FSDH Bank Officials Arraigned Over Alleged $306,667 and €50,250 Fraud In Lagos

FSDH Merchant Bank Limited‘s two senior officials, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, were arraigned by The Economic and Financial Crimes Commission (EFCC) on Tuesday, March 3, 2026 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.

What EFCC said

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.

More details

Prosecution counsel, H. U. Kofarnaisa, requested trial dates and urged that the defendants be remanded in a Correctional facility pending trial.

Defence counsel, Oluwaseun Akintunde and Olajide S. Onasanya, filed bail applications and requested the court allow the defendants to remain in EFCC custody while the conditions were perfected. The prosecution opposed this, saying EFCC detention facilities were overstretched.

Justice Ijelu granted bail in the sum of N2 million each, with two sureties in like sum. One surety must be a relative who is gainfully employed, provide evidence of tax payment for the last three years, and show proof of livelihood, with residences verified. The defendants were ordered to deposit their international passports and not to travel outside Nigeria without court approval.

The defendants were remanded in a Correctional facility pending the perfection of their bail conditions. The trial is scheduled to commence on March 25, 2026.

What you should know

It follows similar high-profile prosecutions, including the recent arraignment of three senior officials of the Nigerian Railway Corporation over N2.04 billion alleged fraud, unlawful enrichment, and money laundering. They were arraigned on separate charges involving corruption, abuse of office, and money laundering.

A former Managing Director of the NRC, Fidet Edetanle, was arraigned over alleged money laundering involving $385,000 and N165.5 million.

The commission also arraigned the Chief Executive Officer of Onome Global Market Resources Limited, Osabohein Ologbose and his wife, Hope Onome Oghelemu, over an alleged N740 million investment fraud.
The defendants were brought before Justice Ekerete Akpan of the Federal High Court in Abuja alongside their companies, Onome Global Market Resources Limited and Lexicon Multi-concept Media Limited, on charges linked to investment fraud and money laundering.