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.
The Commission disclosed this in a statement posted on its official platform, noting that the defendants, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, were on Tuesday, March 3, 2026, arraigned before Justice Ismaila Ijelu of the Lagos State High Court, sitting in Ikeja.
According to the EFCC, the duo was docked on a 10-count charge bordering on alleged stealing and retention of stolen property belonging to FSDH Merchant Bank Limited.
The anti-graft agency stated that the bank, in its petition, alleged that an internal audit uncovered unauthorized debits totaling $306,667.81 and €50,250, equivalent to N527,406,916.66.
Investigations by the Commission reportedly revealed that the transfers were 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, H. U. Kofarnaisa, requested a trial date and urged the court to remand them in a correctional facility pending trial.
However, defence counsel, Oluwaseun Akintunde and Olajide S. Onasanya, informed the court that bail applications had already been filed and prayed the court to grant bail on liberal terms.
After hearing both parties, Justice Ijelu granted each defendant bail 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 who must present evidence of tax payment for the last three years and proof of livelihood. The defendants were also ordered to deposit their international passports with the court and were barred from travelling outside the country without prior approval.
They were subsequently remanded in a correctional facility pending the fulfilment of their bail conditions.
The case was adjourned till March 25, 2026, for the commencement of trial.