Two senior officials of FSDH Merchant Bank Limited, Bakare Oladimeji Surajudeen and James Olukayode Imokwede have been arraigned by the Economic and Financial Crimes Commission (EFCC), over an alleged $306,667.81 and €50,250 fraud.
The defendants were docked on a 10-count charge bordering on alleged stealing and retention of stolen property amounting to $306,667.81 and €50,250 before Ismaila Ijelu of the Lagos State High Court sitting in Ikeja, Lagos.
According to the petitioner, FSDH Merchant Bank Limited, an internal audit revealed unauthorised debits totalling $306,667.81 and €50,250 — equivalent to N527,406,916.66 (Five Hundred and Twenty-Seven Million, Four Hundred and Six Thousand, Nine Hundred and Sixteen Naira, Sixty Six kobo) — from its Letters of Credit (LC) payable accounts.
Further investigations showed that the defendants allegedly processed fraudulent transfers via the SWIFT platform to third parties.
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 reads: “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 brought against them.
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 already been filed and appealed for bail on liberal terms. They also sought an order remanding the defendants in EFCC custody pending the perfection of their bail conditions.
The prosecution opposed the request to keep the defendants in EFCC custody, arguing that “the EFCC detention facilities are overstretched.”
After hearing both sides, Justice Ijelu granted bail to each defendant 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 also required to provide evidence of tax payments for the past three years and proof of livelihood, with their residences subject to verification.
The defendants were ordered to deposit their international passports with the court and are prohibited from travelling outside the country without the court’s permission.
Justice Ijelu subsequently remanded the defendants in a correctional facility pending the fulfilment of their bail conditions and adjourned the case to March 25, 2026, for the commencement of trial.
