Two Lagos Bank Executives Face Court Over Alleged $306,667, €50,250 Theft

Two senior officials of FSDH Merchant Bank Limited, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, have appeared in court, accused of stealing $306,667.81 and €50,250 through unauthorized SWIFT transfers.

The Economic and Financial Crimes Commission (EFCC) arraigned the executives before Justice Ismaila Ijelu at the Lagos State High Court in Ikeja on a 10-count charge of theft and retention of stolen property.

According to EFCC spokesperson Dele Oyewale, the case followed a complaint from FSDH Merchant Bank, whose internal audit flagged irregular debits totaling the equivalent of N527.4 million from its Letters of Credit accounts. Investigations indicate the defendants processed fraudulent transfers to third-party accounts.

The charges detail that in 2021, the executives allegedly misappropriated funds from the bank, including $306,667.81 and €50,250. Both defendants pleaded not guilty to all charges.

Prosecution counsel H. U. Kofarnaisa requested a trial date and that the defendants be remanded in a correctional facility. Defense lawyers, Oluwaseun Akintunde and Olajide S. Onasanya, sought bail and asked that the defendants remain in EFCC custody while bail conditions were met. The prosecution opposed EFCC custody due to limited facility space.

Justice Ijelu granted bail of N2 million each with two sureties, including a relative with proof of employment, tax records for the past three years, and verified residence. The defendants must surrender their international passports and cannot travel abroad without court permission. They remain in a correctional facility pending bail compliance.

The trial is set to begin on 25 March 2026.