A branch manager with First City Monument Bank, FCMB Plc, Ajah Branch, Lagos, Osasere Bakare, has been arraigned before the Federal High Court in Lagos over alleged conspiracy to steal and unlawful removal of a Post No Debit restriction on a customer’s account involving ₦99.8 million.
Bakare was arraigned before Justice Akintayo Aluko alongside one Omowumi Adewoye on a charge marked FHC/L/178c/2026.
The prosecution, led by Barrister S. I. Iredia of the Zone 2 Command of the Nigeria Police, Onikan, Lagos, alleged that the defendants conspired with others still at large to steal the sum of ₦99.8 million.
According to the charge, the alleged offence was committed on November 15, 2024, at the FCMB Ajah Branch in Lagos State.
The prosecutor told the court that the account in question, number 2004677096, belonged to one Jacobson Enya and was funded with ₦99.8 million by GDL under an agreement that the account holder would not access or tamper with the money for 28 days.
The prosecution alleged that Bakare, while serving as manager of the FCMB Ajah Branch, unlawfully removed the lien placed on the account and converted the money to a fixed deposit account in the same branch.
It was further alleged that the action was taken without the approval of FCMB management and without the consent of GDL, which the charge described as the owner of the funds.
Part of the charge alleged that Bakare, Adewoye and others now at large conspired to commit a felony, to wit: stealing, contrary to and punishable under the Criminal Code.
Another count alleged that Bakare used his position as head of the branch to remove the lien on the account and convert the funds to a fixed deposit account, contrary to Sections 383 and 390(9) of the Criminal Code.
When the charge was read to them, the defendants denied the allegations and pleaded not guilty.
Following their plea, the prosecutor asked the court for a trial date and urged the court to remand the defendants pending the commencement of trial.
However, counsel for the defendants prayed the court to allow them to continue on the administrative bail earlier granted to them by the police.
Ruling on the bail application, Justice Aluko granted the defendants bail in the sum of ₦50 million each with two sureties, among other conditions.
The judge ordered the defendants to meet the bail conditions within 14 days, failing which they would be remanded in the custody of the Nigerian Correctional Service.
The matter was thereafter adjourned to November 5 for trial.