DSS Sues Access Bank Plc, First City Monument Bank Over Alleged N1.13bn Forex Fraud
The Federal Government, through the Department of State Services (DSS), has filed a suit before the Federal High Court in Lagos against Access Bank Plc, First City Monument Bank and an individual, Julius Oluwafunmisho Okedele, over an alleged foreign exchange fraud involving N1.13 billion.
The suit, marked FHC/L/MISC/589/2026, was instituted pursuant to several statutory provisions, including the Constitution of the Federal Republic of Nigeria 1999 (as amended), the Federal High Court Civil Procedure Rules 2019, the Economic and Financial Crimes Commission Act 2004, the Advance Fee Fraud and Other Related Offences Act 2006, and the Proceeds of Crime Recovery and Management Act 2022.
In a motion ex parte filed by DSS counsel, Barrister Michael Bajela, the agency alleged that Okedele obtained N1,125,600,000 from First Global Logistics Services, a client of Marble Partners, under the pretext of sourcing and supplying $800,000 at an exchange rate of N1,407 to the dollar.
According to the DSS, investigations revealed that part of the funds was allegedly transferred through various bank accounts, including offshore destinations.
The agency 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 $230,000 allegedly paid into Taichung Commercial Bank in Taiwan.
The DSS further requested that the recovered funds be returned to the Zenith Bank account of First Global Logistics Services.
In an affidavit supporting the application, DSS investigating officer Tolani Tomide stated that the agency received a petition from Marble Partners accusing Okedele of fraud and misrepresentation.
The affidavit alleged that after receiving the funds in three tranches, the suspect issued a fake telex message claiming the dollar transfer had been completed before allegedly going into hiding.
The DSS said Okedele was later tracked and arrested on April 20, 2026, following intelligence reports that portions of the money had been moved through multiple accounts.
According to the agency, both Access Bank Plc and First City Monument Bank expressed willingness to cooperate with investigators but insisted that a court order was required before any transaction reversal could be effected.
The affidavit also stated that Okedele admitted using part of the funds to settle debts owed to foreign firms, including a Chinese business associate.
At Monday’s proceedings, both Barrister Bajela and Okedele were present in court.
Okedele reportedly informed the court that he was not opposing the application and agreed to the return of the funds to the complainant.
Justice Osiagor subsequently adjourned the matter until Friday for further hearing.
Comment here