Ex-Bank Manager Sentenced to Six Months for $46,900 Fraud

A former bank manager, Fidelis Egueke, has been sentenced to six months in prison by an Asaba Chief Magistrate’s Court in Delta State after being found guilty of defrauding a victim of $46,900. Chief Magistrate Callistus Isioma Moeteke delivered the ruling, convicting Egueke on a single charge brought by the police under case number CMA/295c/2024.

Prosecutor Raphael Eze of the State Criminal Investigation Department (SCID) stated that Egueke, formerly the Asaba branch manager of a tier-one bank, obtained $46,900 from Chief Jude Ndudi in 2016 using two Certificates of Occupancy as collateral. Investigations revealed that one of the land titles was fake and the other did not belong to Egueke. The funds were diverted for personal use, and Egueke failed to repay the amount as promised.

The prosecution argued that Egueke’s actions constituted a violation of Section 419 of the Criminal Code Law, Cap C21, Vol.1, Laws of Delta State, Nigeria, 2006. Despite denying the charges, Egueke was unable to provide evidence of repayment during the trial.

Chief Magistrate Moeteke ruled that the prosecution had proven its case beyond a reasonable doubt and sentenced Egueke to six months imprisonment. The court also provided an alternative option of a N350,000 fine in lieu of serving the jail term. Additionally, Egueke was ordered to pay N30 million in restitution to the victim within six months.

Egueke is also facing separate charges before a Federal High Court in Lagos, where he is accused of being involved in another fraud case worth N179.498 million. This case is being prosecuted by the Force Criminal Investigation Department (ForceCID), Annex Alagbon-Ikoyi, Lagos.