A Lagos State High Court sitting in Ikeja has remanded two senior bank officials in prison pending trial over an alleged $306,667.81 (Three Hundred Six Thousand Six Hundred Sixty-Seven Dollars Eighty-One Cents) and €50,250 (Fifty Thousand Two Hundred Fifty Euros) fraud, legal sources report.

The suspects, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, both top officials of FSDH Merchant Bank Limited, were arraigned on Tuesday March 3, 2026 before Justice Ismaila Ijelu of the Lagos State High Court on a 10-count charge that includes alleged stealing and retention of stolen property to the tune of the disputed funds.

Prosecutors told the court the alleged fraud came to light after an internal audit at the bank uncovered unauthorised debits from its Letters of Credit payable accounts, with investigations revealing that the two officials allegedly processed fraudulent transfers using the SWIFT platform to third parties.

The defendants pleaded not guilty to all counts. The defence counsel asked for bail on liberal terms pending trial, but the prosecution opposed remand in EFCC custody, saying detention facilities were overstretched. After hearing both sides, the court remanded the defendants in a correctional facility pending the perfection of bail conditions. The judges granted bail of N2 million each with two reliable sureties and ordered the suspects to deposit their international passports and remain within jurisdiction.

Justice Ijelu adjourned the matter to March 25, 2026, for the commencement of trial as the anti-graft agency prepares to present its case.