The Economic and Financial Crimes Commission has arraigned two officials of FSDH Merchant Bank Limited over an alleged fraud involving $306,667.81 and €50,250.
The defendants, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, were on March 3, 2026, brought before Ismaila Ijelu at the Lagos State High Court in Ikeja.
According to the EFCC, the defendants face a 10-count charge bordering on alleged stealing and retention of stolen property belonging to the bank. An internal audit reportedly uncovered unauthorised debits totalling $306,667.81 and €50,250, equivalent to N527.4 million, allegedly transferred to third parties through the SWIFT platform.
The defendants pleaded not guilty to all charges.
Justice Ijelu granted them bail of N2 million each with two sureties, one of whom must be a gainfully employed relative with proof of tax payment for the last three years. They were also ordered to deposit their international passports and barred from travelling outside Nigeria without court permission.
Both defendants were remanded in a correctional facility pending the perfection of their bail conditions, while the case was adjourned to March 25, 2026, for trial.
