Lagos bank officials face fraud charges over millions in unauthorized transfers
The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC), Ikoyi, arraigned two senior officials of FSDH Merchant Bank Limited, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, over alleged fraud involving $306,667.81 and €50,250. The arraignment took place on Tuesday, March 3, 2026, before Justice Ismaila Ijelu of the Lagos State High Court in Ikeja.
The defendants were charged on 10 counts, including stealing and retention of stolen property. FSDH Merchant Bank, the petitioner, alleged that an internal audit uncovered unauthorized debits from its Letters of Credit (LC) payable accounts, amounting to $306,667.81 and €50,250—equivalent to N527,406,916.66.
Investigations revealed that the bank officials allegedly processed fraudulent transfers through the SWIFT platform to third-party accounts. One of the counts stated that the defendants dishonestly took N527,406,916.66 belonging to the bank, while another cited the misappropriation of $306,667.81.
Both defendants pleaded “not guilty” to all charges. Prosecution counsel, H. U. Kofarnaisa, requested a trial date and that the accused be remanded in a correctional facility pending trial.
Defence lawyers Oluwaseun Akintunde and Olajide S. Onasanya filed bail applications, urging the court to grant bail on liberal terms and requesting that the defendants be remanded in EFCC custody while their bail conditions were perfected.
The prosecution opposed remand in EFCC custody, citing overstretched detention facilities. After considering both sides, Justice Ijelu granted bail of N2 million each, with two sureties in like sum. One surety must be a gainfully employed relative, provide evidence of tax payment for the past three years, and proof of livelihood, with residences verified.
The court also ordered the defendants to deposit their international passports and barred them from travelling outside Nigeria without court permission. They were remanded in a correctional facility pending the perfection of their bail conditions.
The trial was adjourned to March 25, 2026, for commencement.
