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| Accused. |
The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC), Ikoyi, Lagos, on Tuesday, March 3, 2026, arraigned two bank officials, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, over an alleged $306,667.81 and €50,250 fraud before Justice Ismaila Ijelu of the Lagos State High Court sitting in Ikeja.
The defendants, who are both top officials of
FSDH Merchant Bank Limited, were arraigned on a 10-count charge bordering on
alleged stealing and retention of stolen property to the tune of $306,667.81
and €50,250.
The petitioner, FSDH Merchant Bank Limited, alleged
that an internal audit uncovered unauthorized debits totaling $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.
Investigations revealed that the defendants processed
fraudulent transfers through 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 the charges
preferred against them.
Following their pleas, prosecution counsel, H.
U. Kofarnaisa, asked the court for a trial date and also prayed that the
defendants be remanded 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 been filed on behalf of the defendants and also urged the court to
grant them bail on liberal terms.
They also prayed that the defendants be remanded in
the EFCC custody pending the perfection of their bail conditions.
The prosecution counsel, however, opposed the prayers
of the defence seeking the remand of the defendants in the EFCC custody,
saying that “the EFCC detention facilities are overstretched.”
After listening to both parties, Justice Ijelu granted
the defendants bail in the sum of N2 million each, with two sureties in like
sum.
The court ordered that one of the sureties must
be a relative, who is gainfully employed.
The sureties must provide evidence of tax
payment in the last three years and must show proof of livelihood, with their
residences verified.
The defendants were ordered to deposit their
international passports with the court, and must not travel outside the country
without the leave of the court.
The judge subsequently remanded the defendants in a
Correctional facility pending the perfection of their bail conditions.
Justice Ijelu adjourned the matter till March 25,
2026, for the commencement of trial.
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