FCMB Manager Arraigned Over Alleged N99.8m Financial Fraud

A branch manager with First City Monument Bank, FCMB Plc, Ajah Branch, Osasere Bakare, has been arraigned before a Federal High Court in Lagos over alleged conspiracy to steal and unlawful removal of a Post No Debit, PND, restriction on a customer’s account involving N99.8 million.

Bakare was arraigned before Justice Akintayo Aluko alongside Omowumi Adewoye on a charge marked FHC/L/178c/2026.

Prosecution’s allegations

The prosecutor, Barrister S. I. Iredia of the Zone 2 Command of the Nigerian Police, Onikan, Lagos, told the court that Bakare and Adewoye, on November 15, 2024, conspired with others still at large to steal N99.8 million.

According to the prosecutor, the account was funded with N99.8 million by GDL under an agreement that the account holder would neither access nor tamper with the funds for 28 days.

The prosecutor alleged that Bakare, while serving as branch manager, removed the restriction on account number 2004677096 belonging to one Jacobson Enya, and converted the funds to a fixed deposit account within the same branch without the approval of FCMB management or the consent of GDL, described in the charge as the owner of the funds.

The prosecution stated that the acts are contrary to Sections 514 and 383(1), (2)(a), (b) and (c) of the Criminal Code and punishable under Section 390(9) of the same law.

Plea and bail

The two defendants denied the allegations and pleaded not guilty to the charges.

Following the not guilty plea, the prosecutor sought a trial date and asked the court to remand the defendants pending trial.

Counsel for the defendants urged the court to allow them to remain on the administrative bail earlier granted by the police.

Ruling on the applications, Justice Aluko granted the defendants’ request to continue on police administrative bail and admitted them to court bail in the sum of N50 million with two sureties, among other conditions.

The judge ordered the defendants to meet the bail terms within 14 days, after which they would be remanded at a Nigerian Correctional Service, NCoS, facility if the conditions are not met.

The court adjourned the matter to November 5 for trial.

Charges read in court

Part of the charges read: “That you Osasere Bakare ‘m’, Omowumi Adewoye ‘f’ and others now at large, on the 15th day of November, 2024 at the First City Monument Bank, Ajah Branch, Lagos State, in the Lagos Judicial Division, did conspire to commit felony to wit: stealing and thereby committed an offence punishable under Section 516 of the Criminal Code Cap ‘C 38’, Laws of the Federation, 2004.

“That you Osasere Bakare ‘m’, Omowumi Adewoye ‘f’ and others now at large, on the same date, place and time, being the manager of First City Monument Bank, Ajah Branch, did unlawfully remove the lien placed on Jacobson Enya’s account No: 2004677096, which was funded by GDL with the sum of N99,800,000.00 on the agreement that Jacobson Enya would not access or tamper with the money for 28 days, but you used your position as head of the branch to remove the lien and convert the sum to a fixed deposit account in the same branch, without the approval and consent of FCMB management or the consent of GDL, owner of the money, and thereby committed an offence contrary to Section 383 (1), (2), (a), (b) and (c) and punishable under Section 390 (9) of the Criminal Code Cap “C38” Laws of the Federal Republic of Nigeria.”