The Chief Magistrate’s Court in Asaba, Delta State, found Egueke guilty of fraudulent misrepresentation and false pretenses.
Egueke, who worked as a manager at Zenith Bank’s Asaba branch, fraudulently obtained the money from Dr. Jude Ndudi in 2016. He used two Certificates of Occupancy (C of O) as collateral for a credit facility. One land title was not his, and the other was fake. After receiving the money, Egueke spent it on personal expenses and failed to repay the victim.
The court, after reviewing the evidence, found Egueke guilty of violating Section 419 of the Criminal Code Law. Despite his denial, Egueke could not prove he had repaid the money. As a result, Chief Magistrate Moeteke sentenced him to six months in prison but allowed the option to pay a N350,000 fine. Egueke paid the fine but has not yet paid the N30 million restitution to the victim as ordered by the court.
Egueke’s fraudulent actions are not limited to this case. He is also facing charges in a separate fraud case involving N179.498 million at the Lagos Federal High Court. The Force Criminal Investigation Department (Force CID) is prosecuting him under the leadership of Justice Alexander Oluseye Owoeye.
This case highlights the ongoing issue of financial fraud and its serious consequences. Egueke’s conviction sends a clear message about the importance of integrity in the financial sector.
