Justice Daniel Osiagor of a Federal High Court, Lagos, has ordered Access Bank Plc and First City Monument Bank (FCMB) Plc to quickly reversed a total sum of N1,125,600 billion, allegedly kept in the banks under the disguise of forex trading to the nominal complainant.
Justice Osiagor ordered the two banks to reverse the money today, while granting the request of the Department of State Security DSS in a motion Exparte marked FHC/L/MISC/589/2026, wherein they were listed as first and second defendants.
DSS had dragged the two banks alongside one Julius Oluwafunmisho Okedele, who was alleged to have perpetrated the forex fraud.
The motion ex-parte according to the DSS lawyer, Barrister Michael Bajela, was pursuant to Section 66 of the Constitution of the Federal Republic of Nigeria 1999 (As Amended), Order 26 (6-10) of the Federal High Court Civil Procedure Rules 2019, SECTION 34 (1) of the Economic and Financial Crime Commission 2004, Section 16 (1)(A)(B) of Advance Fee Fraud and Other Related Offences Act 2006, Section 51 (1)(a)(IV) of the Proceeds Of Crime Recovery and Management Act 2022 and under the court’s inherent Jurisdiction.
The DSS had alleged that Okedele collected N1,125,600 billion from a firm, First Global Logistics Services, client to Marble Partners, under the pretext of providing $800, 000 at an agreed exchange rate of N1,407 to one dollar.
The DSS had prayed for an order directing Access Bank Plc to reverse $100,000 allegedly transferred to United Overseas Bank and another order compelling FCMB to reverse $230,000 allegedly paid into Taichung Commercial Bank in Taiwan.
The secret police specifically prayed the court to return the money to the account of First Global Logistics Services domiciled with Zenith Bank with account number 1221796334.
At the hearing of the matter on Monday, Barrister Bajela informed the court that the third defendant, Julius Oluwafunmisho Okedele, alleged to have perpetrated the forex fraud, begged that he will personally made the refund.
However, at the resumed hearing of the matter on Friday, Barrister Bajela informed the court that the third defendant was unable to make the reversal, hence he prayed the court to other Access Bank and FCMB to reverse the funds to owner, as prayed in the Exparte motion.
In affirming the DSS’ lawyer submission, the third defendant was asked by the judge if he consented to the secret police’s request, the question he answered in affirmative.
Consequently, Justice Osiagor ruled that DSS prayers are granted as prayed, and ordered that the funds be reversed to the nominal complainant.
