A former bank manager, Fidelis Egueke, has been sentenced to six months in prison by the Asaba Chief Magistrate’s Court in Delta State for defrauding a victim of $46,900.
The conviction was delivered by Chief Magistrate Callistus Isioma Moeteke under case number CMA/295c/2024.
Egueke, a former branch manager of a tier-one bank in Asaba, was found guilty of fraudulently obtaining the funds by using two Certificates of Occupancy (CofOs) as collateral—one of which was fake, and the other belonged to someone else.
According to Raphael Eze, the prosecutor from the State Criminal Investigation Department (SCID), Egueke misappropriated the funds for personal use and failed to repay the victim as promised.
The prosecution argued that his actions contravened Section 419 of the Criminal Code Law, Cap C21, Vol.1 Laws of Delta State, Nigeria, 2006.
Despite pleading not guilty, Egueke was unable to provide evidence of repayment during the trial.
After careful review, Chief Magistrate Moeteke ruled that the prosecution had established its case beyond a reasonable doubt.
Sentence and Restitution
Egueke was sentenced to six months imprisonment but was given the option of a N350,000 fine in lieu of jail time.
Additionally, the court ordered him to pay N30 million in restitution to the victim within six months.
The charge revealed that in 2016, Egueke had fraudulently obtained the equivalent of N60 million from Chief Jude Ndudi by presenting falsified documents, including land titles.
His actions were deemed a clear violation of Section 419 of the Criminal Code Law.
Additional Charges
In a separate case, Egueke is facing trial before a Lagos Federal High Court over allegations of defrauding another victim of N179.498 million.
This case is being prosecuted by the Force Criminal Investigation Department (ForceCID), Annex Alagbon-Ikoyi, Lagos.
Credit: Urhobotiday except headline
