The Economic and Financial Crimes Commission (EFCC) on Tuesday, March 3rd, arraigned two officials of FSDH Merchant Bank before the Lagos state high c
The Economic and Financial Crimes Commission (EFCC) on Tuesday, March 3rd, arraigned two officials of FSDH Merchant Bank before the Lagos state high court in Ikeja for fraud involving $306,667 and €50,250.
The defendants, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, were brought before Justice Ismaila Ijelu on a ten-count charge of stealing and the retention of stolen property.
According to the EFCC, the fraud was discovered following an internal audit by FSDH Merchant Bank.
The audit flagged unauthorized debits totaling $306,667.81 and €50,250, equivalent to about ₦527.4 million, from the bank’s Letters of Credit (LC) payable accounts.
Investigators alleged that the defendants processed fraudulent transactions through the SWIFT international payment platform, transferring the funds to third parties in 2021.
One of the counts accused the defendants of dishonestly taking ₦527.4 million belonging to the bank, while another count alleged theft of $306,667.81 also belonging to the bank.
The defendants pleaded not guilty to all charges.
Prosecution counsel, H. U. Kofarnaisa, asked the court to fix a date for trial and requested that the defendants be remanded in a correctional facility pending proceedings.
Defence counsels, Oluwaseun Akintunde and Olajide S. Onasanya, informed the court that bail applications had been filed and urged the judge to grant their clients bail on liberal terms.
They also requested that the defendants be held in EFCC custody pending the fulfillment of bail conditions.
The prosecution opposed the request for EFCC custody, stating that the agency’s detention facilities were overstretched.
Justice Ijelu subsequently granted each defendant bail for ₦2 million with two sureties in like sum.
The court directed that one surety must be a gainfully employed relative and that both sureties must present evidence of tax payments for the past three years and proof of livelihood, with their residences verified.
The defendants were also ordered to surrender their international passports and barred from travelling outside Nigeria without court approval.
They were remanded in a correctional facility pending compliance with the bail conditions.
The matter was adjourned to March 25 for the commencement of trial.
