EFCC Arraigns Two FSDH Bank Officials Over $306,667 and €50,250 Fraud

Nigeria’s Economic and Financial Crimes Commission (EFCC) has arraigned two officials of FSDH Merchant Bank Limited over an alleged multi-currency fraud involving $306,667.81 and €50,250, equivalent to over ₦527 million.

The defendants, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, appeared before Justice Ismaila Ijelu of the Lagos State High Court on March 3, 2026. They face a 10-count charge related to stealing and retaining property of the bank.

Allegations: Unauthorized SWIFT Transfers

According to the EFCC, FSDH Merchant Bank uncovered the alleged unauthorized debits during an internal audit. Investigations revealed that the amounts were allegedly transferred via the SWIFT platform to third-party accounts.

One of the charges states that the defendants “dishonestly took the sum of ₦527,406,916.66, property of FSDH Merchant Bank Limited.” Both Surajudeen and Imokwede pleaded not guilty to all charges.

Bail Granted Amidst Tight Conditions

Prosecution counsel, H.U. Kofarnaisa, requested the defendants be remanded pending trial, while defence lawyers, Oluwaseun Akintunde and Olajide S. Onasanya, applied for bail on liberal terms.

Justice Ijelu granted bail of ₦2 million each with two sureties of similar sum. The court directed that at least one surety must be a gainfully employed relative with evidence of tax payment for the last three years and proof of livelihood.

The defendants were ordered to deposit their international passports with the court and are barred from travelling abroad without judicial approval. They remain in custody pending fulfillment of bail conditions.

The trial has been adjourned to March 25, 2026, for commencement.

This case underscores ongoing efforts by the EFCC to clamp down on internal bank fraud and reinforce accountability within Nigeria’s financial institutions.