Commercial Law

Police arraign Bank Manager over N179.5m fraud

The police on Tuesday arraign a senior banker with Zenith Bank Plc, Mr Fidelis Egueke before for defrauding a customer the sum of N179.5 million. He however pleaded not guilty.

With his plea, the trial judge, Justice Austine Obiozor ordered that Egueke be remanded in the custody of the Force Criminal Investigations Department(FCID), Alagbon, Ikoyi, Lagos till December 1, 2020 for the hearing of his bail application.

 Egueke is the Asaba, Delta State branch manager of Zenith Bank Plc. A police prosecutor from FCID, Mr Morufu Animashaun, in the three count charge he preferred against the defendant stated the he(Egueke) and others now at large, between May 14, 2010 and December 31, 2019, at No. 2 Balogun Close, Ikoyi, Lagos, conspired among yourselves to obtain the said sum from the Managing Director of Global Select Investment Services Limited, by false pretence that he will help him sell some goods and remit money to his bank.

Animashaun also told the court that the defendant, upon selling the goods, diverted the proceeds to his Zeniths Bank Account Number 102019782, while informed the fraud victim, that most of the goods he imported from USA were inferior and un-demanded for.

The prosecutor told the court that the offences committed by the defendant, are contrary to Section 8(a) and 1(1) of the Advance Fee Fraud and other Fraud Related Offences Act No. 14 of 2006 and punishable under section 1(3) of the same Act. And Section 390 (7) Criminal Code Act Laws of Federation 2004. 

Charges against the defendant reads: 

  • That you Fidelis Egueke, ‘M’, and others now at large between 14th day of May, 2010 to 31th day of December, 2019, at No. 2 Balogun Close, Ikoyi, Lagos, within the jurisdiction of this Honourable Court, conspired among yourselves to commit felony to wit: obtaining Money by False Pretence thereby committed an offence contrary to Section 8(a) of the Advance Fee Fraud and other Fraud Related Offences Act No. 14 of 2006 and punishable under section 1(3) of the same Act. 
  • That you Fidelis Egueke ‘M’ and others now at large between 14th day of May, 2010 to 31st day of December, 2019 at No. 2 Balogun Close, Ikoyi, Lagos, wuthm the jurisdiction of this Honourable Court, wvth Intent to defraud, obtained the sum of One Hundred and Seventy Nine Million, Four Hundred and Ninety Eight Thousand Naira (N179,498,000.00) from Global Select Investment Services Limited under the pretence 0f remittmg same into Guaranty Trust Bank Account Number 0032471035 belonging to the Managing Director of Global Select Investment Services Limited, a representation you knew was false thereby committed an offence contrary to section 1(1) (c) of the Advance Fee Fraud and other Fraud Related Offences Act No. 14 of 2006 and punishable under section 1 (3) of the same Act. 
  • That you Fidelis Egueke ‘M’ and others now at large between 14th day of May, 2010, to 31st day of December, 2019 at No. 2 Balogun Close, Ikoyi, Lagos, within the jurisdiction of this Honourable Court, converted the sum of One Hundred and Seventy Nine Million Four Hundred and Ninety Eight Thousand Naira (N179, 498, 000, 00) when you paid the said sum into your personal Zenith Bank Account Number 1020019782 property of Global Select Investment Services Limited, thereby committed an offence contrary to and punishable under Section 390 (7) Criminal Code Act Laws of Federation 2004”.

Egueke however pleaded not guilty to the allegations. The prosecutor asked the court for a trial date, while urging the court to remand him in the custody of Nigerian Correctional Services (NCS) pending the determination of the charges against him.

Egueke’s lawyer, Chief Richard Ahonaruogho, a Senior Advocate of Nigeria designate, while not oppossing the application fir trial date as requested by the prosecutor, orally urged the court to grant  bail to his client, the demand which was turned down by Justice Obiozor, on the ground that the court is a court of record.

The trial judge adjourned till Tuesday, December 1, 2020, for the hearing of the defendant’s bail application and ordered that he be remanded in police custody pending the hearing and determination of the bail application.

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