Lagos Court Charges Two FSDH Executives Over Alleged Multi-Currency Fraud

The Economic and Financial Crimes Commission (EFCC) has arraigned two senior executives of FSDH Merchant Bank Limited over alleged unauthorized transfers involving $306,667.81 and €50,250.

Bakare Oladimeji Surajudeen and James Olukayode Imokwede were brought before Justice Ismaila Ijelu of the Lagos State High Court in Ikeja on a 10-count charge bordering on alleged stealing and retention of stolen property.

According to the EFCC, an internal audit by the bank uncovered debits amounting to $306,667.81 and €50,250, said to be equivalent to N527,406,916.66, from the bank’s Letters of Credit (LC) payable accounts. The anti-graft agency alleged that the funds were moved to third parties through the SWIFT transfer platform in 2021.

One of the counts alleges that the defendants dishonestly took N527,406,916.66 belonging to the bank within the court’s jurisdiction. Another charge accuses them of unlawfully taking $306,667.81, also said to be property of the financial institution.

Both defendants pleaded not guilty to the charges.

Court Grants Bail, Sets Trial Date

During proceedings, prosecution counsel H. U. Kofarnaisa requested that the defendants be remanded in a correctional facility and asked the court to fix a trial date.

Defence counsel, Oluwaseun Akintunde and Olajide S. Onasanya, filed bail applications and sought permission for their clients to remain in EFCC custody pending perfection of bail conditions. The prosecution opposed the request, citing congestion in the commission’s detention facilities.

Justice Ijelu granted bail in the sum of N2 million each, with two sureties in like sum. The court directed that one surety must be a relative who is gainfully employed and provide proof of tax payment for the past three years, alongside verifiable evidence of livelihood.

The defendants were also ordered to deposit their international passports and refrain from traveling outside Nigeria without court approval.

They were remanded in a correctional facility pending the fulfillment of their bail conditions. The trial is scheduled to begin on March 25, 2026.

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