Bizman alleges threat by ex-bank manager over N480m dispute

A Lagos Federal High Court on Tuesday heard how a former branch manager of Zenith Bank Plc, Fidelis Egueke, allegedly threatened a businessman and his sister after they demanded repayment of over N480m reportedly diverted from their accounts.

Dr Jude Ndudi, the complainant, gave the testimony at the ongoing trial of Egueke, who faces a 16-count amended charge including conspiracy, fraud, unlawful conversion, obtaining by false pretence, and unauthorised withdrawal. The case, FHC/L/298c/2020, is before Justice Alexander Owoeye, the fourth judge to handle the matter.Led in evidence by prosecution counsel, Morufu Animashaun, Ndudi recounted how Egueke allegedly boasted about his political connections and warned him and his sister to come in bulletproof gear if they pursued the matter.

“He told me that my sister and I should wear bulletproof vests and come in a bulletproof vehicle,” Ndudi said, expressing shock given that he had previously assisted Egueke and his family, including gifting his wife a Mercedes-Benz and sponsoring a family trip to the Caribbean.

Ndudi told the court that he informed his wife of the threats, prompting her to advise him to petition the police. The petition was eventually filed at the Force CID Annexe, Alagbon, Ikoyi.

He recounted that when he honoured a police invitation between October 10 and 15, 2020, he found Egueke already writing his own statement. After both concluded, the defendant and his lawyers allegedly attempted an out-of-court settlement.

Ndudi said Egueke asked how much was missing, and he told him N480m was unaccounted for from his company’s account, N180m was missing from his sister’s Zenith Bank account, and over N150m in merchandise proceeds allegedly collected but never deposited.

He told the court that when talks broke down, Egueke asked for the police statement he submitted and allegedly chewed it.

Ndudi further explained that Egueke, who married his sister, had pressured him to open accounts with Zenith Bank, claiming it would help him secure promotions.

An account opened in March 2009 with an initial deposit of N15m was allegedly emptied within two weeks, while a forensic audit later revealed that over N179m was diverted directly from the company’s account.

He also recounted a January 2012 transaction in which SUBEB, Asaba, paid N7.98m into his company’s account. Ndudi said Egueke withdrew nearly all the money and transferred it into his personal GTBank account in three tranches.

Ndudi said that in November 2018, Egueke claimed that Delta politician Great Ogboru had made him “Commissioner of Finance” in a prospective government and needed financial support for his campaign, prompting Ndudi to donate N20m on Egueke’s behalf. Later, Egueke requested a N100m loan, allegedly assuring repayment from Ogboru’s supposed N1.7bn in Zenith Bank and proceeds from a shipload of fish in Port Harcourt. Ndudi said he agreed on two conditions: verification of the fish shipment and provision of post-dated cheques.

He told the court that when he discovered the alleged fraud in January 2020, Egueke initially admitted using part of the funds to build properties in Asaba, Warri, and Abraka and promised repayment. But when Ndudi insisted on a written repayment agreement, the defendant allegedly became evasive.

“The amount he stole was too much, and he said his lawyer and family agreed it was better for him to fight me with my money and keep the rest,” Ndudi said, adding that Egueke boasted, “Nothing will happen because this is Nigeria,” and claimed he could hire Senior Advocates to influence the process.

Egueke was first arraigned before Justice Chuka Obiozor in November 2020, later before Justice Tijjani Ringim in August 2022, and then before Justice Kehinde Ogundare, before being assigned to Justice Owoeye.

The matter has been adjourned to March 3 and 4, 2026, for continuation of the trial.