The Economic and Financial Crimes Commission (EFCC) has arraigned two senior officials of FSDH Merchant Bank Limited, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, over the alleged diversion of $306,667.81 and €50,250 through fraudulent SWIFT transactions.
The defendants appeared before Justice Ismaila Ijelu of the Lagos State High Court in Ikeja on Tuesday, facing a 10-count charge bordering on stealing and retention of stolen property.
According to a statement issued by EFCC spokesperson Dele Oyewale, the charges stemmed from a petition filed by the bank after an internal audit reportedly uncovered unauthorised debits totalling $306,667.81 and €50,250 from its Letters of Credit payable accounts. The sums are said to amount to ₦527,406,916.66.
EFCC investigations allegedly revealed that the accused processed fraudulent transfers via the SWIFT platform to third-party beneficiaries.
One of the charges read in court alleged that the defendants dishonestly took ₦527,406,916.66 belonging to FSDH Merchant Bank Limited in 2021. Another count accused them of unlawfully taking $306,667.81 from the bank within the same period.
Both defendants pleaded not guilty to the charges.
Following their pleas, prosecution counsel H. U. Kofarnaisa requested a trial date and asked 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 already been filed and urged the judge to grant bail on liberal terms. They also sought an order allowing their clients to remain in EFCC custody pending the fulfilment of bail conditions.
The prosecution opposed the request for EFCC remand, arguing that the commission’s detention facilities were already overstretched.
After hearing arguments from both sides, Justice Ijelu granted each defendant bail in the sum of ₦2 million, with two sureties in like sum. The court directed that one surety must be a gainfully employed relative and that all sureties must provide proof of tax payments for the past three years, evidence of livelihood, and undergo residence verification.
The judge further ordered the defendants to surrender their international passports and barred them from travelling abroad without court approval.
Pending the completion of bail conditions, the defendants were remanded in a correctional facility.
The matter was adjourned until March 25, 2026, for the commencement of trial.