Two Lagos Bank Officials Arraigned By EFCC For ₦527M SWIFT Fraud

Two senior officials of FSDH Merchant Bank Limited, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, have been arraigned by the Economic and Financial Crimes Commission (EFCC) over allegations of defrauding the bank of $306,667.81 and €50,250 through unauthorized SWIFT transfers.

The defendants appeared before Justice Ismaila Ijelu of the Lagos State High Court in Ikeja on Tuesday, facing a 10-count charge related to theft and retention of stolen property. According to EFCC spokesperson Dele Oyewale, the arraignment followed a petition by FSDH Merchant Bank after an internal audit reportedly revealed unauthorized debits from its Letters of Credit payable accounts, totaling amounts equivalent to ₦527,406,916.66.

Investigations by the anti-graft agency indicated that the accused processed fraudulent transfers to third-party accounts using the SWIFT platform. One of the charges stated that the duo, in 2021, dishonestly took ₦527,406,916.66 belonging to the bank, while another count detailed the misappropriation of $306,667.81.

The defendants pleaded not guilty to all the charges. Following their pleas, prosecution counsel H. U. Kofarnaisa requested the court to set a trial date and remand the accused in a correctional facility pending trial. Counsel for the defendants, Oluwaseun Akintunde and Olajide S. Onasanya, indicated that bail applications had been filed and asked for their clients to be granted bail on liberal terms, with temporary remand in EFCC custody until conditions were met.

The prosecution opposed EFCC remand, citing overstretched detention facilities. After hearing arguments, Justice Ijelu granted bail of ₦2 million each, with two sureties of equal amount. One surety must be a relative who is gainfully employed, with verified residence, proof of livelihood, and tax records for the past three years. The defendants were also ordered to deposit their international passports and were barred from traveling abroad without court approval.

Pending the fulfillment of bail conditions, the defendants remain in a correctional facility. The case has been adjourned to March 25, 2026, for the commencement of trial.