Operatives of the Department of State Services (DSS) have dragged Access Bank Plc, First City Monument Bank and an individual, Julius Oluwafunmisho Okedele, before a Federal High Court in Lagos over an alleged N1.125 billion forex fraud said to have been funneled through local and offshore accounts.
In the suit marked FHC/L/MISC/589/2026, the DSS accused Okedele of allegedly obtaining the huge sum under false pretences after promising to provide $800,000 at an agreed exchange rate of N1,407 to a dollar to First Global Logistics Services.
According to court documents filed by the agency through its counsel, Barrister Michael Bajela, the suspect allegedly received the funds in three tranches before issuing what investigators described as a fake telex confirmation to create the impression that the dollar transaction had been completed.
The secret police further alleged that shortly after receiving the money, Okedele disappeared without delivering the foreign exchange, forcing the nominal complainant to petition the DSS over what was described as a carefully executed financial scam.
The agency told the court that intelligence investigations later uncovered that large portions of the money had already been moved through several bank accounts and transferred to offshore destinations, including foreign commercial banks in Asia.
As part of efforts to recover the funds, the DSS is seeking a court order directing Access Bank Plc to reverse $100,000 allegedly transferred to United Overseas Bank, while First City Monument Bank is being asked to reverse another $230,000 allegedly paid into Taichung Commercial Bank in Taiwan.
The recovered funds, according to the agency, are to be returned to the Zenith Bank account belonging to First Global Logistics Services.
In an affidavit deposed to by DSS investigating officer, Tolani Tomide, the agency stated that the suspect was eventually tracked down and arrested on April 20, 2026, after intelligence reports linked him to multiple suspicious transactions tied to the alleged fraud.
Investigators also claimed that during interrogation, Okedele admitted using part of the money to settle outstanding debts owed to foreign companies, including a Chinese business associate.
The DSS further informed the court that both Access Bank Plc and First City Monument Bank expressed willingness to cooperate with investigators but insisted that a valid court order was required before any transaction reversal could be processed.
At Monday’s proceedings, both Barrister Bajela and the third respondent, Okedele, appeared before the court.
In a dramatic twist, Okedele reportedly told the court that he was not opposing the application and consented to the refund of the entire sum to the complainant.
Following the submissions, Justice Osiagor adjourned the matter till Friday for further hearing.
