The Department of State Services (DSS) has approached the Federal High Court in Lagos seeking orders involving Access Bank and First City Monument Bank (FCMB) in connection with an alleged N1.125 billion foreign exchange fraud.
The suit, marked FHC/L/MISC/589/2026, also names Julius Oluwafunmisho Okedele as a respondent.
According to court documents filed through DSS counsel, Michael Bajela, the agency is seeking legal authorisation to reverse certain foreign exchange transfers allegedly linked to the disputed transaction.
The DSS alleged that Okedele received N1,125,600,000 from First Global Logistics Services under an agreement to provide $800,000 at an exchange rate of N1,407 per dollar.
Investigators claimed the funds were paid in three instalments and that the respondent later issued what was described as a false telex confirmation indicating that the foreign exchange transfer had been completed.
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The agency is requesting an order directing 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 FCMB to reverse another transfer of $230,000 reportedly paid into Taichung Commercial Bank in Taiwan.
According to the DSS, any recovered funds should be returned to the Zenith Bank account of First Global Logistics Services.
In an affidavit filed in support of the application, DSS investigating officer Tolani Tomide said the agency received a petition from Marble Partners accusing Okedele of fraud and misrepresentation.
The affidavit stated that the suspect allegedly became unreachable after receiving the funds, prompting a formal complaint and subsequent investigation by the DSS.
Investigators further alleged that Okedele was arrested on April 20, 2026, after intelligence reports indicated that part of the funds had been moved through several accounts, including offshore destinations.
The DSS also informed the court that both Access Bank and FCMB expressed willingness to cooperate with investigators but indicated that court approval would be required before any reversal of transactions could be effected.
During proceedings before Justice Daniel Osiagor, Okedele reportedly told the court that he did not oppose the application and consented to the return of the funds to the complainant.
The matter was subsequently adjourned until Friday for further hearing.
