FCMB Manager, Accomplice Arraigned Over Alleged ₦99.8m Fraud Case

Not fewer than two individuals, including a branch manager of First City Monument Bank, have been arraigned before a Federal High Court in Lagos over an alleged fraud involving the unlawful handling of ₦99.8 million.

The defendants, identified as Osasere Bakare and Omowumi Adewoye, were brought before the court over accusations of conspiracy, stealing and illegally removing restrictions placed on a customer’s account in a transaction now under investigation.

The case, filed before Justice Akintayo Aluko, centers on allegations that the accused unlawfully tampered with funds running into nearly ₦100 million without proper approval. 

According to the prosecution, the money had been deposited into an account under an agreement that the account holder would not have access to the funds for a period of 28 days.

Investigators alleged that Bakare, who was serving as manager of the FCMB Ajah branch at the time, removed the banking restriction known as Post No Debit and transferred the money into a fixed deposit account without authorisation.

The prosecution further told the court that the funds originally belonged to a company identified as GDL, which had placed the money under agreed transaction conditions.

Both defendants pleaded not guilty after the charges were read in court during the hearing.

Following their plea, the prosecution asked the court to remand them pending trial while defence lawyers requested that the defendants remain on the administrative bail earlier granted by the police.

Justice Aluko later granted both defendants bail in the sum of ₦50 million each with two sureties and gave them 14 days to meet the conditions.

The court subsequently adjourned the matter to November 5, 2026, when trial proceedings are expected to begin as authorities continue investigation into the alleged financial fraud.

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