The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC), Ikoyi, Lagos, on Tuesday, March 3, 2026, arraigned two bank officials over an alleged $306,667.81 and €50,250 fraud before the Lagos State High Court sitting in Ikeja.
The defendants, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, were brought before Justice Ismaila Ijelu to face a 10-count charge related to alleged stealing and keeping stolen property.
The EFCC told the court that the two men are top officials of FSDH Merchant Bank Limited and are accused of involvement in unauthorized transactions totaling $306,667.81 and €50,250, an amount equivalent to N527,406,916.66.
According to the prosecution, the case arose after the petitioner, FSDH Merchant Bank Limited, discovered irregularities during an internal audit. The audit allegedly uncovered unauthorized debits from the bank’s Letters of Credit (LC) payable accounts.
Investigations by the EFCC revealed that the defendants allegedly 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 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 also 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”.
Both defendants pleaded not guilty to all the charges preferred against them.
Following their pleas, the prosecution counsel, H. U. Kofarnaisa, asked the court to fix a trial date and also requested that the defendants be remanded in a Correctional facility pending trial.
Lawyers representing the first and second defendants, Oluwaseun Akintunde and Olajide S. Onasanya, told the court that they had already filed bail applications for their clients. They asked the court to grant bail on lenient terms.
The defence lawyers also requested that the defendants be remanded in EFCC custody pending the perfection of their bail conditions. The prosecution, however, opposed the request, arguing against keeping the defendants in EFCC custody. The prosecution said that the EFCC detention centers are full and cannot hold more people.
“The prosecution counsel, the EFCC detention facilities are overstretched”. He added. After listening to submissions from both sides, Justice Ijelu granted the defendants bail in the sum of N2 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 judge also ordered that the sureties must provide evidence of tax payment for the last three years, show proof of livelihood, and have their residences verified.
Justice Ijelu further ordered the defendants to deposit their international passports with the court and ruled that they must not travel outside the country without the leave of the court. Pending the perfection of their bail conditions, the judge ordered that the defendants be remanded in a correctional facility. The case was subsequently adjourned to March 25, 2026, for the commencement of trial.
