Two top officials of FSDH Merchant Bank Limited identified as Bakare Oladimeji Surajudeen and James Olukayode Imokwede have been arraigned for allegedly stealing $306,667.81 and €50,250 from their bank through Swift transfers by the Economic and Financial Crimes Commission, EFCC.
Surajudeen and Imokwede were arraigned before Justice Ismaila Ijelu of the Lagos State High Court sitting in Ikeja by the Economic and Financial Crimes Commission (EFCC), Ikoyi, Lagos, on Tuesday
The top bankers 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.
According to a statement by the spokesperson of EFCC, Dele Oyewale, the arraignment of the bankers followed a petition by their employer, FSDH Merchant Bank Limited.
The Bank had alleged in the petition that an internal audit uncovered unauthorized debits totaling $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), from its Letters of Credit (LC) payable accounts.
The statement indicated that investigations 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 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, the prosecution counsel, H. U. Kofarnaisa, asked the court for a trial date and also 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 also urged the court to grant them bail on liberal terms.They also prayed that the defendants be remanded in the EFCC custody pending the perfection of their bail conditions.
The prosecution counsel, however, opposed the prayers of the defence seeking the remand of the defendants in the EFCC custody, saying that “the EFCC detention facilities are overstretched.”
After listening to both parties, Justice Ijelu granted the defendants bail in the sum of N2 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 in the last three years and must show proof of livelihood, with their residences verified.
The defendants were ordered to deposit their international passports with the court and must not travel outside the country without the leave of the court.
The judge subsequently remanded the defendants in a Correctional facility pending the perfection of their bail conditions.
Justice Ijelu adjourned the matter till March 25, 2026, for the commencement of trial.
