By Francis Wilfred
The Economic and Financial Crimes Commission (EFCC) has arraigned two officials of FSDH Merchant Bank Limited over an alleged fraud involving $306,667.81 and €50,250.The defendants, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, were docked before Justice Ismaila Ijelu of the Lagos State High Court sitting in Ikeja.
According to the EFCC, the pair face a 10-count charge bordering on alleged stealing and retention of stolen property. The prosecution alleged that the offences stemmed from unauthorised debits from the bank’s Letters of Credit payable accounts.
The commission said an internal audit by the bank reportedly uncovered withdrawals totalling $306,667.81 and €50,250, equivalent to about N527.4 million. Investigators further alleged that the funds were transferred to third parties through the SWIFT payment platform.
The defendants pleaded not guilty to the charges.Following their pleas, prosecution counsel H. U. Kofarnaisa asked the court for a trial date and requested that the defendants be remanded pending trial. Defence counsel sought bail on liberal terms and requested that the defendants remain in EFCC custody pending the fulfilment of bail conditions, a request opposed by the prosecution.
Justice Ijelu granted each defendant bail in the sum of N2 million with two sureties in like sum, including a gainfully employed relative with evidence of tax payment for the past three years. They were ordered to deposit their international passports and remain in custody pending perfection of bail.The case was adjourned for trial.
