The Economic and Financial Crimes Commission (EFCC) has arraigned two top officials of FSDH Merchant Bank Limited, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, over the alleged theft of $306,667.81 and €50,250 through fraudulent SWIFT transfers.
The duo were docked before Justice Ismaila Ijelu of the Lagos State High Court sitting in Ikeja on Tuesday on a 10-count charge bordering on stealing and retention of stolen property.
According to a statement by the EFCC spokesperson, Dele Oyewale, the arraignment followed a petition submitted by the bank.
The bank alleged that an internal audit uncovered unauthorised debits totalling $306,667.81 and €50,250 from its Letters of Credit payable accounts, sums said to be equivalent to ₦527,406,916.66 (Five Hundred and Twenty-Seven Million, Four Hundred and Six Thousand, Nine Hundred and Sixteen Naira, Sixty-Six Kobo).
Investigations by the anti-graft agency reportedly revealed that the defendants processed fraudulent transfers through the SWIFT platform to third parties.
One of the counts read in court stated: “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 read: “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.
Following their pleas, prosecution counsel, H. U. Kofarnaisa, asked the court to fix a trial date and urged 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 already been filed and prayed that the court grant their clients bail on liberal terms.
They also requested that the defendants be remanded in EFCC custody pending the perfection of bail conditions.
However, the prosecution opposed the request for EFCC remand, arguing that “the EFCC detention facilities are overstretched.”
After listening to arguments from both sides, Justice Ijelu granted the defendants bail in the sum of ₦2 million each, with two sureties in like sum.
The court ruled that one of the sureties must be a relative who is gainfully employed.
The sureties are required to provide evidence of tax payment for the last three years, proof of livelihood, and must have their residences verified.
The judge also ordered the defendants to deposit their international passports with the court and barred them from travelling outside the country without prior approval.
Pending the perfection of their bail conditions, the defendants were remanded to a correctional facility.
Justice Ijelu adjourned the case until March 25, 2026, for the commencement of the trial.
