The Economic and Financial Crimes Commission (EFCC) has charged two FSDH Merchant Bank Limited staff with alleged fraud of $306,667.81 and €50,250.
This was announced in a statement placed on the Commission’s web page.
According to the announcement, the defendants, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, were taken before Justice Ismaila Ijelu of the Lagos State High Court in Ikeja on Tuesday, March 3, 2026.
According to the EFCC, the defendants were charged with ten counts of suspected theft and retention of stolen property belonging to FSDH Merchant Bank Limited.
According to the anti-graft office, “the petitioner, FSDH Merchant Bank Limited, alleged that an internal audit uncovered unauthorised debits totalling $306,667.81 and €50,250, equivalent to N527,406,916.66 five hundred and twenty-seven Million, four hundred and six thousand, nine hundred and sixteen naira, sixty six kobo.”
The Commission stated that investigations revealed that the transfers were allegedly made to third parties via the SWIFT platform.
One of the charges given in court stated that the defendants “dishonestly took the sum of N527,406,916.66, property of FSDH Merchant Bank Limited.”
The defendants pleaded not guilty to all allegations; following their plea, prosecution lawyer, H. U. Kofarnaisa, requested a trial date and that the prisoners be held in a detention facility until trial.
Counsel for the defendants, Oluwaseun Akintunde and Olajide S. Onasanya, informed the court that bail petitions had been filed and begged the court to grant bail on liberal terms.
According to the statement, after listening to both parties, Justice Ijelu granted each defendant N2 million bail with two sureties in the same amount.
The court ordered that one surety be a gainfully employed relative who could give evidence of tax payment for the previous three years, as well as proof of livelihood.
The defendants were required to submit their foreign passports with the court and were prohibited from leaving the country without the court’s consent.
They were then detained in a detention facility pending completion of their bail conditions.
The matter was delayed until March 25, 2026, when the trial would begin.