EFCC Arraigns FSDH Bank Officials Over Alleged $306,000 and €50,000 Fraud
The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC), Ikoyi, on March 3, 2026, arraigned two senior officials of FSDH Merchant Bank Limited, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, before Justice Ismaila Ijelu of the Lagos State High Court, Ikeja.
The defendants were charged on a 10‑count information bordering on alleged stealing and unlawful retention of funds amounting to $306,667.81 and €50,250, equivalent to ₦527,406,916.66. According to the petitioner, FSDH Merchant Bank, an internal audit revealed unauthorized debits from its Letters of Credit payable accounts, allegedly processed through the SWIFT platform.
Both defendants pleaded not guilty. Prosecution counsel, H.U. Kofarnaisa, applied for trial dates and requested their remand in a correctional facility. Defence counsel, Oluwaseun Akintunde and Olajide S. Onasanya, urged the court to grant bail on liberal terms and sought temporary remand in EFCC custody pending perfection of bail conditions. The prosecution opposed, citing overstretched EFCC facilities.
Justice Ijelu granted bail in the sum of ₦2 million each, with two sureties in like sum. One surety must be a relative, gainfully employed, and provide evidence of tax payment for the past three years. Sureties must also show proof of livelihood, with residential addresses verified. The defendants were ordered to deposit their international passports with the court and barred from travelling abroad without leave of court.
Pending perfection of bail, the defendants were remanded in a correctional facility. The matter was adjourned to March 25, 2026, for commencement of trial.
