Femi Ashekun/
The Department of State Services (DSS) has filed a suit before the Federal High Court in Lagos seeking orders involving Access Bank and First City Monument Bank, following an alleged N1.125 billion foreign exchange fraud linked to a private transaction.
Also named in the suit is Julius Oluwafunmisho Okedele, who was identified as the third respondent in the matter marked FHC/L/MISC/589/2026.
In an ex parte application filed through its counsel, Michael Bajela, the DSS said the action was brought under several provisions of Nigerian law relating to fraud, proceeds of crime recovery and the powers of the court.
According to court documents, the DSS alleged that Okedele received N1,125,600,000 from a company, First Global Logistics Services, on the representation that he would provide $800,000 at an agreed exchange rate of N1,407 to the dollar.
The agency claimed that after receiving the money in three instalments, the respondent allegedly issued what investigators described as a fake telex confirmation to suggest that the foreign exchange transfer had been completed.
The DSS is asking the court to direct Access Bank to reverse an alleged transfer of $100,000 said to have been sent to United Overseas Bank.
It is also seeking an order compelling First City Monument Bank to reverse another alleged transfer of $230,000 reportedly paid into Taichung Commercial Bank in Taiwan.
The agency said the recovered funds should be returned to the account of First Global Logistics Services domiciled with Zenith Bank.
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 further stated that the suspect allegedly became unreachable after the transactions, prompting a formal complaint and subsequent investigation by the DSS.
Investigators claimed Okedele was later arrested on April 20, 2026, after intelligence reportedly showed that parts of the funds had been moved through several bank accounts, including offshore destinations.
According to the DSS, both Access Bank and First City Monument Bank indicated willingness to cooperate with investigators but stated that court authorisation would be required before any transaction reversals could be processed.
The affidavit also alleged that Okedele admitted using part of the funds to settle debts owed to foreign companies, including a Chinese business associate.
At Monday’s proceedings, both DSS counsel, Bajela and Okedele were present in court.
Okedele reportedly told the court that he was not opposing the application and agreed to the return of the funds to the complainant.
Justice Daniel Osiagor subsequently adjourned the matter until Friday for further hearing.
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