The Economic and Financial Crimes Commission (EFCC) has arraigned two prime officers of FSDH Merchant Bank Limited, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, over the alleged theft of $306,667.81 and €50,250 via fraudulent SWIFT transfers.
The duo had been docked earlier than Justice Ismaila Ijelu of the Lagos State High Court sitting in Ikeja on Tuesday on a 10-count cost bordering on stealing and retention of stolen property.
According to an announcement by the EFCC spokesperson, Dele Oyewale, the arraignment adopted a petition submitted by the {bank}.
The {bank} alleged that an inside audit uncovered unauthorised debits totalling $306,667.81 and €50,250 from its Letters of Credit payable accounts, sums stated to be equal 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 company reportedly revealed that the defendants processed fraudulent transfers via the SWIFT platform to 3rd events.
One of the counts learn in courtroom said: “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 rely learn: “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 fees.
Following their pleas, prosecution counsel, H. U. Kofarnaisa, requested the courtroom to repair a trial date and urged that the defendants be remanded in a correctional facility pending trial.
Counsel to the primary and second defendants, Oluwaseun Akintunde and Olajide S. Onasanya, knowledgeable the courtroom that bail functions had already been filed and prayed that the courtroom grant their shoppers bail on liberal phrases.
They additionally requested that the defendants be remanded in EFCC custody pending the perfection of bail situations.
However, the prosecution opposed the request for EFCC remand, arguing that “the EFCC detention facilities are overstretched.”
After listening to arguments from each side, Justice Ijelu granted the defendants bail within the sum of ₦2 million every, with two sureties in like sum.
The courtroom dominated that one of many sureties have to be a relative who’s gainfully employed.
The sureties are required to supply proof of tax cost for the final three years, proof of livelihood, and will need to have their residences verified.
The choose additionally ordered the defendants to deposit their worldwide passports with the courtroom and barred them from travelling exterior the nation with out prior approval.
Pending the perfection of their bail situations, the defendants had been remanded to a correctional facility.
Justice Ijelu adjourned the case till March 25, 2026, for the graduation of the trial.
