The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission, Ikoyi, on Tuesday, March 3, 2026, arraigned two senior officials of FSDH Merchant Bank Limited over an alleged $306,667.81 and €50,250 fraud.
Bakare Oladimeji Surajudeen and James Olukayode Imokwede were docked before Justice Ismaila Ijelu of the Lagos State High Court sitting in Ikeja on a 10-count charge bordering on alleged stealing and retention of stolen property.
The commission said the prosecution followed a petition by the bank after an internal audit reportedly uncovered unauthorised debits from its Letters of Credit payable accounts.
The transactions, valued at $306,667.81 and €50,250, equivalent to N527,406,916.66 were allegedly processed without approval.
Investigators told the court that the defendants routed the disputed transfers through the SWIFT platform to third parties.
One of the counts alleges that the defendants, in 2021 in Lagos, dishonestly took N527,406,916.66 belonging to the bank.
Another charge accuses them of dishonestly taking $306,667.81, also said to be the bank’s property.The defendants pleaded not guilty.
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Following the pleas, prosecution counsel, H. U. Kofarnaisa, sought a trial date and asked that the defendants be remanded in a correctional facility pending trial.
Defence counsel, Oluwaseun Akintunde and Olajide S. Onasanya, informed the court that bail applications had been filed and urged the court to grant bail on liberal terms.
They also requested that the defendants be held in EFCC custody pending perfection of bail conditions.
The prosecution opposed the request, citing congestion in the commission’s detention facilities.
In a ruling, Justice Ijelu granted each defendant bail in the sum of N2 million with two sureties in like sum. One surety must be a gainfully employed relative.
The sureties are to provide evidence of tax payment for the last three years, proof of livelihood, and verified residential addresses.
The court ordered the defendants to deposit their international passports and barred them from travelling outside the country without leave of court.
They were remanded in a correctional facility pending the fulfilment of their bail conditions. The matter was adjourned to Wednesday, March 25, 2026, for commencement of trial.