A Federal High Court in Lagos has heard the testimony of a Nigerian businessman, Dr. Jude Ndudi, in the ongoing prosecution of a former bank manager over an alleged N175 million fraud. Appearing as the first witness before Justice Alexander Owoeye, Ndudi detailed the events that led to the legal action against the defendant, Fidelis Egueke.
The case involves a 16-count amended charge including conspiracy, unlawful conversion, and forgery. Ndudi explained that his involvement began in late 2018 when he traveled from the United States to Lagos to discuss a potential business loan. The defendant, who is reportedly related to the witness by marriage, allegedly coordinated the meetings and assured the viability of the deal.
The court heard that Ndudi agreed to provide a N100 million loan to a company for the importation of frozen fish. This loan was supposedly secured with six post-dated cheques totaling N110 million. Despite the defendant reviewing and confirming the cheques as acceptable, the witness testified that they were ultimately dishonored when presented for payment. Ndudi further alleged that the defendant was entrusted with handling the cheques due to the businessman’s residence abroad, but failed to do so as agreed.
Beyond the specific loan agreement, the witness highlighted several unauthorized transactions within his company, Global Select Investment Services Limited. He noted that the company’s internal policy requires written approval for any transaction exceeding N500,000, yet multiple withdrawals forming part of the charges were allegedly carried out without following this protocol.
During cross-examination, the defense pointed to the familial relationship between the two men, which Ndudi acknowledged while maintaining that his testimony remained objective and factual. He clarified that the funds involved belonged to his company, a subsidiary of his United States-based parent firm.
The trial, which has passed through the hands of several judges due to administrative transfers since 2020, has now been adjourned until July 9, 2026. The court is expected to continue the hearing as the prosecution moves forward with its evidence in the multi-million naira fraud case.
