How Ex-Zenith Bank Manager diverted my ₦175m to build houses in Warri, others, threatened to kill me, my sister: Businessman alleges
Maureen Aguta
Testifies in N175m Fraud Trial
A Lagos Federal High Court has heard startling testimony detailing how a former branch manager of Zenith Bank Plc, Fidelis Egueke, allegedly threatened a businessman and diverted hundreds of millions of naira from accounts he managed.
The businessman, Dr. Jude Ndudi, appeared before Justice Owoeye last Tuesday, narrating how Egueke—his former brother-in-law—allegedly stole more than N480 million from his company’s accounts and later issued threats when asked to refund the money.
Egueke is facing a 16-count amended charge bordering on conspiracy, fraud, unlawful conversion, obtaining by false pretence and unauthorised withdrawals. He is being prosecuted by the Legal/Prosecution Department of the Force Criminal Investigation Department Annex, Alagbon-Ikoyi, Lagos. Justice Owoeye is the fourth judge to preside over the matter, marked FHC/L/298c/2020.
Led in evidence by prosecuting counsel Morufu Ajani Animashaun, Ndudi recounted how the former banker allegedly exploited his family relationship to gain access to company funds, an advantage that later spiralled into a multi-million-naira financial scandal.
According to his testimony, Egueke began mounting pressure to join his company shortly after marrying his sister, even causing tension that nearly led to the couple’s divorce. He said the former banker persuaded him to open company accounts at his Zenith Bank branch, claiming it would boost his performance ratings.
Ndudi said he deposited N15 million into a newly opened joint account in March 2009, but within two weeks the entire sum had allegedly been withdrawn by Egueke. A forensic audit later revealed that over N179 million was diverted from that account alone.
He told the court that further scrutiny uncovered unexplained withdrawals, including nearly N8 million paid into the company’s account by SUBEB Asaba in January 2012, which was allegedly transferred into the defendant’s personal GTBank account in three tranches, leaving only N1,000 behind.
The businessman also accused Egueke of obtaining additional sums under false pretences, including a N20 million “donation” supposedly requested by Delta politician Great Ogboru during his governorship campaign, and a separate N100 million “loan” allegedly tied to a fish-laden vessel in Port Harcourt.
When he confronted the banker about missing funds in January 2020, Ndudi said Egueke admitted using the money to acquire properties, including houses in Asaba and Warri and a remodeled hostel in Abraka.
Attempts to secure a written repayment agreement collapsed, he said. According to Ndudi, the former banker rejected signing any document, insisting it would expose him to disciplinary action or arrest. Ndudi testified that Egueke then declared: “This is Nigeria, nothing will happen. I’ll just hire Senior Advocates to take care of the judges.”
The witness further told the court that when he informed Egueke he planned to file a petition in Port Harcourt, the defendant allegedly warned him and his sister to come “in bulletproof vests and a bulletproof vehicle.”
Ndudi said he eventually petitioned the police at Alagbon after consulting his wife and a lawyer. During the investigation, he claimed Egueke asked how much he had “stolen” before pleading for a settlement—only to later retrieve his written police statement and chew it when he disagreed with its content.
He also stated that Egueke boasted about having strong connections in Delta State, including a former police ADC turned tactical commander, and claimed no police formation in the state would prosecute him.
Egueke reportedly resigned from Zenith Bank after he was queried over the alleged fraud and for de-marketing the bank.
He has been re-arraigned multiple times due to transfers of presiding judges—first before Justice Obiozor in 2020, then Justice Ringim in 2022, and later Justice Ogundare—before the case came before the current judge.
Justice Owoeye adjourned further hearing to March 3 and 4, 2026.