Zenith Bank Ex-Manager Jailed Over $46,900 Fraud
A former manager of Zenith Bank, Fidelis Egueke, has been convicted and sentenced to six months in prison by the Chief Magistrate’s Court in Asaba, Delta State, for fraudulently obtaining the sum of $46,900.
Chief Magistrate Callistus Isioma Moeteke presided over the case, finding Egueke guilty of a charge brought against him by the police.
The prosecutor, Raphael Ogechi Eze from the State Criminal Investigation Department (SCID) at Asaba Police Headquarters, presented the case under charge number CMA/295c/2024.
During the trial, the prosecutor informed the court that Egueke had fraudulently received the $46,900 by using two Certificates of Occupancy (CofOs) as collateral, knowing that one of the land titles did not belong to him.
Furthermore, despite using the money for personal and family needs, he failed to repay the victim as promised.
The prosecutor also stated that one of the CofOs used as collateral was fake.
Egueke denied the allegations and pleaded not guilty. He was initially granted bail and was released to AGBORO OGHENERO, the then General Manager of Keystone Bank’s Asaba branch while awaiting trial.
In his defence, Egueke claimed to have repaid the money to the victim but failed to provide any evidence of payment to the court.
After evaluating the case, Chief Magistrate Moeteke ruled that the prosecution had proven its case against Egueke beyond a reasonable doubt.
Consequently, the court convicted him and sentenced him to six months in prison.
Additionally, the court ordered Egueke to pay a fine of N350,000 as an alternative to his jail term and N30 million as restitution.
The charge against Egueke stated: “That you, Fidelis Egueke, on several occasions in 2016 in Asaba, did obtain a credit facility of $46,900 (equivalent to N60,000,000) for Mrs Blessing Equeke and Master Chukwubuikem Fidelis Egueke from Chief (Dr.) Jude Ndudi by presenting Certificates of Occupancy No. DTSR 13,338 and DTSR 13425 as collateral. You later disposed of the land covered by DTSR 13,338 after using it as collateral and misrepresented the ownership of the other land covered by DTSR 13425, which also did not belong to you. This constitutes an offence punishable under Section 419 of the Criminal Code Law, Cap C21, Vol.1, Laws of Delta State of Nigeria, 2006.”
It is also noteworthy that Egueke is currently being tried in a Federal High Court, Lagos for alleged conspiracy, forgery, obtaining money by false pretences, and fraud amounting to N179.498 million, with proceedings overseen by Justice Alexander Oluseye Owoeye.
