- EFCC Arraigns Bank Officials Over ₦527 Million Fraudulent Transfers
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Defendants pleaded not guilty; bail set at ₦2 million each.
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Trial scheduled for March 25, pending perfection of bail conditions.
The Economic and Financial Crimes Commission (EFCC) has arraigned two senior 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.
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EKO HOT BLOG reports that the defendants appeared before Justice Ismaila Ijelu of the Lagos State High Court, Ikeja, on Tuesday, facing a 10-count charge of stealing and retention of stolen property. The arraignment followed a petition from the bank after an internal audit revealed unauthorised debits from its Letters of Credit payable accounts, amounting to a total of ₦527,406,916.66.
EFCC investigations reportedly showed that the accused processed fraudulent transfers via the SWIFT platform to third-party accounts. One count read: “That you, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, sometime in 2021 in Lagos, dishonestly took ₦527,406,916.66, property of FSDH Merchant Bank Limited.” Another charge detailed the theft of $306,667.81.
Both defendants pleaded not guilty to all charges. Prosecution counsel, H. U. Kofarnaisa, requested a trial date and urged that the accused be remanded in custody pending trial. Their lawyers, Oluwaseun Akintunde and Olajide S. Onasanya, had filed bail applications, requesting the court allow remand in EFCC custody until bail conditions were perfected. The prosecution opposed EFCC remand, citing overstretched detention facilities.
Justice Ijelu granted bail of ₦2 million each, with two sureties in like sum. One surety must be a relative with verified employment and tax payment for the last three years.
The court ordered the defendants to deposit their international passports and barred travel outside the country without prior approval. Pending the completion of bail conditions, they were remanded to a correctional facility.
The trial has been scheduled to commence on March 25, 2026.
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