LAGOS, NIGERIA — The Economic and Financial Crimes Commission (EFCC) has arraigned two senior employees of FSDH Merchant Bank Limited before an Ikeja Special Offences Court.
Bakare Oladimeji Surajudeen and James Olukayode Imokwede appeared before the court presided over by Justice Ismai Ijelu on Tuesday, facing a 10-count charge centred on the alleged stealing and retention of property belonging to their employer.
The case against the duo stems from a damning internal audit conducted by FSDH Merchant Bank.
The audit reportedly uncovered a series of unauthorised debits totalling $306,667.81 and €50,250.
At current valuations cited by the Commission, the total alleged theft amounted to approximately N527,406,916.66.
According to the EFCC, investigative findings suggest these funds were funnelled to third parties via the SWIFT platform.
One count specifically alleged that the defendants dishonestly took the funds, which were the property of the merchant bank.
Upon the reading of the charges, both Surajudeen and Imokwede entered a plea of not guilty. While the prosecution counsel, H. U. Kofarnaisa, moved for a remand in a correctional facility, defence counsels, Oluwaseun Akintunde and Olajide S. Onasanya argued for bail.
Justice Ijelu granted bail in the sum of N2 million each with two sureties in like sum.
The court directed that one of the sureties must be a gainfully employed relative with three years of verified tax payments.
Justice Ijelu equally instructed the defendants to surrender their international passports and are barred from overseas travel without court permission.
Despite the bail grant, the defendants were remanded in a correctional facility pending the perfection of their bail conditions.
The court has adjourned the matter until March 25, 2026, for the commencement of the trial.
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