Alleged N175m Fraud: Businessman Testifies against Ex-Banker

Wale Igbintade 

A Nigerian businessman, Dr. Jude Ndudi, has 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 gave his testimony as the first prosecution witness before Justice Alexander Owoeye in a case marked FHC/L/298C/2020, filed by the Force Criminal Investigation Department (FCID), Alagbon Annex, Lagos.

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

Led in evidence by the prosecution counsel, Morufu Animashaun, the witness told the court that he travelled from the United States to Lagos on December 4, 2018, in connection with a proposed business transaction involving a loan arrangement.

He said he was introduced to the transaction through the defendant, who coordinated meetings with other parties connected to the deal. 

According to him, the meeting arrangements experienced several changes in location before eventually taking place in Lagos.

Ndudi told the court that on December 7, 2018, he was taken to a meeting in Ikoyi, where he agreed to provide a N100 million loan to a company identified as Fiogret, for a transaction said to involve the importation of frozen fish.

He stated that the loan was to be secured with six post-dated cheques totaling N110 million—five valued at N20 million each and one at N10 million.

The witness said the defendant reviewed the cheques and confirmed them as acceptable before he proceeded with the transaction. 

He added that the defendant also assured him of the viability of the arrangement.

However, Ndudi told the court that the cheques were not honoured when presented for payment. 

He said the defendant, who had been entrusted with lodging the cheques due to his residence abroad, did not do so as expected.

He further stated that when one of the cheques was eventually presented for payment, it was dishonoured, and subsequent efforts to recover the funds were unsuccessful.

The witness also informed the court that there were a number of transactions carried out on the account of his company, Global Select Investment Services Limited, which he said were not authorised in line with the company’s internal procedures.

According to him, the company requires written approval for transactions above N500,000, and he observed that several transactions forming part of the charges did not follow this process.

Ndudi told the court that he later reported the matter to the police.

A petition  dated February 24, 2020, along with a referral letter dated March 2, 2020, were admitted in evidence without objection from the defence.

During cross-examination by defence counsel, Chief Nelson Imoh, the witness confirmed that the defendant is related to him by marriage. 

He, however, maintained that the relationship did not influence his testimony.

He also told the court that the funds involved belonged to his company, which he said is fully funded by him and operates as a subsidiary of a United States-based parent company.

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

The defendant was first arraigned in November 2020 before Justice Chuka Obiozor. 

The case was later reassigned to other judges following transfers, before being taken over by Justice Owoeye, who is currently presiding.