US-Based Businessman Testifies in N175 Million Fraud Trial of Former Bank Manager Fidelis Egueke

Businessman Jude Ndudi testifies in Lagos court against former bank manager Fidelis Egueke over a N175 million fraud involving a failed fish import loan.

By: AXL Media

Published: Mar 19, 2026, 8:36 AM EDT

Source: The information in this article was sourced from Business Hallmark

Testimony of the Primary Prosecution Witness

The ongoing criminal trial of former bank manager Fidelis Egueke reached a critical stage at the Federal High Court in Lagos on March 17, 2026. Jude Ndudi, a Nigerian businessman residing in the United States, appeared as the first prosecution witness to provide detailed evidence regarding an alleged N175 million financial scam. Testifying before Justice Alexander Owoeye, Ndudi recounted his journey from the US to Lagos in December 2018, initiated by a loan proposal facilitated by the defendant. The witness's testimony forms the backbone of the case filed by the Force Criminal Investigation Department (FCID), Alagbon, which seeks to hold the former banker accountable for a series of complex financial irregularities.

The Mechanics of the Alleged Fish Importation Scam

According to Ndudi’s evidence, the dispute originated from a N100 million loan agreement intended to finance a frozen fish importation deal for a firm identified as Fiogret. The witness testified that the transaction was ostensibly secured by six post-dated cheques with a cumulative value of N110 million. Ndudi alleged that Egueke personally vetted these cheques and provided professional assurances regarding the viability and safety of the investment. However, the businessman told the court that when the cheques were eventually presented for payment, they were dishonoured, revealing that the defendant had failed to lodge the instruments as legally required by their agreement.

Unauthorized Transactions and Forgery Allegations

Beyond the failed loan security, the prosecution witness alleged that several unauthorized transactions were carried out on his corporate accounts without following internal approval protocols. These claims support the 16-count charge brought against Egueke, which includes conspiracy, fraud, obtaining by false pretence, and forgery. Ndudi asserted that the defendant leveraged his position within the banking institution to circumvent standard oversight, leading to the unlawful conversion of funds. The court has admitted the businessman’s original police petition and a formal referral letter into evidence to substantiate the timeline of the reported fraud.