EFCC arraigns two bank officials over alleged $306,667, €50,250 fraud
EFCC Charges Bank Officials with Fraud
The Economic and Financial Crimes Commission (EFCC) has charged two officials of FSDH Merchant Bank Limited in connection with an alleged fraud involving approximately $306,667.81 and €50,250.
The defendants, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, appeared before Justice Ismaila Ijelu at the Lagos State High Court in Ikeja on Tuesday, March 3, 2026. They face a 10-count indictment related to stealing and retention of stolen property belonging to the bank.
In a statement released by the EFCC, FSDH Merchant Bank Limited reported that an internal audit revealed unauthorized debits amounting to a total of ₦527,406,916.66. The commission indicated that its investigation found these transfers were allegedly processed through the SWIFT platform to various third parties.
One of the charges presented in court stated that the defendants “dishonestly took the sum of ₦527,406,916.66, property of FSDH Merchant Bank Limited.” Both defendants pleaded not guilty to the charges.
Following their pleas, prosecution counsel H.U. Kofarnaisa requested a trial date and sought to have the defendants remanded in custody pending trial. Defense attorneys Oluwaseun Akintunde and Olajide S. Onasanya informed the court that bail applications had been submitted and requested that bail be granted under flexible terms.
After considering the arguments from both sides, Justice Ijelu granted bail to each defendant in the amount of ₦2 million, with two sureties of the same sum. One surety must be a relative who is gainfully employed and must present proof of tax payments for the last three years, along with evidence of financial stability.
Additionally, the court ordered the defendants to surrender their international passports and prohibited them from traveling abroad without prior court approval. They were subsequently remanded while awaiting the fulfillment of their bail conditions.
The trial is set to begin on March 25, 2026.
