The Economic and Financial Crimes Commission (EFCC) is prosecuting Queen Oluchi Duruibe, the Nigeria Democratic Congress (NDC) candidate for Okigwe South Federal Constituency in Imo State, over an alleged N238.6 million investment fraud involving a proposed N10 billion real estate investment.
The case continued on Thursday, October 15, before Justice Y. Halilu of the Federal Capital Territory High Court in Apo, Abuja.
During the court session, the complainant and prosecution witness, Promise Egwim, told the court how he allegedly lost N238.6 million in a transaction involving Duruibe.
Duruibe, an engineer and emerging politician is facing a four-count charge bordering on investment fraud and obtaining money under false pretences.
The EFCC alleged that she received the money after presenting herself as a real estate investment facilitator capable of sourcing investors for Egwim’s company, Profilled World Homes.
During cross-examination by defence counsel, O.R. Odisa, Egwim explained that the money was part of a 10 per cent commission he had agreed to pay Duruibe in connection with a proposed N10 billion investment in his company.
According to the witness, Duruibe had assured him that she could facilitate the investment and claimed that N3 billion was already available for the deal. He said she pressured him to approve payments to her, warning that the investment opportunity could fall through if he failed to release the money.
“The total sum of N238,600,000 that I gave her was part of the 10 percent of N10 billion investment she promised to bring for my company,” Egwim told the court.
He further explained that Duruibe had told him that N3 billion was already available for the proposed investment and that he needed to release the money to enable her to proceed with the arrangement.
“She even said that there was already a N3 billion investment on the ground on that day and that if I didn’t release the money, she would not be able to bring the deal,” the witness said.
Egwim disclosed that he was initially reluctant to approve the payment but eventually contacted his account officer following the defendant’s alleged pressure.
“I did not want to approve the cheque but she pressured me to speak with my account officer to approve the cheque,” he added.
The prosecution witness also told the court that Duruibe had promised to supply bags of cement worth the amount if she failed to deliver the proposed investment. However, he alleged that she neither provided the promised investment nor fulfilled the alternative arrangement.
“She even promised that she will supply bags of cement worth the amount if she is unable to deliver which she did not. The money belongs to my company Profilled World Homes,” Egwim said.
According to the EFCC, the allegations arose from a petition by Egwim, who claimed that Duruibe presented herself as someone capable of helping him secure investors for his real estate business.
The petitioner allegedly issued two Zenith Bank cheques, one for N97 million and another for N41 million, while additional payments were made through cash and bank transfers. The total amount involved in the transaction was put at N238.6 million.
The commission alleged that Duruibe failed to provide the promised N10 billion investment and subsequently refused to refund the money she had received.
Duruibe was arraigned before the court on April 30, following the allegations. The EFCC is prosecuting her on four counts relating to the alleged investment fraud.
The court proceedings are expected to continue as the prosecution presents evidence to establish its allegations against the defendant. The claims remain allegations to be determined by the court.
Justice Halilu adjourned the case until November 25, for continuation of the trial.
In June, the NDC selected her as its candidate for the Okigwe South Federal Constituency seat in the House of Representatives.
Her emergence was presented by the party as an endorsement of women’s participation and youth involvement in politics. A trained engineer, Duruibe had pledged to promote economic opportunities, education, youth development, women’s empowerment and infrastructure renewal if elected.
“The constituency deserves representation that is accessible, responsive and firmly connected to the everyday realities of the people,” she said after emerging as the party’s candidate.
