Zenith Bank Mgr Remanded Over Alleged N179.4m Fraud

Mr. Fidelis Egueke, in native attire, Being Led Out of Court After His Arraignment Today

Zenith Bank Mgr Remanded Over Alleged N179.4m Fraud

A Federal High Court, Lagos, today, ordered the remand of the Asaba branch manager of Zenith Bank Plc, Mr. Fidelis Egueke, in the custody of Force Criminal Investigation Department (ForceCID) Alagbon, Ikoyi, till Tuesday, December 1, 2020, when his bail application will be heard and determined.

The court court presided over by Justice Austine Chuka Obiozor, made the remand order against the Zenith Bank Manager, after he pleaded not guilty to the three counts charge of conspiracy and fraud of N179, 498 million, made against him by the men of ForceCID, Alagbon, Ikoyi, Lagos.

Arraigning the defendant today, the prosecutor, Morufu A. Animashaun, told the court that the defendant and others now at large, between May 14, 2010 and December 31, 2019, at No. 2 Balogun Close, Ikoyi, Lagos, conspired among yourselves to obtain the said sum from the Managing Director of Global Select Investment Services Limited, by false pretence that he will help him sell some goods and remit money to his bank.

Animashaun also told the court that the defendant, upon selling the goods, diverted the proceeds to his Zeniths Bank Account Number 102019782, while informed the fraud victim, that most of the goods he imported from USA were inferior and un-demanded for.

The prosecutor told the court that the offences committed by the defendant, are contrary to Section 8(a) and 1(1) of the Advance Fee Fraud and other Fraud Related Offences Act No. 14 of 2006 and punishable under section 1(3) of the same Act. And Section 390 (7) Criminal Code Act Laws of Federation 2004. 

The Zenith Bank manager, however pleaded not guilty to the allegations.

With his not guilty plea, the prosecutor asked the court for trial date, while also urged the court to remand him the custody of Nigerian Correctional Services (NCS) pending the determination of the charges against him.

But counsel to the defendant, Mr. Richard Ahaomarugho, while not oppose the trial date as requested by the prosecutor, however orally urged the court to grant  bail to his client, the demand which was turned down by trial judge, on the ground that the court is a court of record.

Consequently, Justice Obiozor, while adjourned till Tuesday, December 1, 2020, for hearing of defendant’s bail application, also ordered that he be remanded in the custody of till the hearing and determination of the bail application.

Charges against the defendant reads: “that you Fidelis Egueke, ‘M’, and others now at large between 14th day of May, 2010 to 31th day of December, 2019, at No. 2 Balogun Close, Ikoyi, Lagos, within the jurisdiction of this Honourable Court, conspired among yourselves to commit felony to wit: obtaining Money by False Pretence thereby committed an offence contrary to Section 8(a) of the Advance Fee Fraud and other Fraud Related Offences Act No. 14 of 2006 and punishable under section 1(3) of the same Act. 

“That you Fidelis Egueke ‘M’ and others now at large between 14th day of May, 2010 to 31st day of December, 2019 at No. 2 Balogun Close, Ikoyi, Lagos, wuthm the jurisdiction of this Honourable Court, wvth Intent to defraud, obtained the sum of One Hundred and Seventy Nine Million, Four Hundred and Ninety Eight Thousand Naira (N179,498,000.00) from Global Select Investment Services Limited under the pretence 0f remittmg same into Guaranty Trust Bank Account Number 0032471035 belonging to the Managing Director of Global Select Investment Services Limited, a representation you knew was false thereby committed an offence contrary to section 1(1) (c) of the Advance Fee Fraud and other Fraud Related Offences Act No. 14 of 2006 and punishable under section 1 (3) of the same Act. 

“That you Fidelis Egueke ‘M’ and others now at large between 14th day of May, 2010, to 31st day of December, 2019 at No. 2 Balogun Close, Ikoyi, Lagos, within the jurisdiction of this Honourable Court, converted the sum of One Hundred and Seventy Nine Million Four Hundred and Ninety Eight Thousand Naira (N179, 498, 000, 00) when you paid the said sum into your personal Zenith Bank Account Number 1020019782 property of Global Select Investment Services Limited, thereby committed an offence contrary to and punishable under Section 390 (7) Criminal Code Act Laws of Federation 2004”.

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