Oladimeji Surajudeen and James Olukayode Imokwede
By Our Reporter
Two Nigerian bankers, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, both top officials of FSDH Merchant Bank Limited have been remanded in prison by the Lagos State High Court in Ikeja over an alleged fraud involving $306,667.81 and €50,250.
They were arraigned on Tuesday before Justice Ismaila Ijelu by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC), Ikoyi.
The EFCC arraigned Surajudeen and Imokwede on a 10-count charge bordering on alleged stealing and retention of stolen property.
According to the EFCC, the charges stem from a petition by FSDH Merchant Bank Limited, which alleged that an internal audit uncovered unauthorized debits totaling $306,667.81 and €50,250, equivalent to N527,406,916.66, from its Letters of Credit (LC) payable accounts.
Investigations revealed that the defendants processed the alleged fraudulent transfers through the SWIFT platform to third parties.
One of the counts reads, “That you, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, sometime in 2021 in Lagos within the jurisdiction of this Honourable Court, dishonestly took the sum of N527,406,916.66, property of FSDH Merchant Bank Limited.”
Another count states, “That you Bakare Oladimeji Surajudeen and James Olukayode Imokwede sometime in 2021 in Lagos within the jurisdiction of this Honourable Court dishonestly took the sum of $306,667.81, property of FSDH Merchant Bank Limited.”
The defendants pleaded not guilty to all the charges.
Following their pleas, prosecution counsel H. U. Kofarnaisa requested a trial date and urged the court to remand the defendants in a correctional facility pending trial.
Counsel to the first and second defendants, Oluwaseun Akintunde and Olajide S. Onasanya, informed the court that bail applications had been filed on behalf of their clients and prayed the court to admit them to bail on liberal terms.
They also requested that the defendants be remanded in EFCC custody pending the perfection of their bail conditions.
However, the prosecution opposed the defence’s request for EFCC custody, arguing that the commission’s detention facilities were overstretched.
In his ruling, Justice Ijelu granted each defendant bail in the sum of N2 million with two sureties in like sum.
The court directed that one of the sureties must be a gainfully employed relative and must provide evidence of tax payment for the last three years, proof of livelihood, and submit to verification of residence.
The court also ordered the defendants to deposit their passports and barred them from travelling outside the country without the court’s permission.
The judge subsequently remanded the defendants in a correctional facility pending the perfection of their bail conditions and adjourned the case until March 25, 2026, for the commencement of trial.
