Operatives of the Department of State Security (DSS) has instituted a suit against Access Bank Plc and another bank and an individual over alleged N1,125,600,000.00 billion forex fraud, before a Federal High Court Lagos.
Listed ass first and third respondents in the suit numbered FHC/L/MISC/589/2026, are First City Monument Bank and one Julius Oluwafunmisho Okedele.
DSS in a motion ex-parte filed before the court, by its lawyer, Barrister Michael Bajela, said the suit is 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.
In the motion Exparte, the DSS alleged that Okedele collected N1,125,600,000.00 billion from a firm, First Global Logistics Services, under false pretext of providing $800, 000 at an agreed exchange rate of N1,407 to one dollar.
The DSS specifically 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 funds, according to the secret police, are to be returned to the account of First Global Logistics Services domiciled with Zenith Bank with account number 1221796334.
In an affidavit supporting the application, an investigating officer of the State Security Service (SSS), Tolani Tomide, stated that the agency received a petition from Marble Partners accusing Okedele of fraud and misrepresentation.
The deponent averred that after receiving the money in three tranches, the third respondent issued a fake telex message claiming the dollar payment had been completed. Investigators further claimed that Okedele subsequently disappeared, prompting a formal petition to the SSS.
The deponent averred that the suspect was eventually tracked and arrested on April 20, 2026, after intelligence reports indicated that portions of the money had been moved through different bank accounts, including offshore destinations.
According to the affidavit, both Access Bank and FCMB reportedly indicated willingness to cooperate with investigators but maintained that a court order was necessary before any reversal could be initiated. Adding that Okedele admitted using part of the funds to settle outstanding debts owed to foreign companies, including a Chinese business partner.
The applicant argued that granting the orders would serve the interest of justice and aid the recovery of funds believed to belong to the petitioner.
Meanwhile, at the hearing of the matter on Monday, the both the prosecutor, Barrister Bajela and the third defendant/respondent, Julius Oluwafunmisho Okedele, were in court.
Okedele informed the court that court that he is not contesting the order sought for but acceded to the return of the whole money to the nominal complainant.
Consequently, Justice Osiagor adjourned the matter to Friday for further hearing.
