Sh*cking SWIFT Scam: Lagos Bank Executives Accused Of Stealing ₦527 Million

The Economic and Financial Crimes Commission (EFCC) has arraigned two senior officials of FSDH Merchant Bank Limited, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, over allegations of stealing $306,667.81 and €50,250 through fraudulent SWIFT transfers.....KINDLY READ THE FULL STORY HERE▶

The suspects appeared before Justice Ismaila Ijelu of the Lagos State High Court, Ikeja, on Tuesday, facing a 10-count charge of theft and retention of stolen property.

EFCC spokesperson Dele Oyewale stated that the arraignment followed a petition by the bank, which revealed through an internal audit that unauthorized debits totaling $306,667.81 and €50,250 had been made from its Letters of Credit payable accounts. These sums are reportedly equivalent to ₦527,406,916.66.

Investigations by the EFCC indicated that the defendants allegedly processed the fraudulent transfers via the SWIFT platform to third parties.

One of the charges read: “That you, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, sometime in 2021 in Lagos, dishonestly took the sum of ₦527,406,916.66, property of FSDH Merchant Bank Limited.”

Another count stated: “That you, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, sometime in 2021 in Lagos, dishonestly took the sum of $306,667.81, property of FSDH Merchant Bank Limited.”

Both defendants pleaded “not guilty” to all the charges.

Following the plea, prosecution counsel H. U. Kofarnaisa requested that the court fix a trial date and remand the suspects in a correctional facility pending trial.

Defence lawyers Oluwaseun Akintunde and Olajide S. Onasanya informed the court that bail applications had been filed and requested that their clients be granted bail on liberal terms, proposing that they remain in EFCC custody until bail conditions were met.

The prosecution opposed EFCC remand, citing overcrowding in EFCC detention facilities.

After considering arguments from both sides, Justice Ijelu granted the defendants bail of ₦2 million each, with two sureties in the same amount. One surety must be a gainfully employed relative, provide proof of tax payment for the last three years, evidence of livelihood, and have their residence verified.

The court also ordered the defendants to surrender their international passports and barred them from travelling abroad without prior court approval.

Pending the fulfillment of bail conditions, the defendants were remanded in a correctional facility. The trial was adjourned to March 25, 2026.2