Justice Daniel Osiagor of the Federal High Court in Lagos has ordered Access Bank Plc and First City Monument Bank (FCMB) Plc to immediately reverse N1.125 billion linked to an alleged foreign exchange fraud.
The order followed the Department of State Services (DSS) filing a motion ex parte, marked FHC/L/MISC/589/2026, which listed both banks and Julius Oluwafunmisho Okedele as defendants.
Counsel for the DSS, Michael Bajela, filed the motion under Section 66 of the 1999 Constitution, the Federal High Court Civil Procedure Rules 2019, the EFCC Act 2004, the Advance Fee Fraud Act 2006, and the Proceeds of Crime Recovery and Management Act 2022.
According to the DSS, Okedele allegedly collected N1.125 billion from First Global Logistics Services, a client of Marble Partners, under the pretext of supplying $800,000 at an exchange rate of N1,407 to $1.
The DSS sought two specific reversals, namely: $100,000 allegedly transferred from Access Bank to United Overseas Bank, and $230,000 allegedly sent from FCMB to Taichung Commercial Bank in Taiwan.
The agency asked that all funds be returned to First Global Logistics Services’ Zenith Bank account, number 1221796334.
During proceedings on the matter, Bajela told the court that Okedele had initially promised to refund the money personally.
However, Okedele failed to make the reversal during Friday's hearing. When asked by Justice Osiagor if he consented to the DSS request for the banks to reverse the funds, Okedele answered in the affirmative.
Justice Osiagor granted the DSS prayers and directed Access Bank and FCMB to immediately reverse the funds to the nominal complainant, First Global Logistics Services.
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