Two officials of FSDH Merchant Bank Limited have been arraigned by the Economic and Financial Crimes Commission (EFCC) over an alleged fraud involving $306,667.81 and €50,250, equivalent to over N527,406,916.66.
The EFCC disclosed this in a statement published on its official platform.
According to the statement, the defendants – Bakare Oladimeji Surajudeen and James Olukayode Imokwede were on Tuesday, March 3, 2026, arraigned before Justice Ismaila Ijelu of the Lagos State High Court sitting in Ikeja.
The anti-graft agency said the defendants are facing a 10-count charge bordering on alleged stealing and retention of stolen property belonging to FSDH Merchant Bank Limited.
The EFCC stated that 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.
Investigations by the Commission reportedly revealed that the transfers were processed through the SWIFT platform to third parties.
One of the charges read in court alleged 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 charges. Following their plea, prosecution counsel, H. U. Kofarnaisa, requested a trial date and asked the court to remand the defendants in a correctional facility pending trial.
Counsel to the defendants, Oluwaseun Akintunde and Olajide S. Onasanya, informed the court that bail applications had been filed and urged the court to grant bail on liberal terms.
After hearing both parties, Justice Ijelu granted each defendant bail in the sum of N2 million with two sureties in like sum.
The court directed that one of the sureties must be a gainfully employed relative who must provide evidence of tax payment for the last three years, along with proof of means of livelihood.
The defendants were also ordered to deposit their international passports with the court and were barred from travelling outside the country without prior permission.
They were subsequently remanded in a correctional facility pending the fulfilment of their bail conditions.
The case was adjourned until March 25, 2026, for the commencement of trial.
