EFCC arraigns two bank officials over alleged $306,667, €50,250 fraud

The Economic and Financial Crimes Commission,EFCC, has arraigned 2 officials of FSDH Merchant Bank Limited implicit an alleged fraud involving $306,667.81 and €50,250.

This was disclosed successful a connection posted connected the authoritative leafage of the Commission.

In the statement, the defendants, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, were connected Tuesday, March 3, 2026, brought earlier Justice Ismaila Ijelu of the Lagos State High Court sitting successful Ikeja.

According to the EFCC, the defendants were arraigned connected a 10-count complaint bordering connected alleged stealing and retention of stolen spot belonging to FSDH Merchant Bank Limited.

The anti-graft bureau stated that, “the petitioner, FSDH Merchant Bank Limited, alleged that an interior audit uncovered unauthorized debits totaling $306,667.81 and €50,250, equivalent to N527,406,916.66 5 100 and twenty-seven Million, 4 100 and six thousand, 9 100 and sixteen naira, sixty six kobo.”

Investigations, the Commission said, showed that the transfers were allegedly processed done the SWIFT level to 3rd parties.

One of the charges work successful tribunal alleged that the defendants “dishonestly took the sum of N527,406,916.66, spot of FSDH Merch...