LAGOS, NIGERIA – In a chilling testimony before the Federal High Court in Lagos, Nigerian businessman Dr Jude Ndudi has narrated how a former bank manager, Fidelis Egueke, allegedly orchestrated a kidnapping plot, issued death threats, and defrauded him of over 175 million Naira.
Testifying as the first prosecution witness (PW1) before Justice Alexander Owoeye, Dr Ndudi revealed that the defendant, who is also his brother-in-law, used his professional background to manipulate high-stakes business deals into a web of deception and theft.
Dr Ndudi, who resides in the United States, told the court that upon his arrival in Nigeria in December 2018, Egueke repeatedly attempted to lure him to Warri, Delta State, under the guise of meeting businessman Great Ogboru for a loan transaction.
The witness posited that he became suspicious when the defendant allegedly constantly changed meeting venues.
“The defendant was allegedly sending me to Warri to be kidnapped for ransom,” Dr Ndudi testified, noting that he later discovered Chief Ogboru had never actually left Lagos during that period.
The core of the financial fraud involved a N100 million loan intended for Customs clearance of a shipment of frozen fish in Port Harcourt.
Egueke allegedly assured Dr Ndudi that he controlled 1.7 billion Naira of Chief Ogboru’s funds as backup collateral.
However, the businessman’s said his investigation later revealed that the ship and the cargo of frozen fish did not exist, the 1.7 billion Naira collateral was fabricated, and six post-dated cheques totalling N110 million issued as security were worthless and fraudulent.
“That was the moment I realised the person I trusted had defrauded me,” Dr Ndudi told the court, adding that the defendant later boasted he would use the stolen money to hire Senior Advocates of Nigeria (SANs) to “take care of the system.”
Beyond the loan, Dr Ndudi alleged that Egueke forged directors' signatures to authorise illegal transfers from Global Select Investment Services Limited.
These unauthorised withdrawals, the witness said, included two separate N50 million transfers and several smaller amounts, all in violation of company bylaws.
The case took an even darker turn during cross-examination. Dr Ndudi confirmed that the defendant is married to his younger sister, who has since filed for divorce.
He alleged that Egueke threatened to kill his wife and children if they agreed to testify in the criminal matter.
Fidelis Egueke is facing a 16-count amended charge bordering on conspiracy, fraud, unlawful conversion, and forgery.
The case has passed through the hands of four different judges due to transfers within the Nigerian judicial system.
Justice Alexander Owoeye has adjourned the matter to July 9, 2026, for further hearing.
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