A Lagos Federal High Court heard on Tuesday how businessman Dr. Jude Ndudi accused his brother-in-law, former bank manager Fidelis Egueke, of plotting to have him kidnapped, threatening his life, and defrauding him of approximately N175 million.
Ndudi testified as the first prosecution witness in Egueke’s ongoing trial before Justice Alexander Owoeye, in a case prosecuted by the Force Criminal Investigation Department (Force CID), Alagbon-Ikoyi. The defendant faces an amended 16-count charge, including conspiracy, fraud, unlawful conversion, obtaining money by false pretence, unauthorized withdrawals, and forgery.
According to Ndudi, he arrived in Lagos from the United States on December 4, 2018, for a business meeting involving Egueke and businessman Chief Great Ogboru over a proposed loan. Ndudi alleged that Egueke repeatedly changed the meeting venue under suspicious circumstances, claiming Ogboru had traveled from Asaba to Warri—though Ndudi later discovered Ogboru never left Lagos. He told the court he suspected Egueke was trying to lure him to Warri to be kidnapped.
Ndudi said that on December 7, 2018, Egueke took him to Chief Ogboru’s office in Ikoyi, Lagos, and persuaded him to provide a N100 million loan to Fiogret, a company linked to Egueke. Post-dated cheques totaling N110 million were provided as collateral. Ndudi, trusting Egueke’s banking experience, later discovered that the vessel carrying the purported frozen fish did not exist, and the N1.7 billion Egueke claimed to control on Ogboru’s behalf was also fictitious.
The witness further alleged that Egueke failed to lodge the cheques as agreed, eventually admitting that five cheques totaling N100 million were invalid, while the remaining N10 million cheque bounced when deposited in October 2019. Ndudi said Egueke promised to transfer N110 million from the purported N1.7 billion account, but the account was allegedly restricted, revealing the alleged fraud.
Beyond the loan, Ndudi accused Egueke of unauthorized withdrawals from his company, Global Select Investment Services Limited, including two transfers of N50 million each in December 2018 using forged signatures and without proper authorization. Other disputed sums totaling millions of naira formed part of the 16-count charge.
Ndudi also testified that Egueke initially admitted to taking the money and sought a settlement but later reneged, allegedly boasting he would hire senior lawyers to contest the matter. He petitioned the police via the Assistant Inspector-General of Police, Alagbon, Lagos, submitting relevant documents which were admitted into evidence as Exhibit A.
During cross-examination, Ndudi confirmed Egueke is his brother-in-law but maintained that the family relationship did not affect the criminal allegations. He added that his sister later filed for divorce after allegedly being threatened by Egueke over her testimony.
Ndudi explained that the funds in dispute belonged to his company, incorporated in 2009, and fully funded by him. Company bylaws require written authorization for transactions above N500,000, a rule Egueke allegedly breached multiple times.
Justice Owoeye adjourned the case to July 9, 2026, for further hearing. The matter has seen multiple re-arraignments and judge transfers since the defendant’s initial arraignment in November 2020.
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