The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC) has arraigned two bank officials over alleged foreign currency fraud.
The defendants, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, appeared before Justice Ismaila Ijelu.
The arraignment took place at the Lagos State High Court sitting in Ikeja.
The defendants were identified to be senior officials of FSDH Merchant Bank Limited.
They face a 10-count charge bordering on alleged stealing and retention of stolen property.
The alleged fraud involves $306,667.81 and €50,250.
The bank alleged that an internal audit uncovered unauthorized debits from its Letters of Credit accounts.
Investigators said the defendants processed the transfers through the SWIFT platform to third parties.
Both defendants pleaded not guilty to all charges.
Prosecution counsel H.U. Kofarnaisa requested a trial date and asked the court to remand them.
Defence counsel filed bail applications and urged the court to grant liberal terms.
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They also asked that the defendants remain in EFCC custody pending bail perfection.
However, the prosecution opposed the request, citing overstretched detention facilities.
Justice Ijelu granted bail of ₦2 million each with two sureties in like sum.
The court ordered that one surety must be a gainfully employed relative.
The defendants must deposit their international passports with the court.
The judge remanded them in a correctional facility pending bail perfection.
The matter was adjourned to March 25, 2026, for trial commencement.
