EFCC arraigns two FSDH Merchant Bank officials for allegedly stealing $306,667 and €50,250, totaling over N527 million. They plead not guilty and are granted bail
The Economic and Financial Crimes Commission (EFCC) has arraigned two officials of FSDH Merchant Bank Limited over an alleged multi-currency fraud involving $306,667.81 and €50,250, equivalent to approximately N527,406,916.66.
Also read: EFCC arraigns NRC officials in N2bn fraud case
The defendants, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, were brought before Justice Ismaila Ijelu of the Lagos State High Court in Ikeja on Tuesday, March 3, 2026.
They face a 10-count charge relating to alleged stealing and retention of stolen property belonging to the bank.
According to the EFCC, an internal audit by FSDH Merchant Bank uncovered unauthorized debits processed through the SWIFT platform to third parties.
One of the charges stated that the defendants “dishonestly took the sum of N527,406,916.66, property of FSDH Merchant Bank Limited.”
Both defendants pleaded not guilty. Following their plea, the prosecution requested trial dates and that the defendants be remanded pending trial.
Their counsel filed bail applications, which the court granted, setting bail at N2 million each with two sureties of like sum. One surety must be a gainfully employed relative with evidence of tax payments for the last three years.
Also read: Moses Oddiri trial begins over alleged EFCC defamation
The court also ordered that the defendants deposit their international passports and barred them from traveling abroad without permission.
They were remanded in a correctional facility pending fulfillment of bail conditions. The trial has been adjourned to March 25, 2026.
