Nigeria | Ex-Banker Re-Arraigned For Alleged Fraud To The Tune Of N179m 

A former bank manager, Fidelis Egueke, was on Thursday, re-arraigned for the third time, by the Force Criminal Investigation Department Alagbon-Ikoyi, over an alleged fraud of N179, 498 million. Egueke was re-arraigned before a Lagos Federal High Court, in Lagos on 16 counts-amended charges filed against him by the police.

The defendant, who last worked with the Asaba, Delta State branch of Zenith Bank Plc, is accused of alleged financial fraud. He was arraigned before Justice Kehinde Ogundare, who is the third judge, to preside over the charge, due to the transfer of the two previous justices, namely: Justice (Prof) Chuka Obiozor and Justice Tijani Ringim, who are currently sitting in another jurisdiction of the court.

The former bank manager was said to have resigned his appointment with the bank after being queried on the alleged fraud and demarketing of the bank.

He was first arraigned before Justice Obiozor in November 2020, on two previous amended charges of three and 14 counts of conspiracy, fraud, unlawful conversion, obtaining by false pretence and unauthorised withdrawal. Egueke was again re-arraigned before Justice Ringim on August 7, 2022, on the same counts, after Justice Obiozor was transferred out of Lagos jurisdiction of the court.

However, due to the transfer of Justice Ringim to another jurisdiction, his case file was taken over by Justice Ogundare.

At the resumed trial of the defendant, on Thursday, the prosecutor, Morufu Animashaun, informed the court of the third amended charge of 16 counts.

The defendant’s new counsel, Tunde Adekoye (SAN), did not oppose his re-arraignment but urged the court to allow his client to continue with the previous bail terms granted by the previous judges.

In the third amended charge, the police alleged that the former bank manager conspired with others now at large and without any authorisation, to fraudulently remove the total sum of N174. 498m, from a company account, domiciled in Guaranty Trust Bank Plc.

The police alleged that the defendant committed the offences between May 14, 2010, and December 31, 2019.

Precisely, the prosecution in the charge marked FHC/L/298c/2020, alleged that the defendant and others now at large, around May 19, 2010, at No. 2 Balogun Close, Ikoyi, Lagos, conspired among themselves and obtained by false pretence the sum of N350,000.00, from a company, under the pretext of opening an account with the Guaranty Trust Bank Plc.

He was also alleged to have on December 10, 2018, obtained by pretence the sum of N50m from the company, under the pretext of using the same to finance a fish supply business.

The defendant was also alleged to have between May 14, 2010, and December 13, 2019, without authorisation, fraudulently converted the sum of N179,498m, in the company’s account, domiciled in Gtb Plc, to his personal use.

The offences, according to the prosecutor, contravened Sections 8(a), 1(1)(c), 14 of 2006, 1(3),383(1) and 390(1) of the Advance Fee Fraud and other Fraud Related Offences laws of the Federation 2004.

The defendant, however, pleaded not guilty to all the counts.

Following his plea of not guilty, his counsel, Adeoye, urged the court to allow his client to continue with the bail terms earlier granted by the court, a submission that was not opposed by the prosecutor.

After the agreement of the parties, Justice Ogundare adjourned the case to November 6 and 7, 2024, for the commencement of trial.