Segun Atanda/
A former bank manager, Fidelis Egueke, has been sentenced to six months imprisonment by an Asaba Chief Magistrate’s Court for a fraudulent scheme involving $46,900 ( N79,730,000).
Egueke, who once held a prominent managerial position at Zenith Bank’s Asaba branch, was found guilty of obtaining the funds under false pretenses, using questionable Certificates of Occupancy (CofOs) as collateral.
Presiding Chief Magistrate Callistus Isioma Moeteke handed down the conviction after Raphael Ogechi Eze, prosecutor from the State Criminal Investigation Department (SCID), presented compelling evidence of Egueke’s deception. Eze detailed how the ex-manager secured the sum by allegedly presenting forged land titles, knowing that one of the properties was not legally his.
Despite his initial promise to repay the funds, Egueke instead diverted the money for personal use, leaving the victim empty-handed.
One of the CofOs used as collateral turned out to be counterfeit, further solidifying the prosecutor’s case. Egueke’s actions violated Section 419 of Delta State’s Criminal Code, a serious offence that left the Chief Magistrate with little leniency.
In court, Egueke maintained his innocence, insisting that he had returned the funds. However, he failed to provide any proof, and the court found his defense unconvincing. Beyond the six-month sentence, the judge imposed a fine of N350,000 as an alternative to jail time and ordered a hefty N30 million restitution to the victim.
This case marks only part of Egueke’s ongoing legal battles, as he also faces fraud-related charges in Lagos Federal High Court. In this separate trial, he stands accused of conspiracy, forgery, and defrauding a princely N179.498 million.
The unfolding legal struggles of the once-respected bank executive have become a cautionary tale on the consequences of financial fraud and deception in Nigeria.
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