Lagos, Nigeria – The Economic and Financial Crimes Commission has arraigned two senior officials of FSDH Merchant Bank Limited, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, before a Lagos State High Court over alleged fraud involving $306,667.81 and €50,250.
Okay News reports that the defendants were arraigned on Tuesday, March 3, before Justice Ismaila Ijelu on a 10-count charge bordering on stealing and retention of stolen property. According to the EFCC, an internal audit by the bank uncovered unauthorized debits totalling the foreign currency amounts from its Letters of Credit payable accounts, with investigations revealing that the defendants processed fraudulent transfers through the SWIFT platform to third parties.
The defendants pleaded not guilty to all charges. Prosecution counsel requested trial dates and urged that the defendants be remanded in a correctional facility pending trial. Defence counsel filed bail applications and requested that the defendants remain in EFCC custody while perfecting conditions, which the prosecution opposed citing overstretched detention facilities.
Justice Ijelu granted bail in the sum of N2 million (approximately $1,280) each with two sureties, ordering the defendants to deposit their international passports and not travel outside Nigeria without court approval. The defendants were remanded in a correctional facility pending the perfection of bail conditions, with trial scheduled to commence on March 25. The case follows similar high-profile prosecutions, including recent arraignments of Nigerian Railway Corporation officials over alleged fraud. This financial fraud case highlights ongoing efforts by anti-corruption agencies to prosecute banking sector malpractices.
