The Economic and Financial Crimes Commission (EFCC) has arraigned two senior officials of FSDH Merchant Bank Limited over an alleged fraud involving $306,667.81 and €50,250 before a Lagos State High Court sitting in Ikeja.
The defendants, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, were docked before Justice Ismaila Ijelu on a 10-count charge bordering on alleged stealing and retention of stolen property. According to the anti-graft agency, the prosecution followed a petition by the bank after an internal audit reportedly uncovered unauthorized debits from its Letters of Credit (LC) payable accounts.
EFCC investigators told the court that the accused allegedly processed fraudulent transfers through the SWIFT banking platform to third-party accounts without authorization. The commission said the transactions, valued at over ₦527 million, were carried out in Lagos in 2021 and constituted unlawful diversion of the bank’s funds.
Both defendants pleaded not guilty to the charges when they were read in court. Following their pleas, prosecution counsel requested trial dates and urged the court to remand the defendants pending trial, while defence lawyers informed the court that bail applications had already been filed.
Justice Ijelu subsequently granted bail under specified conditions and adjourned the matter for commencement of trial, as the EFCC continues its prosecution of the case.
The arraignment forms part of ongoing efforts by the anti-corruption agency to clamp down on financial crimes within Nigeria’s banking sector and strengthen accountability in financial institutions.
