Ex‑Zenith Bank Manager on Trial: Court Hears Allegations of ₦480m Diversion, Threats Against Businessman and Sister
On Tuesday, the Federal High Court sitting in Lagos heard testimony in the ongoing trial of Fidelis Egueke, a former branch manager of Zenith Bank Plc, who is facing a 16‑count amended charge bordering on conspiracy, fraud, unlawful conversion, obtaining by false pretence, and unauthorised withdrawal in suit number FHC/L/298c/2020. The matter is presently before Justice Alexander Owoeye, the fourth judge to preside over the case.
The complainant, Dr. Jude Ndudi, led in evidence by prosecution counsel Morufu Animashaun, narrated how Egueke allegedly diverted over ₦480 million from his company and family accounts. Ndudi further alleged that when he demanded repayment, Egueke threatened him and his sister, boasting of political connections and warning that they should “wear bulletproof vests and come in a bulletproof vehicle” if they pursued the matter.
Ndudi expressed shock at the threats, noting that he had previously assisted Egueke and his family, including gifting his wife a Mercedes‑Benz and sponsoring a family trip abroad. Following the threats, Ndudi’s wife advised him to petition the police, and a formal complaint was lodged at the Force CID Annex, Alagbon, Ikoyi.
Ndudi recounted that during a police invitation in October 2020, he met Egueke already writing his statement. After both parties concluded, the defendant and his counsel allegedly sought an out‑of‑court settlement. Ndudi disclosed that ₦480 million was missing from his company’s account, ₦180 million from his sister’s account, and over ₦150 million in merchandise proceeds allegedly collected but not deposited.
When settlement talks collapsed, Egueke allegedly requested Ndudi’s police statement and, in a bizarre turn, chewed it.
Ndudi testified that Egueke, who is married to his sister, had pressured him to open Zenith Bank accounts to aid his career progression. An account opened in March 2009 with ₦15 million was allegedly emptied within two weeks. A forensic audit later revealed that over ₦179 million was diverted directly from the company’s account.
He further cited a January 2012 transaction in which SUBEB, Asaba, paid ₦7.98 million into his company’s account. Egueke allegedly withdrew nearly all the funds and transferred them into his personal GTBank account in three tranches.
Ndudi also recounted that in November 2018, Egueke claimed Delta politician Great Ogboru had appointed him “Commissioner of Finance” in a prospective government and solicited campaign support. Ndudi said he donated ₦20 million on Egueke’s behalf. Later, Egueke requested a ₦100 million loan, allegedly assuring repayment from Ogboru’s supposed ₦1.7 billion in Zenith Bank and proceeds from a shipload of fish in Port Harcourt. Ndudi agreed subject to verification of the shipment and provision of post‑dated cheques.
By January 2020, Ndudi discovered the alleged fraud. He testified that Egueke initially admitted using part of the funds to build properties in Asaba, Warri, and Abraka, and promised repayment. However, when pressed for a written repayment agreement, Egueke allegedly became evasive.
Ndudi quoted Egueke as saying: “The amount I took is too much. My lawyer and family advised me it is better to fight you with your money and keep the rest. Nothing will happen because this is Nigeria.” He further claimed Egueke boasted of hiring Senior Advocates to influence proceedings.
Egueke was first arraigned before Justice Chuka Obiozor in November 2020, later before Justice Tijjani Ringim in August 2022, and subsequently before Justice Kehinde Ogundare, before reassignment to Justice Owoeye.
The matter has been adjourned to 3rd and 4th March 2026 for continuation of trial.
