection of their bail conditions. The matter was adjourned until March 25, 2026, for trial.
