Businessman tells court how ex-banker allegedly defrauded him of N175m

A Nigerian businessman, Jude Ndudi, on Tuesday testified before a Federal High Court in Lagos in the ongoing trial of a former bank manager, Fidelis Egueke, over an alleged N175 million fraud.

Ndudi, the first prosecution witness, gave evidence before Justice Alexander Owoeye in a case filed by the Force Criminal Investigation Department (FCID), Alagbon.

The defendant is facing a 16-count charge bordering on conspiracy, fraud, unlawful conversion, obtaining by false pretence, unauthorised withdrawals, and forgery.

Led in evidence by prosecuting counsel Morufu Animashaun, the witness told the court he travelled from the United States to Lagos in December 2018 over a proposed loan transaction facilitated by the defendant.

He said he later agreed to grant a N100 million loan to a firm identified as Fiogret, for a frozen fish importation deal, secured by six post-dated cheques valued at N110 million. According to him, the defendant vetted the cheques and assured him of the transaction’s viability.

Ndudi, however, said the cheques were dishonoured when presented for payment, adding that the defendant failed to lodge them as agreed. He further alleged that several unauthorised transactions were carried out on his company’s account, contrary to internal approval procedures.

The businessman told the court he subsequently reported the matter to the police. His petition and a referral letter were admitted in evidence without objection.

During cross-examination by defence counsel, Chief Nelson Imoh, Ndudi confirmed that the defendant is related to him by marriage but insisted this did not affect his testimony.

Justice Owoeye adjourned the case until July 9, 2026, for continuation of trial.