The Economic and Financial Crimes Commission (EFCC) has arraigned two bankers, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, over an alleged $306,667.81 and €50,250 fraud.
Surajudeen and Imokwede were arraigned by the Lagos Zonal Directorate 1 of the EFCC before Justice Ismaila Ijelu of the Lagos State High Court, sitting in Ikeja, on Tuesday, March 3, 2026.
According to the Commission, the defendants, who are 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 unauthorised debits totalling $306,667.81 and €50,250, equivalent to ₦527,406,916.66, from its Letters of Credit (LC) payable accounts.
“Investigations revealed that the defendants processed fraudulent transfers through the SWIFT platform to third parties,” EFCC said.
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 ₦527,406,916.66 (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 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 urged the court to grant them bail on liberal terms. They also prayed that the defendants be remanded in EFCC custody pending the perfection of their bail conditions.
However, the prosecution counsel opposed the defence’s request for remand in EFCC custody, stating that the Commission’s detention facilities are overstretched.
After listening to both parties, Justice Ijelu granted the defendants bail in the sum of ₦2 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 for the last three years and show proof of livelihood, with their residences subject to verification.
The defendants were also ordered to deposit their international passports with the court and not travel outside the country without the leave of the court.
Consequently, the judge remanded the defendants in a correctional facility pending the perfection of their bail conditions.
Justice Ijelu adjourned the matter until March 25, 2026, for the commencement of trial.
