Alleged ₦10bn property fraud: Witness recounts loss of ₦238.6m

Nkereuwem Effiong

A prosecution witness, Promise Egwim, has told the Federal Capital Territory High Court in Apo, Abuja, how he allegedly lost ₦238.6m to Queen Oluchi Duruibe in a property investment scam involving a proposed ₦10 billion investment.

Egwim, who is the first prosecution witness, disclosed on Thursday while being cross-examined by defence counsel, O.R. Odisa, in the trial of Duruibe before Justice Y. Halilu.

The Economic and Financial Crimes Commission (EFCC) is prosecuting Duruibe on four counts bordering on investment fraud and obtaining money under false pretences.

According to the witness, the ₦238.6m was part payment of a 10 per cent commission he agreed to pay Duruibe for facilitating the proposed ₦10bn investment in his real estate company, Profilled World Homes.

Egwim told the court that Duruibe had assured him that a ₦3bn investment was already available but insisted that he release the money to secure the deal.

“The total sum of ₦238.6m that I gave her was part of the 10 per cent of the ₦10bn investment she promised to bring for my company.

“She even said that there was already a ₦3bn investment on the ground that day and that if I did not release the money, she would not be able to bring the deal.

“I did not want to approve the cheque, but she pressured me to speak with my account officer to approve it,” he said.

The witness further told the court that Duruibe had promised to supply bags of cement worth the amount if she failed to deliver the investment, but allegedly did not fulfil that promise.

He maintained that the money belonged to his company, Profilled World Homes.

The EFCC arraigned Duruibe on April 30, 2026, following a petition alleging that she presented herself as a real estate investment facilitator capable of sourcing investors for Egwim’s company.

According to the prosecution’s account, Egwim allegedly issued her two Zenith Bank cheques for ₦97m and ₦41m, respectively, alongside additional cash payments and bank transfers, bringing the total to ₦238.6m.

The prosecution alleged that Duruibe failed to secure the promised ₦10bn investment and had not refunded the money paid to her.

The EFCC spokesperson, Dele Oyewale, Head of Media and Publicity, disclosed the proceedings in a statement on behalf of the commission.

Justice Halilu adjourned the case until November 25, 2026, for continuation of the trial.