Two officials of FSDH Merchant Bank Limited have been arraigned by the Economic and Financial Crimes Commission (EFCC) over an alleged fraud involving $306,667.81 and €50,250. The anti-graft agency disclosed this in a statement released on its official platform, confirming that the suspects were brought before the court to face multiple charges.

The defendants, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, were arraigned before Ismaila Ijelu, a judge of the Lagos State High Court sitting in Ikeja. According to the EFCC, the two bank officials are facing a 10-count charge related to alleged stealing and retention of funds belonging to the bank.

Investigations reportedly began after an internal audit by the bank discovered unauthorized transactions totaling over N527 million. The funds were allegedly removed from the bank’s accounts without approval, raising serious concerns within the financial institution.

The EFCC said its investigation revealed that the transfers were allegedly processed through the international SWIFT platform, which allowed the money to be sent to third-party accounts. One of the charges claims the defendants dishonestly took the sum of N527,406,916.66 belonging to the bank.

During the court session, both defendants pleaded not guilty to all the charges. EFCC prosecutor H. U. Kofarnaisa requested a trial date and asked that the suspects be remanded in custody, while their lawyers, Oluwaseun Akintunde and Olajide S. Onasanya, urged the court to grant them bail.

Justice Ijelu granted each defendant bail in the sum of N2 million with two sureties in the same amount. The court also ordered them to submit their international passports and barred them from leaving Nigeria without permission. The case was adjourned to March 25, 2026, for the start of the trial.