The Economic and Financial Crimes Commission (EFCC) on Tuesday, March 3, 2026, arraigned two senior officials of FSDH Merchant Bank Limited, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, over alleged $306,667.81 and €50,250 fraud.
This was disclosed in a statement issued by the EFCC Lagos Zonal Directorate 1, Ikoyi.
The defendants, both top officials of the bank, were arraigned before Justice Ismaila Ijelu of the Lagos State High Court, Ikeja, on a 10-count charge bordering on alleged stealing and retention of stolen property.
According to the Commission, an internal audit by the bank uncovered unauthorized debits totalling $306,667.81 and €50,250 (equivalent to N527,406,916.66) from its Letters of Credit (LC) payable accounts.
Investigations revealed that the defendants processed fraudulent transfers through the SWIFT platform to third parties.
One of the counts reads:
“That you, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, sometime in 2021 in Lagos within the jurisdiction of this Honourable Court, dishonestly took the sum of N527,406,916.66, property of FSDH Merchant Bank Limited.”
Another count reads:
“That you, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, sometime in 2021 in Lagos within the jurisdiction of this Honourable Court, dishonestly took the sum of $306,667.81, property of FSDH Merchant Bank Limited.”
The defendants pleaded “not guilty” to all charges.
