Zenith Bank Manager Sentenced for Defrauding Victim of $46,900

A former Zenith bank manager, Fidelis Egueke, has been sentenced to six months in prison by a Chief Magistrate’s Court in Asaba, Delta State, for defrauding a victim of $46,900 under false pretenses. The judgment was delivered by Chief Magistrate Callistus Isioma Moeteke.

The case was brought to court by prosecutor Raphael Ogechi Eze of the State Criminal Investigation Department (SCID), Delta Police Command. It was registered under case number CMA/295c/2024.

Prosecutors revealed that Egueke, formerly with Zenith Bank’s Asaba branch, secured $46,900 from a victim, Dr. Jude Ndudi, using two Certificates of Occupancy as collateral. However, one of the documents belonged to someone else, and the other was forged. Instead of returning the money, Egueke spent it on personal needs and failed to repay the victim.

The prosecutor argued that Egueke’s actions violated Section 419 of the Criminal Code Law of Delta State. Although Egueke denied the charges, he could not provide evidence of repayment during the trial.

After reviewing the case, the court ruled that the prosecution had proven its case beyond reasonable doubt. Egueke was convicted and sentenced to six months in prison but was given the option of paying a N350,000 fine instead of serving time.

Additionally, the court ordered him to pay N30 million in restitution to the victim within six months. While he has paid the fine, Egueke has not yet fulfilled the restitution order.

The case dates back to 2016, when Egueke fraudulently obtained $46,900 (approximately N60 million) by presenting fake land titles. The court found this act in violation of Section 419 of the Criminal Code Law.

Egueke is also facing another fraud-related trial at a Federal High Court in Lagos. This separate case involves N179.498 million and is being prosecuted by the Force Criminal Investigation Department, Alagbon-Ikoyi, under Justice Alexander Oluseye Owoeye.

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