EFCC Arraigns Two FSDH Merchant Bank Ltd Officers For Allegedly Stealing ₦527 Million Through SWIFT Transfers

The Financial and Monetary Crimes Fee (EFCC) has arraigned two high officers of FSDH Merchant Bank Restricted, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, over the alleged theft of $306,667.81 and €50,250 by fraudulent SWIFT transfers.

The duo had been docked earlier than Justice Ismaila Ijelu of the Lagos State Excessive Courtroom sitting in Ikeja on Tuesday on a 10-count cost bordering on stealing and retention of stolen property.

In response to an announcement by the EFCC spokesperson, Dele Oyewale, the arraignment adopted a petition submitted by the financial institution.

The financial institution alleged that an inside audit uncovered unauthorised debits totalling $306,667.81 and €50,250 from its Letters of Credit score payable accounts, sums mentioned to be equal to ₦527,406,916.66 (5 Hundred and Twenty-Seven Million, 4 Hundred and Six Thousand, 9 Hundred and Sixteen Naira, Sixty-Six Kobo).

Investigations by the anti-graft company reportedly revealed that the defendants processed fraudulent transfers by the SWIFT platform to 3rd events.

One of many counts learn in courtroom acknowledged: “That you simply, BAKARE OLADIMEJI SURAJUDEEN and JAMES OLUKAYODE IMOKWEDE, someday in 2021 in Lagos inside the jurisdiction of this Honourable Courtroom, dishonestly took the sum of ₦527,406,916.66 (5 Hundred and Twenty-Seven Million, 4 Hundred and Six Thousand, 9 Hundred and Sixteen Naira, Sixty-Six kobo), property of FSDH Merchant Bank Restricted.”

One other rely learn: “That you simply BAKARE OLADIMEJI SURAJUDEEN AND JAMES OLUKAYODE IMOKWEDE someday in 2021 in Lagos inside the jurisdiction of this Honourable Courtroom 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 Restricted.”

The defendants pleaded “not responsible” to all the costs.

Following their pleas, prosecution counsel, H. U. Kofarnaisa, requested the courtroom to repair a trial date and urged that the defendants be remanded in a correctional facility pending trial.

Counsel to the primary and second defendants, Oluwaseun Akintunde and Olajide S. Onasanya, knowledgeable the courtroom that bail purposes had already been filed and prayed that the courtroom grant their purchasers bail on liberal phrases.

In addition they requested that the defendants be remanded in EFCC custody pending the perfection of bail circumstances.

Nevertheless, the prosecution opposed the request for EFCC remand, arguing that “the EFCC detention services are overstretched.”

After listening to arguments from either side, Justice Ijelu granted the defendants bail within the sum of ₦2 million every, with two sureties in like sum.

The courtroom dominated that one of many sureties should be a relative who’s gainfully employed.

The sureties are required to supply proof of tax fee for the final three years, proof of livelihood, and will need to have their residences verified.

The decide additionally ordered the defendants to deposit their worldwide passports with the courtroom and barred them from travelling exterior the nation with out prior approval.

Pending the perfection of their bail circumstances, the defendants had been remanded to a correctional facility.

Justice Ijelu adjourned the case till March 25, 2026, for the graduation of the trial.