The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) on Tuesday arraigned two senior officials of FSDH Merchant Bank Limited over an alleged fraud involving $306,667.81 and €50,250.
The defendants, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, were brought 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.
Alleged Unauthorized Transfers
According to the EFCC, the case followed a petition by FSDH Merchant Bank Limited, which claimed that an internal audit uncovered unauthorized debits totaling $306,667.81 and €50,250 — equivalent to N527,406,916.66 — from its Letters of Credit (LC) payable accounts.
Investigations allegedly 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 states:
“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 charges.
Bail Battle in Court
Following their pleas, prosecution counsel, H. U. Kofarnaisa, requested a trial date and urged the court to remand the defendants in a correctional facility pending trial.
Defence counsel, Oluwaseun Akintunde and Olajide S. Onasanya, informed the court that bail applications had been filed and appealed for liberal bail terms. They further requested that the defendants be remanded in EFCC custody pending the perfection of bail conditions.
However, the prosecution opposed the request for EFCC custody, arguing that “the EFCC detention facilities are overstretched.”
After hearing both sides, Justice Ijelu granted each defendant bail in the sum of N2 million with two sureties in like sum. The court ordered that one surety must be a gainfully employed relative.
The sureties are required to provide evidence of tax payment for the past three years, proof of livelihood, and verified residential addresses.
The defendants were also directed to deposit their international passports with the court and are barred from travelling outside Nigeria without judicial approval.
Pending the perfection of their bail conditions, the judge ordered that they be remanded in a correctional facility.
The matter was adjourned to March 25, 2026, for the commencement of trial.
