Trial of former bank manager, Fidelis Egueke, resumes March 3 at Federal High Court, Lagos.

Businessman, Jude Ndudi, told the court at the last hearing how Egueke allegedly threatened him and his sister when he demanded repayment of over N480 million allegedly withdrawn from his company’s accounts.

Egueke, former branch manager of a tier-1 bank in Asaba, is being tried on a 16-count amended charge of conspiracy, fraud, unlawful conversion, obtaining by false pretence and unauthorised withdrawals.

He is being prosecuted by Legal/Prosecution Department of Force Criminal Investigation Department (FCID) Annexe, Alagbon, Ikoyi.

Justice Owoeye is the fourth judge to handle the case, FHC/L/298c/2020.

Dr Ndudi, led in evidence by prosecutor, Morufu Animashaun, told the court that the defendant once claimed he had been appointed commissioner for Finance in the proposed administration of Delta politician, Great Ogboru, who was running for governor, and pressured him to “donate” money to secure the position.

The witness said he gave Egueke N20 million based on that representation.

He said problems escalated when he informed the defendant he would petition the police in Port Harcourt.

“He told me that my sister and I should wear bulletproof vests and come in a bulletproof vehicle. I was shocked.

“I reminded him that I had gifted his wife a Mercedes-Benz, facilitated U.S visas for him and his family and paid for a Caribbean cruise.

“I even bought the suit he wore the day he issued the threat,” the witness said.

Following the threat, he informed his wife, who advised him to file a formal petition.

He said he subsequently engaged a lawyer who submitted the petition to the Assistant Inspector-General of Police at Alagbon.

Ndudi told the court that during his statement at FCID in October 2020, the defendant and his lawyers approached him for a settlement, promising repayment once bail conditions were met.

He said Egueke then asked how much he allegedly took, and he responded that N480 million was missing from the company’s accounts; N180 million from the bank account he opened for his sister, Blessing; and over N150 million from merchandise proceeds that were never deposited.

He said the defendant pleaded for a return to their earlier agreement, where he would pay N15 million upfront and instalments later.

But when asked to sign a written agreement, Egueke declined, insisting on an oral arrangement because a written document could “jeopardise his job” at the bank.

After negotiations failed, Ndudi alleged that Egueke retrieved the statement he had given the police and “chewed it.”

On the alleged fraudulent acts at the bank, the witness said the problems began shortly after the defendant married his sister.

Egueke persistently pressured him to allow him to work for the company instead of remaining at the bank, claiming he was unhappy with his job.

He testified that in March 2009, after opening an account at the defendant’s insistence, he transferred N15 million into it.

According to him, Egueke withdrew N7 million the same day and emptied the entire sum within two weeks.

A forensic audit later revealed that over N179 million had been diverted from the company’s accounts.

He further alleged that in January 2012, nearly N8 million paid to the company’s account by SUBEB, Asaba, was withdrawn the same month, leaving only N1,000, while the defendant deposited the funds in his personal GTBank account in three tranches.

Ndudi also recounted how he later gave the defendant a N100 million loan after Egueke claimed Ogboru’s campaign demanded it and assured him repayment was guaranteed because he “controlled” N1.7 billion belonging to Ogboru in the bank.

The witness said he only agreed after insisting on verifying the existence of a fish-laden vessel in Port Harcourt, said to be Ogboru’s, and on obtaining post-dated cheques from both men.

The witness added that by 2020, he had discovered more alleged diversions running into hundreds of millions.

When confronted, he said the defendant admitted using the funds to build houses in Asaba and Warri and to remodel a hostel in Abraka. Yet he refused to sign a written repayment agreement.

According to Ndudi, Egueke later told him: “This is Nigeria, nothing will happen. I will hire SANs to take care of the judges.”

He also allegedly boasted that no police officer in Asaba would prosecute him because he had been a bank manager there for two decades.

Egueke, who reportedly resigned after queries over the alleged fraud, was first arraigned in November 2020 before Justice Obiozor, later before Justice Ringim in 2022, and subsequently before Justice Ogundare, before the case moved to Justice Owoeye.

Further hearing continues on March 3 and 4, 2026.

Source; The Nation News