Categories: Nigeria News

Zenith Bank manager, Fidelis Egueke remanded over N179m fraud

A Federal High Court in Lagos issued an order on Tuesday for the remand of Fidelis Egueke, the branch manager of Zenith Bank Plc in Asaba, over an alleged fraud amounting to N179.498 million.

Egueke was brought before Justice Chuka Obiozor by the Force Criminal Investigation Department Headquarters on charges including conspiracy, obtaining under false pretences, and fraud.

According to the prosecutor, Morufu Animashaun, the defendant and others conspired between May 14, 2010, and December 31, 2019, to obtain the mentioned sum from the Managing Director of Global Select Investment Services Limited under false pretences regarding the sale of goods.

It was reported that Egueke diverted the proceeds from the sale of goods to his personal account with Zenith Bank, alleging that the goods imported from the United States of America were substandard.

The charges against him are contrary to sections 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) of the Criminal Code Act, Laws of the Federation, 2004.

Egueke pleaded not guilty to the charges and his bail application was scheduled for determination.

During the bail hearing, his counsel, C. A. Ajuyah (SAN), assured the court of credible sureties and the defendant’s commitment to trial without interference.

The prosecutor opposed bail, citing flight risk concerns.

Justice Obiozor granted bail to Egueke in the sum of N50 million with one surety residing within the court’s jurisdiction, requiring evidence of three years tax payment, title deed, and one year statement of account, all to be verified by the court’s Deputy Chief Registrar.

The trial was adjourned to specific dates in March, with Egueke remanded at the Force CID, Alagbon, Ikoyi, Lagos, for seven days pending bail conditions, after which he would be transferred to the Nigerian Correctional Service’s custody.

Treasure Orokpo

A multi-talented individual with a passion for diverse fields, Treasure Orokpo is a trained journalist, skilled cook, and AI enthusiast. When she's not uncovering the latest stories, you can find her whipping up culinary creations in the kitchen and entertainment.

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