Alleged $306,667, €50,250 Fraud: EFCC Arraigns Two FSDH Bank Officials In Lagos

The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC), Ikoyi, on Tuesday, March 3, 2026, arraigned two senior bank officials over an alleged fraud involving $306,667.81 and €50,250 before Justice Ismaila Ijelu of 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, are facing a 10-count charge bordering on alleged stealing and retention of stolen property amounting to $306,667.81 and €50,250.

According to the petitioner, FSDH Merchant Bank Limited, an internal audit 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 further revealed that the defendants allegedly processed fraudulent transfers through the SWIFT platform to third parties.

One of the charges states that the defendants, sometime in 2021 in Lagos, dishonestly took N527,406,916.66, property of FSDH Merchant Bank Limited. Another count alleges that they dishonestly took $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. Defence counsel Oluwaseun Akintunde and Olajide S. Onasanya informed the court that bail applications had been filed and urged the court to grant bail on liberal terms. They also sought an order remanding the defendants in EFCC custody pending the perfection of bail conditions.

The prosecution opposed the request for EFCC custody, stating that the agency’s detention facilities are overstretched.

In his ruling, Justice Ijelu granted the defendants bail 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, 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 are barred from travelling outside the country without prior court approval.

They were subsequently remanded in a correctional facility pending the perfection of their bail conditions.

The matter was adjourned to March 25, 2026, for the commencement of trial.